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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 />In order to fund the entire project, the NCLPIC would have to raise their <br />assessments to approximately $257 per share by 2008 if no other operational <br />cost increases are incurred and no other revenues are applied to the project. <br /> <br />Credit Worthiness <br /> <br />Based on their May 31,2003 balance sheet, included in Appendix F, the NCLPIC <br />had total short term liabilities of $702,595.69, long term liabilities of <br />$1,744,648.88 and total capital of $1,110,827.74. Table 18 shows a summary of <br />their current obligations on May 31, 2003. The current obligations to Colorado <br />Community Bank of Greeley and Cornish Plains Livestock, LLLP are for the <br />property purchased for this project. The NCLPIC plans to payoff the Colorado <br />Community obligation with funds from the new CWCB loan. <br /> <br />Lender <br />Colorado CommunItY Bank of Greelev <br />Cornish Plains Livestock, LLLP <br />CWCB <br /> <br />Table 18 - Current Obligations <br />Outstanding <br />Amount <br /> <br />Total = <br /> <br />$702,595.69 <br />$1,409,000.00 <br />$335,648.88 <br />$2,447,244.57 <br /> <br />End of Term <br />2006 <br />2013 <br />2017 <br /> <br />Alternative Financing <br /> <br />A portion of the property acquisition cost has been funded by a loan from the <br />Cornish Plains Livestock, LLLP. Other sources of financing for the remaining <br />portion of the project have been considered; however, the down payment <br />required for such financing has made other options unfeasible. <br /> <br />OPINION OF FEASIBILITY <br /> <br />The project is feasible from an engineering perspective. The land is suitable for <br />construction of the proposed reservoirs, pumping station, and pipeline. The soils <br />encountered on site are suitable for construction of the dams required for the <br />reservoir. <br /> <br />The long term benefit to the NCLPIC is appreciable. Greater efficiency in the <br />system will be obtained particularly near the end of the canal system leading to <br />gains of approximately 2000 ac-ft per year. Groundwater augmentation will be <br />achieved to offset depletion by NCLPIC shareholders and other water users in <br />the area. The project will also develop water that is not currently allocated <br />elsewhere by storing water during "free-river" conditions in the fall, winter, and <br />spring. <br /> <br />New Cache Feasibility Study <br /> <br />39 <br />