colorado-water-conservation-board-report-november-20-2024_788.pdf
CWCB Recommends $8M Emergency Loan to Ridgway for Water Diversion Project
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Description
The Colorado Water Conservation Board staff recommended a loan of up to $8,080,000 to the Town of Ridgway for the Beaver Creek Diversion Restoration project, with a 30-year term including 3 years of zero interest. The loan, funded by the Severance Tax Perpetual Base Fund, aims to support the critical restoration of the town’s primary water diversion system following severe flood damage.
Contract Details
Contract Amount
Not to exceed $8,080,000 ($8,000,000 for project costs and $80,000 for the 1% service fee)
Vendor
TOWN OF RIDGWAY
Agency
Department of Natural Resources, CO
Contract Type
FINANCIAL_SERVICES
Document Date
November 20, 2024
Contract Term
3 years of no interest followed by 27 years at 3.25% interest per annum (total 30 years)
Renewal Date
2055-11-20
Renewal Info
No explicit renewal clauses noted. Loan allows incorporation of future grant funds to pay down principal. 30-year loan contract as per policy.
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