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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />6.0 Implementation of Schedule <br /> <br />Terrace Irrigation Company is expected to have the work done as soon as possible once <br />funding is available. The time needed to complete the work should be 30 days or less. <br /> <br />7.0 Permitting <br /> <br />Terrace Irrigation Company owns the property on which work is being preformed. An <br />Army Corps 404 permit has been obtained to permit construction of the cofferdam. <br />Repair work is under the purview of the State Engineer's Office, Dam Safety Branch. <br />Plans and specifications for construction of the replacement trash rack have been <br />reviewed and accepted by the State Engineer's Office. There is no known need for any <br />other permits. <br /> <br />8.0 Institutional Considerations <br /> <br />Entities that are, or may be involved in the design, construction and financing of the <br />project include: <br /> <br />Terrace Irrigation Gompany; financing and project management <br />Colorado Water Conservation Board (CWCB); financing <br />Davis Engineering Service, Inc.; engineering <br />RG Consulting Engineers Inc.; engineering <br />Brimhall Industrial; construction <br />SL V Earthmovers Inc; construction <br /> <br />Terrace Irrigation Company will be the lead for the financing, design, and construction of <br />the project and will be the entity entering into contracts and agreements with the various <br />entities for the services provided by each. <br /> <br />9.0 Financial Analysis <br /> <br />The Terrace Irrigation Company is requesting a 30-year loan from the CWCB. The <br />standard agricultural lending rate for a small project loan over 30 years is 2~%, resulting <br />in annual payments of$9,077.75. To this would be added $907.78 per year for the first <br />10 years to fund the emergency reserve account, for a total annual cost of $9,985.52. <br />Table 9-1 is a summary of the financial aspects ofthe project. The company is <br />comprised of 8317 Is shares owned by 27 shareholders. For the first 10 years, annual <br />assessments will increase from $215 per share, up to $227.00 (round up to $228/share) <br />per share with an Emergency Loan of$190,000. The additional +$1 is needed to balance <br />last years profit & loss statement. See profit & loss statement in Appendix C. This <br />represents an annual assessment increase of$13 or $0.08 per acre-foot, based on average <br />annual diversions of 15,339 acre-feet. After 10 years, annual assessments will decrease <br />from the $228 per share down to $227.00 per share. <br /> <br />Terrace Irrigation Company <br />Outlet Works Feasibility Study <br />February 2004 <br /> <br />Page 8 of 10 <br />