2008-06-18_REVISION - M1980244 (5)

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The past processes may have addressed these issues and by way of example " Reclamation• — If the process said that a certain plan needed to be implemented and to date it has not — or the part that has been knplsnnvnted is not working — then it is tkne to revisit and make the plan one that will work. By way of example, CCV has advised the City they have expended approximately Three Million Dollars in Reclamation. that work — as the City understands it, has largely been unsuccessful. The new permit, demonstrates that CCV intends to "Re Mire" this entire area (roach of it within the current view shed] and completely destroy that three million dollar investment. The Application shows that the new reclamation cost[s] in 2005 Dollars as shown In their Reclamation Costs section 12, are "estknated to be approxknately 97.5 Million Dollars, the original bonded and financial guarantee's currently posted 10 —15 years ago stated the costs then at 45 Million Dollars, this alone shows that the financial guarantees cunsntly posted are not adequate to protect the Citizens at closure of a full knplementatlon of Reclamation. Perhaps even more importantly to the Citizens of Cripple Creek as well as the citizens of Colorado, is whether or not the financial guarantees are adequate both in form and In substance. Letters of Credit with financial institutions that go out of business or bonding companies that are insolvent, leave nothing to complete the Renediatlon, clearly, the Mine has demonstrated that the currently [In 20081 dollars less that 50% of what it would cost to complete today, and If for sates of argument the mine decided to close this year, it would take from 5 to 7 years to complete the proposed mediation and the number would be significantly more than the dollars proposed. The City thinks that the County and the State, needs to fully address the financial guarantee's — such as they are and Implement a plan that assures the cash is fully available to complete the work that Is ultimately approved. POINT THREE - HISTORIC - ECONOMIC AND PERSONAL IMPACTS FROM VIEWSHED DISTRUCTION The City's priority M the view shed ultimately relates to the "Economic impact" that the mine will cause as a result of harvesting over 160 acres of mature aspen and pine trees. While it is true that at the tam of the 19 Century the Ridge Lines above Cripple Creek were bane of trees due to