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LL City0r <br />Louisville <br />COLORADO • SINCE 1878 <br />To: Utility Committee <br />CC: Heather Balser, City Manager <br />Cory Peterson, Deputy Director of Utilities <br />Memorandum I Public Works & Utilities <br />From: Kurt Kowar, P.E., Director of Public Works and Utilities <br />Date: 10/9/2020 <br />Re: Windy Gap Firming Project Financing Alternatives <br />Staff (Utility, Finance (including Jim Manire, the City's financial advisor), and CMO) are <br />providing follow up regarding discussion related to the Windy Gap Firming Project ("Project") <br />Group Financing Allotment Contract ("Contract"). <br />Staff is recommending that the City sign the Contract, which currently contains an exit clause, <br />maintaining the City's interests in Group Financing for the Project. <br />A draft Council Communication proposed to be presented at the October 20, 2020 City Council <br />meeting is provided for the Utility Committee Review. <br />Windy Gap Firming Structure and Participants <br />The City's representative Project attorney, Vranesh and Raish, LLP, has provided a <br />memorandum responding to Utility Committee questions related to the Project. The 9/29/20 <br />memorandum is provided as an attachment to this communication. <br />There are 12 Windy Gap Firming Participants, 10 of which are currently anticipated to utilize <br />Group Financing and 2 that will not. Windy Gap Firming Participants that are currently <br />partaking in Group Financing are: <br />• Broomfield (12% Cash) <br />• Platte River Power Authority (26% Cash) <br />• Loveland (31 % Cash) <br />• Greeley <br />• Erie <br />• Little Thompson <br />• Superior <br />• Ft. Lupton <br />• Lafayette <br />• Louisville (Tentative) <br />ow• <br />