Fraser inks deal to accept $625,255 in stimulus funds
September 10, 2009
Fraser is on track to accept $625,255 out of $750,000 in stimulus funds to improve its water system.
In a special town board meeting held on Wednesday, Fraser officials approved entering into a loan agreement with the Colorado Water Resources and Power Authority to meet the state’s stringent deadline.
The loan through the state is with 100 percent principal forgiveness.
With that money, Fraser will be embarking on three major water projects in town.
A fourth project that would have created an interconnection between district water systems to allow for water to transfer from one system to another in the event of a major catastrophe was edited out of the town’s application in the last minute.
Essential to the interconnection is an easement on Grand Park property.
Town staff members found out on Wednesday after the state’s Tuesday furlough that the loan agreement could be re-worked to take the $67,000-$98,000 interconnection piece out of the greater capital-improvement package. In the 11th hour, state employees worked with the town to draft new language in the loan documents, according to Town Manager Jeff Durbin.
An easement agreement between the town and the Grand Park development still had not been worked out.
Even without the no-payback loan funds to accomplish that particular project, Mayor Fran Cook said the town intends to work with the town of Winter Park to pursue other ways of financing the interconnection project.
Durbin said he hoped that the failure to secure funds to provide an interconnection would not overshadow the fact that the town is gaining a significant sum to improve other aspects of the town’s water system.
“It’s going to help this community immensely,” he said.
– Tonya Bina can be reached at 970-887-3334 ext. 19603 or e-mail email@example.com.