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C150143 Approval Letter
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C150143 Approval Letter
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Last modified
8/10/2011 9:52:33 AM
Creation date
11/22/2006 11:03:05 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150143
Contractor Name
Willow Heights Irrigation Company
Contract Type
Loan
Water District
40
County
Delta
Bill Number
MC3
Loan Projects - Doc Type
Approval Letter
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<br />WiUow Heights lITigation Company. Inc. <br />May 19-20. 2003 <br /> <br />Agenda Item 18d <br /> <br />Alternative No.1, was considered unacceptable since it would mean that WHIC could not deliver <br />water to all of its shareholders in a reasonable amount of time due to the variety and complexity <br />of system problems. <br /> <br />Alternative No.2, was ruled out because WHIC would be giving a very inadequate service to most <br />of the shareholders during the period of construction years. <br /> <br />Alternative No.3, was ruled out because of the extreme difference in depth between the <br />existing system and the new system. WHIC would require expensive and complex connections <br />between the old and the new system at each years new stage of construction. <br /> <br />Alternative No.4, was selected, as it provided the best final solution in the shortest period of <br />time while providing the least negative effect to the shareholders. <br /> <br />Selected Alternative 4, Construct a new system all at one time. The project includes installing all <br />new distribution lines (10\ 8~ and 6~ Jines) and lateral tap lines, along with cleanouts and isolation <br />valves. The new pipes will be installed over the top of the existing system but a standard depth of <br />22 - 30~. (Pipes are drained during the winter.) The piping will be heavier PVC (minimum 80 lb.), <br />with the pipe located above the existing pipe, but offset from the existing alignment several feet, <br />eliminating the need for the existing 45 degree elbows at sanitary sewer manholes. <br /> <br />Total Project cost is estimated to be: <br /> <br />1. <br />2. <br /> <br />Engineering <br />Construction <br /> <br />TOTAL <br /> <br />$ 5,000 <br />110,000 <br />$ 115,000 <br /> <br />The implementation calls for final design to be completed in June 2003, and construction completed <br />September-November 2003. A street restoration permit will be obtained from the Town of <br />Hotchkiss. <br /> <br />Financial Analysis <br /> <br />The total estimated cost of the project is $115,000. WHIC qualifies for a Municipal Low Income <br />interest rate. Staff is recommending a loan in the maximum amount of $1 03,500 (90% of estimated <br />total cost). with recommended loan terms of 30 years at an interest rate of 3.75%. WHIC has <br />sufficient cash assets budgeted to cover its $11,500 share of the project. <br /> <br />Alternative financing sources: The Company did pursue alternative financing but local banks do <br />not offer financing of this type of project and interest rates are not feasible. <br /> <br />Table 1 is a summary of the financial aspects of the project. A CWCS Small Project Loan of <br />$103,500 would have an annual payment of $6,386 (including the 10% reserve requirement) at the <br />loan terms of 3.75% for 30 years. This represents an annual loan cost of $24.85 per acre~foot, <br />based on an average annual delivery of 257 acre-feet. <br /> <br />Page 3 of 6 <br />
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