CULP LETTER TO THE LAKE PLACID COMMUNITY

To the Lake Placid Community:

*The CULP Board of Directors wants to be able to disseminate accurate timing information on the engineering and construction of the Lake Placid Dam, but it has proven difficult to get a firm commitment on time frames from those parties involved.

*For this reason, the schedule provided below should be viewed by the CULP membership and other stakeholders of the lake. As a rough estimate and subject to change at short notice.

*Engineering / design phase is approximately 60% complete at this time and should be completed in October 2021

*Final design will be submitted to the Texas Commission on Environmental Quality (TCEQ) and the Texas Water Development Board (TWDB) for approval

*Final design will be submitted to the US Army Corps of Engineers (USACE) for permitting. Approval is estimated not to exceed 144 days

*Upon approval of plans and specifications by TWDB, TCEQ, and USACE, GBRA will issue a Request for Proposals. Proposals (bids) should be received and a contractor selected within 60 – 90 days

*The lake will be lowered approximately 60 days prior to commencement of construction activities. The lake lowering will be performed over a period of several days in collaboration with the Texas Parks and Wildlife Department

*GBRA will execute a construction contract with the selected contractor. GBRA will submit the executed contract to TWDB for approval to issue Notice to Proceed. The construction timeframe will not commence until this Notice to Proceed is issued.

*Once the Notice to Proceed is Issued, the estimated construction time should is about 22 to 24 months assuming no flood events or other major weather delays occur during the course of construction.

Please keep in mind that this is a very rough schedule and may change significantly based on a myriad of factors Another key element is that GBRA has secured $40 million in bond funding at below market rate interest on behalf of the Lake Placid Dam project.