C150161 Approval Letter - Laserfiche WebLink

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Greeley and Loveland Irrigation Company - Boyd Lake Spillway November 19-21, 2003 Agenda Item 8d 2. Replacing 1,100 feet of canal lining downstream of the spillway to prevent undercutting of the spillway. 3. Altering the canal overbanks downstream of the spillway to allow the spillway to operate properly and efficiently. 4. Constructing approximately 350 feet of floodwall along the east shoreline to protect two existing residential structures. The City of Loveland has been contacted regarding the spillway project and discharge location and no major objections have been identified at this time. The City will require that floodplain mapping be provided downstream of the spillway as a reference for future development. This has been considered in the cost estimate. Impacts to Colorado State Parks will be minimized during construction of the new spillway. The water level will have to be restricted to approximately 5 feet below the normal water surface elevation of 4959.65 (proposed spillway crest) during construction, which will allow normal recreational use of the reservoir. In addition, the construction schedule in early winter to late spring, will further reduce impacts to recreation users and the Company, since the summer months are the most popular for recreational activities and irrigation deliveries are not made during the winter. The Total Project cost is estimated to be: 1 . Construction Cost 2. Engineering Fees/Other Costs TOTAL $ 2,910,000 250.000 $ 3,160,000 Schedule - Final design is expected to begin in December 2003 with construction beginning in February 2005 and completion in June 2005. Permits required will be a Corps of Engineers 404 permit, SED design approval, and dewatering permit from the Water Quality Control Division. Financial Analvsis The total estimated cost of the project is $3,160,000. GLlC has 1644 shares of stock with 47.6% agricultural ownership and 52.4% municipal (low-income) ownership. Staff is recommending a maximum loan amount of $2,844,000 (90% of estimated project cost) for 30 years at a blended interest rate of 3.00% per annum. Table 1 is a summary of the financial aspects of the project. A CWCS Small Project Loan of $2,844,000 would have an annual payment of $159,609 (including the 10% reserve requirement) at the loan terms of 3.00% for 30 years. The annual loan cost is $4.21 per acre-foot, based on an average annual delivery of 37,812 acre-feet. GLlC is proposing to raise assessments by $108 per share to cover the loan repayment. GLlC will fund its $316,000 share of the project through cash reserves and an increase in annual assessments. Project Cost $3,160,000 Number of Shareholders 170 Number of Shares of Stock 1644 CWCS Loan Amount (30 years) -Includes 1% Loan Service Fee $2,844,000 CWCS Loan Payment (includes 10% reserve) - SeQin 2006 $159,069 Current Assessment per share (2003) $200 New Assessments per share (see note below) $308 Annual Loan Cost per acre-foot (aver. annual delivery: 37,812 ac-ft.) $4.21 Table 1. Financial Summary Page 4 of 7