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I I I I I I I I I I I I I I I I I I I $657,800 Implementation Schedule The NRCS is expected to complete the final design by August 2005. Construction is expected to begin September 2005 and to be completed in phases during 2005 and 2006. Permitting All easements and rights of way have been secured. The Company expects to be exempt from 404 permitting by Statutory exemption, 33 CFR Section 323.4(a) 3. This will be confirmed with the Army Corps of Engineers. Institutional Considerations Entities that are, or may be, involved in the design, construction, and financing of the project include: Carpenter and Mitchell Ditch Company; financing, construction and project management. Natural Resources Conservation Service (NRCS); 75% cost share, design, construction supervision and inspection. Colorado Water Conservation Soard (CWCS); financing. The Company will be the lead for the financing, design, and construction of the project and will be the entity entering into contracts and agreements for the services to be provided. Financial Analysis The Company is applying for a loan from the CWCS in amount of $506,000, to cover total cost of all construction and materials. Upon final approval of the constructed Project by NRCS, NRCS will pay to the Company the 75% cost share, which will be used by Company to pay down the loan amount to approximately $126,000. Table 2. Sources of Funding Entity Grant Short-term Loan $506,000 $126,000 $380,000 $0 $0 Long-term loan Company $0 $0 Totals $380,000 CWCB $0 $506,000 $0 NRCS $126,000 The Company will cover any costs that exceed the NRCS estimated Project cost. The Company is requesting a 30-year loan from the CWCS. The standard agricultural