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AVCOLORADO <br /> Colorado Water <br /> Conservation Board <br /> Department of Natural Resources <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> May 22, 2017 <br /> Mr. Randy Ray, Executive Director <br /> Well Augmentation Subdistrict of CCWCD <br /> 3209 W. 28th Street <br /> Greeley, CO 80634 <br /> Re: Water Rights Purchase and Gravel Pit Storage Project <br /> Loan Contract Number CT2015-060 (C150337) <br /> NOTICE OF PROJECT SUBSTANTIAL COMPLETION <br /> Dear Mr. Ray: <br /> This letter is to advise you that the Project referenced above will be substantially completed on June <br /> 1, 2017. In accordance with the Loan Contract, the Subdistrict owes $57,010.47 for interest accrued <br /> during the construction phase of the Project (see attached Project Expenditure Schedule). Please make <br /> this "interest only payment" check payable to the Colorado Water Conservation Board and include the <br /> Loan Contract Number on the check. <br /> The total amount disbursed under this contract was $1,651,904.79 ($1,635,549.30 plus $16,355.49 for <br /> the 1% service fee). An adjustment of $1,378,095.21 will be made to the contract for the funds no <br /> longer needed. Peg Mason, Contracts Manager, will initiate the process of amending the contract and <br /> Promissory Note. The first annual loan payment of $71,246.25 will be due on June 1, 2018 (see <br /> attached Loan Repayment Schedule). <br /> Please note, in accordance with the Borrower's Liability Insurance Provision of the Loan Contract, a <br /> renewed insurance certificate must be submitted to the CWCB annually and a Reserve Account must be <br /> maintained during the entire repayment period. <br /> It has been a pleasure working with you on the successful completion of this project. Please don't <br /> hesitate to call if you have any questions regarding this matter. <br /> Sincerely, <br /> & A <br /> Kirk Russell, P.E., Chief Loan Contract Amount = $3,030,000.00 <br /> CWCB Finance Section Expended Amount = $1,651,904.79 <br /> ec: Jim Yahn, CWCB Board Member, South Platte River Basin <br /> gyp@ cOZ6 <br /> P 303.866.3441 F 303.866.4474 www.cwcb.state.co.us <br /> John W. Hickenlooper, Governor I Robert Randall, DNR Executive Director I Lauren Ris, CWCB Acting Director <br /> \.1875i <br />