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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 />>- NRCS (Natural Resources Conservation Service) 75% cost share for construction, <br />project management, and associated costs; preliminary design and cost estimates, <br />environmental assessment. <br />>- Harward Irrigation Systems final engineering drawings and specifications, pipe and fitting <br />supplies, construction consultation. <br />>- Colorado Water Conservation Board (CWCB) financing. <br /> <br />The Company will be the lead for the financing, design, and construction of the project and <br />will be the entitiy entering into contracts and agreements for the services to be provided. <br /> <br />Financial Analysis <br />The Company is applying for a loan from the CWCB in amount of $574,118 to cover total <br />cost of all construction and materials. Upon final approval of the constructed Project by <br />NRCS, NRCS will pay to the Company the 75% cost share, which will be used by the <br />Company to pay down the loan amount to approximately $143,529. <br />Table 1. Sources of Funding <br />Grant Short-term Loan Long-term Loan <br />$0 $574,118 $143,529 <br />$0 $0 $0 <br />$430,588 $0 $0 <br />Totals $430,588.00 $574,118.00 $143,529.00 <br /> <br />Entity <br />CWCB <br /> <br />Company <br />NRCS <br /> <br />The Company will cover any costs that exceed the NRCS estimated project cost. <br /> <br />The Company is requesting a 30-year loan from the CWCB. The standard agricultural <br />lending rate would be 2.5%, resulting in annual payments of $6,857. The Company will <br />fund a payment reserve account at the outset of the Project in the amount of 4.77% of the <br />value of the long-term loan and increase the reserve account to 9.55% of the long-term <br />loan over 3 years. <br />