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Mancos Valley Beaver Ditch Loan Application 1/4/2006 3:19 PM orw <br />Conclusions <br />1. The Company is an incorporated entity in the State of Colorado with the ability to enter into <br />a contract with the CWCB for the purpose of obtaining a Construction Fund loan. <br />2. Rights -of Way easements are adequate for the construction of this project. <br />3. The project would provide improved delivery of irrigation water to share holders. <br />4. The total estimated cost of the project is $904,750 and this will be financed, in part, by a <br />grant from the NRCS. The Company is applying for a $226,178 long -term loan from the <br />CWCB Construction Fund for the amount not covered by the federal grant. <br />5. Company is eligible for a loan from the CWCB. <br />6. The project is technically and financially feasible. <br />Appendix A <br />Articles of Incorporation, <br />By -Laws <br />and <br />Funding Agreement <br />Enclosed <br />Page 11 of 16 pages <br />