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<br />Victor and Margie Quint <br />July 28-30, 2003 <br /> <br />Agenda Item 21g <br />(Updated August 7,2003) <br /> <br />Table 2. Financial Ratios <br /> <br />Financial Ratio Without With <br /> the Droiect The tJroiect <br />Operating Ratio. (revenue/expense) 134% 134% <br />weak: less than 100% (strong) . (strong) <br />average: 1 00% ~ 120% <br />stronQ: Qreater than 120% <br />Debt Service Coverage Ratio 206% 180% <br />(revenues-expenses)/debt service (strong) (strong) <br />weak: less than 100% <br />average: 100%-125% <br />stronQ: greater than 125% <br />Cash Reserves to Current Expense 5% 5% <br />weak: less than 50% (weak) (weak) <br />average: 50% - 100% <br />strong: greater than 100% <br />Annual Cost per Ac-Ft (1,000 ac-ft well diversions) $15 $15 <br />weak: greater than $20 (average) (average) <br />average: $10 - $20 <br />stronQ: less than $10 <br /> <br />As security for the loan the Quints will pledge a first interest in 5 acres of land with <br />improvements, located in the SW % of Section 31, T5N, R54W. This property includes a house, <br />a shop, sheds, and other farm improvements, and has an estimated valued of $200,000. A <br />Colorado Certified General Appraiser will establish the value. This collateral is in compliance <br />with CWCB Lqan Policy #5 (Collateral). . <br /> <br />\ <br /> <br />Recommendation <br />Staff recommends a CWCB Small Project Loan from the Construction Fund in amount of <br />$85,500 to Victor J and Margie J. Quint for up to 90% of the cost to construct the Quint <br />Augmentation site. The recommended loan terms are 30 years at 2.5% (2.577% Annual <br />Percentage Rate). Security for the loan will be collateral in accordance with CWCB loan policy <br />#5 (A firstlien on 5 acres of land, including improvements, located in the SW % of Section 31, <br />T5N, R54W with value at least equal to the loan amount, as established by a Colorado Certified <br />General Appraiser.) <br /> <br />Staff further recommends ,that final approval of the loan be conditioned upon all standard <br />contracting provisions of the CWCB, including the 1% loan origination fee charged in <br />accordance with CWCB Policy #16. The loan amount may be increased to $86,355 if the <br />borrower elects to finance the 1 % loan service charge. <br /> <br />Action taken bv the CWCS Julv 28. 2003 <br />The CWCB approved the staff recommendation, with the highlighted revisions. <br /> <br />cc: Victor Quint <br />Brent Nation, P.E. <br />Linda Bassi, AGO <br /> <br />Attachment <br />C:Proj-NeW\Quint 0703 memo; <br /> <br />L:\boardmem\July03\21g - Quint Farm <br />4 <br />