Laserfiche WebLink
<br />-" <br /> <br />. <br /> <br />. <br /> <br />Agenda Item 12e. (Updated November 29, 1996) <br />November 25, 1996 <br /> <br />2 <br /> <br />The Association has filed for and been granted a conditional water right on the Florida River, <br />in amount of 0.5 CFS, as a water source for this project. <br /> <br />There are approximately 32 landowners in the service area for the Pinon Mesa Ranches Water <br />association. There is a potential for 52 separate lots, if the existing larger tracts are divided into <br />40 acre parcels, including 7 existing lots which are 10 acres in size. 20 memberships have been <br />sold at an initial subscription price of $200. There are currently 12 houses within the service <br />area. <br /> <br />The PMRCA is located in La Plata, near Ignacio. Ignacio had a 1990 Median Household <br />Incomes (MHI) of less than 80% of the 1990 state wide median. The loan rate should be at the <br />"Low Income" rate for a municipality, to be set by the CWCB on November 25,1996. <br /> <br />The approximate annual payment for the CWCB loan will be $8600. This represents about $24 <br />per month for each of the 30 land owners within the service area. <br /> <br />COLLATERAL <br /> <br />The CWCB can take a collateral interest in the stream of revenue from water sales to <br />Association members, as well as an interest in the water rights of the Association. <br /> <br />The PMRCA can also provide one payment to be held by the State Treasurer. <br /> <br />STAFF RECOMMENDATION <br /> <br />The staff recommends: <br /> <br />1. That a construction fund loan in an amount of $150,000 (not to exceed 75% of <br />the total project costs) be approved for the Pinon Mesa Ranches Community <br />Association , to construct a diversion structure, raw water pipeline, and raw water <br />storage pond for a rural domestic water system, and <br /> <br />2. That the financing terms shall be at an annual percentage rate of 3.75% for a <br />duration of 30 years (equal to the "Low Income" rate for a Municipality, as set by <br />the Board November 25, 1996), and <br /> <br />3. That loan approval shall be contingent upon completion of the feasibility study, <br />and upon all standard contracting provisions of the CWCB, as determined by the <br />CWCB Director, and <br /> <br />4. That collateral for the loan shall be an interest in the stream of revenue form the <br />