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A summary of these costs are summarized below: <br />• Pull, Scope, and Reset Equipment <br />• Clearwell Acid Cleaning <br />• Pump Repairs/Modifications <br />Total: <br />$3,400 <br />$1,155 <br />8 123 <br />$12,678 <br />The ranch has inquired to a number of drilling companies in the area, and to-date has <br />only received one complete bid to perform the work. This bid was prepared by <br />Hamacher Well Works, Inc., Simla, Colorado, and is summarized below: <br />• Replacement Well — (80-ft. depth) <br />�p • Supplemental Well — (80-ft. depth) <br />ti� S -x <br />•�2�61.f. of 6-inch PVC Pipe, Fittings, & Air Vent <br />(Calc. @ $10.28/ft and $3,500 for Valve/Air Vent) <br />• Electrical Power to Supplemental Well <br />(Calc. @ $1,500/pole and $2,500 for Panel/Shutoffl <br />Sub-total: <br />(15% Contingencies) <br />Total: <br />$36,270 <br />$62,730 <br />$26,630 <br />$12,000 <br />$137,630 <br />$20,645 <br />$158,275 <br />The total cost to complete the project is estimated at $158,275 +$12,678 =$170,953. A <br />copy of the detailed bid from Hamacher Well Works and the costs incurred from Canfield <br />Drilling to-date are contained in Appendix D. <br />Implementation Schedule <br />The ranch is tentatively scheduled to commence construction of the wells and pipeline in <br />March of 2006. If the loan is approved by the Colorado Water Conservation Board, the <br />ranch would need to draw money on the loan sometime in ApriUMay of 2006. The ranch <br />anticipates having the project completed in 45-days after commencement of construction. <br />Financial Analysis ` �,�,-� �� , � � � �, ' � ,�, � g � , <br />The Abbott Ranch is applying for a$153,900 loan from the Colorado Water <br />Conservation Board, which is 90% of the total estimated construction cost of $170,593. <br />The ranch is requesting a 30-year term at the current agricultural rate of 2.5%. The <br />estimated annual payment based on a$153,9001oan at 2.5% for 30-years is $7,350. <br />The ranch is planning on making annual payments on the loan from revenues generated <br />by the hay production. <br />The following is a detailed summary of the ranch operating revenues and expenses. The <br />figures below are based on an average of the revenues and expenses experienced in 2003 <br />and 2004. <br />C <br />