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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 />and an interest rate of 2.5%. The remaining portion of the total project cost of <br />$9,542,000 will be funded by the NCLPIC and by a loan obtained through <br />Cornish Plains Livestock, LLLP. The NCLPIC will have to provide $932,351 for <br />its share of the project cost which will be disbursed in 2004 through 2007 during <br />design and construction. <br /> <br />Table 17 provides a summary of the project costs, loan amounts, loan payments, <br />and cost per acre-foot (ac-ft) of water. <br /> <br />Estimated Proiect Cost $9,542,000 <br />CWCB Loan Amount $7,200,000 <br />Loan Interest Rate 2.50% <br />Loan Duration 30 <br />CWCB Interest $3,120,000 <br />Cornish Plains Livestock Loan $1,409,000 <br />Cornish Plains Livestock Interest Rate 6.00% <br />Cornish Plains Loan Duration (20 yr. amort. wI Balloon at 10 yrs.) 10 <br />Cornish Plains Interest $724,000 <br />Total Interest $3,844,000 <br />Total Project Cost Includino Interest $13,400,000 <br />Annual CWCB Loan Payment $344,000 <br />Annual Cornish Plains Loan Payment $123,000 <br />Total Annual Payment $467,000 <br />Number of Shareholders 300 <br />Number of Shares of Stock 2499.69 <br />Total Cost Per Share of Stock $5,361 <br />Total Cost Per Share Per Year $179 <br />Current Assessment Per Share $110 <br />Future Assessment Per Share $257 <br />Total Storaoe in Ac-Ft 2500 <br />Average Annual Efficiencv Increase in Ac-Ft 2000 <br />Total Cost Per Ac-Ft $2,978 <br />Annual Cost Per Ac-Ft $99 <br /> <br />Table 17 - Financial Summary <br /> <br />Financial Plan <br /> <br />Based on their 2002 financial statement, the NCLPIC had cash revenues of <br />$64,078.34 in excess of cash expenses. Their annual depreciation was <br />$43,044.22 leaving a net income of $21,034.12. As of May 31, 2003, the <br />NCLPIC balance sheet lists current assets of $115,059.33, total assets of <br />$3,558,072.31, and retained earnings of $873,164.79. <br /> <br />New Cache Feasibility Study <br /> <br />38 <br />