BOARD02246

• Board Meeting Date: 7/23/2001
• Description: CF Section - Changes to Existing Loans - City of Idaho Springs, Idaho Springs Reservoir Rehabilitation Project
• Board Meetings - Doc Type: Memo

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STATE OF.COLORADO

Colorado Water Conservation Board
Department of Natural Resources
1313 Sherman Street, Room 721
Denver, Colorado 80203
Phone: [phone]
FAX: [phone]

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Memorandum

Bill Owens
Governor

GregE. Walcher
Executive Director

Dan McAuliffe
CWCB Director
(Acting)

TO:

Colorado Water Conservation Board Members

FROM:

Tim Feehan, P.E., Project Manager ,I (
Mike Serlet, P.E., Chief, Water Supply Planning and Finance sectiI/J

July 13, 2001

DATE:

SUBJECT:

Agenda Item No. lOb, July 23-24, 2001, Board Meeting
Water Supply, Planning and Finance - Changes to Existing Loans
City ofIdaho Springs
Idaho Springs Reservoir Rehabilitation Project

INTRODUCTION

The City of Idaho Springs, Colorado, is requesting an increase of $210,000 to the
Company's 1997 authorization of $955,000 for the Idaho Springs Reservoir Rehabilitation
Project. The requested loan increase is due to cost overruns incurred during construction and
additional work that has been incorporated into the overall project.

BACKGROUND

At the November 1997 board meeting, the Colorado Water Conservation Board (CWCB)
approved a loan to the City of Idaho Springs in the amount of $955,000, from the Construction
Loan Fund. Of the $955,000 authorization, $825,000 was for rehabilitating the Idaho Springs
Reservoir's outlet system, spillway, and embankment seepage, which was based on 75% ofthe total
estimated construction cost of $1,100,000, as prepared by the design consultant, Parson's
Engineering Science, Inc. The remaining $130,000 loan balance was to convert the City ofIdaho
Spring's existing emergency loan amount of $130,000 with the CWCB into permanent 30-year
financing. The $130,000 loan to the City of Idaho Springs from the CWCB was for emergency
repairs to the City's Chicago Creek Reservoir outlet valve and water intake structure in 1996. The
$955,000 loan is at an interest rate of 5% for 30-years, $825,000 to be used to finance the
rehabilitation ofIdaho Springs Reservoir, not exceeding 75% of the total estimated project cost of
$1,100,000, and $130,000 to refinance the City's existing short term emergency loan with the
CWCB.