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1\\\1402 We are also working with Houston construction to develop a drawdown schedule so that we can determine the approximate cash flow for the construction project. I'll keep you updated. Update: Please note the attached, revised budget for the building project. C-DOT has given us an update appraisal and offer. They have increased the per-square-foot rate to $12.00 up from their original $8.25 per square-foot. This brings their total offer up to $288,000 (up from $216,000). However, they are not offering compensation for the impact of restricting the access to the property. We have commissioned a separate appraisal that will evaluate the impact of the access restriction. We're getting closer to our goal on this transaction so hopefully we can avoid any sort of legal action. We should be able to cut a deal with C-DOT within the next few weeks. Update: Ralph and I are scheduled to close with C-DOT on the possession-and-use agreement this Friday. We will receive the promised $216,000 toward the final settlement. Legal Budget/Expenditure Projections- Stephen Leonhardt and I have discussed projected legal costs and staffing plan for the remainder of the budget year (see attached memo from Stephen Leonhardt). I'm concerned that there may be a need, according to Stephen's projections, to adjust the '99 budget to meet legal costs. At the present time we should be within our projected $241,000 budget for legal costs. However, if we take on too many more cases or have some unexpected legal issues arise, Stephen may be right. I do believe that we can hold down these costs for the balance of the year and avoid a budget change-of course my projections ($114,500. for the balance of the year) is more conservative. To date (through May '99, not counting May's expenses paid in June) we have spent approximately $80,000. June's payment, for May's expenses, will be around $22,000-that leaves around $139,000 for the remainder of the year. Update: Salary Survey and Pay-far-Performance Plan--- We have signed an agreement with Susan Owens to provide consulting services for our salary survey/compensation management/pay-for-perforrnance plan (see attached letter agreement). Susan will meet with the Personnel Committee Ju/y r' to begin drafting a compensation philosophy. pending/Ongoing Items- 1. Board of Water Works of Pueblo-Request to Connect to Pueblo Dam M&I outlet Works 2. Revenue Crediting Issues w/ USBR 7