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<br />A $75,600 CWCB loan at 2.75% interest over a 30-year repayment <br />period would calculate to an annual payment of approximately <br />$3,740. The loan payment of $3,740 amounts to approximately $1.07 <br />per acre foot of water diverted into recharge. Current market <br />value for augmentation water in that portion of the river is <br />approximately $20 per acre foot. The loan payment can be easily <br />offset with savings from a reduction in GASP assessments and the <br />revenue generated from the lease of excess augmentation credits <br />from the project. Glenn Toyne's ability to make loan payments <br />will only improve over the period of the CWCB debt retirement <br />because as the loan payment remains the same GASP assessments and <br />the value of excess augmentation water will continue to increase. <br /> <br />Collateral <br /> <br />1. Glenn Toyne can offer as collateral, 160 acres of irrigated <br />farm ground located in the NW1/4 of Section 26, TI1N, R47W. <br /> <br />2. Glenn Toyne can offer as collateral, all of the project <br />facilities. <br /> <br />Institutional Considerations <br /> <br />Glenn Toyne needs authorization to borrow $75,600 from the CWCB <br />Construction Fund. The loan, if approved, from the CWCB will be <br />contingent upon the successful negotiation of a contract between <br />the CWCB and Glenn Toyne. Agreements with contractors will be <br />finalized upon authorization of the CWCB loan. <br /> <br />Opinion of Feasibility <br /> <br />The selected alternative is technically and financially feasible. <br />There are no known roadblocks, which would keep Glenn Toyne from <br />successfully completing this project. <br /> <br />Feasibility Study <br />Glenn Toyne <br />Recharge Project <br />February 2003 <br /> <br />10 <br />