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<br />....~~v.~~~~..... ~"".-'~ <br /> <br />~iO'~T~oao <br /> <br />OKj~Luc ~J~ & HARPER PC <br /> <br />rlJ JJ\CJ1MbNT <br />Agenda Item CFd <br />January 19, 1994 <br /> <br />.' <br /> <br />, ~,; <br /> <br />Lone Cabin Ditch and Reservoir Company <br />4236 N Road <br />Pllonia, CO 81428 <br /> <br />January 6, 1994 <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />721 Centennial Building <br />1313 Sherman Street <br />Denver, CO 80203 <br /> <br />REI IXISTIHG LOAH IRCUXBRAHCB HO. C-153517; <br />.ZW LOAK REQUEST 07 BBAVaa RESERVOIR COXPAMY <br /> <br />Dear Board Members: <br /> <br />The Colorado Water Conservation Board ourrently has before it <br />a requost 'of>-the BeavorRell"8rvoir' Company ("Beaver") -for a <br />$343,000.00 construction loan, the terms of which will, hopefully, <br />be negotiated and reconsidered at the January, 1994, meeting. the <br />Beaver Reservoir Company is a co-operativa effort of three (3) <br />irrigation water companies to provide additional irrigation water <br />supply and storage, of which the Lone Cabin Ditch and Reservoir <br />Company ("Lone Cabin") is a 3/16th owner. <br /> <br />In 1989, a $92,700.00 loan was made to the Lone Cabin by the, <br />Colorado Water conservation Board, with interest at 5\ per annum, <br />payable in 40 equal annual installments of $5,402.56 each. <br />currently, the Lone Cabin has not paid its 1993 payment because it <br />only has approximately $4,000.00 available at this time. We do <br />intend to repay this loan, but are having difficulty collecting <br />sufficient assessments from the stockholders to keep current on the <br />payment. <br /> <br />The Lone Cabin wishes to participate in the repairs to the <br />Beaver Reservoir that would be accomplished with the new requested <br />$343,000.00 loan. We are concerned that we should not take on <br />additional debt repayment obligations when we are struggling to pay <br />the loan payment obligation we now have. Yet, at the Same time, it <br />is not reasonable nor financially feasible for the other owners of <br />the Beaver Reservoir Company to assume the whole debt repayment for <br />the proposed repairs. <br /> <br />We ask you to recognize the unique set of circumstances which <br />create this partiCUlar hardship for the Lone Cabin Ditch and <br />Reservoir Company and to determine that the refinancing of its <br />existing loan (encumbrance no. C-153517) may and should be <br />approved, without creating any precedent applicable to other 4- <br />existing loans of recipients who have not experienced the same or <br />similar problems. Consider this to be our formal request to <br />refinance our present loan balance at 0% tor 40 years, payable at <br />approximately $2320.00 per year. <br />