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PROJ02063
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PROJ02063
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Entry Properties
Last modified
6/15/2011 9:33:00 AM
Creation date
7/11/2007 10:00:25 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150234
Contractor Name
Headgate 396 Lateral Corporation
Contract Type
Loan
Water District
72
County
Mesa
Loan Projects - Doc Type
Feasibility Study
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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 /> <br />Totals $96,019.00 $230,000.00 $133,980.00 <br /> <br />The Corporation is applying for a loan from CWCB in the amount of $230,000 to cover total cost <br />of all construction and materials. Upon final approval of the project by NRCS , NRCS will pay to <br />the Corporation <br />$96,019.11 in cost share. The Corporation will use these funds to pay down the loan amount to <br />approximately <br />$133,980.00. At 2,5% interest this would result in annual payments of $6,401.25. The <br />Corporation will fund a payment reserve account at the onset in the amount of $6,401.25 and <br />increase the amount to $12,802.50 over the next 3 years, <br /> <br />Financial Summary <br />Project Cost $230,000.00 <br />Loan Amount $ 133,980.00 <br />CWCB Loan Payment $6,401.00 <br />CFS 4.3 <br />Annual repayment per cfs $1489.00/cfs <br />Annual cost per ac/ft Based on 1900 ac/ft $3.37 <br /> <br />Since all other funding for the Project is in the form of grants the Corporation would have no <br />other debt service on this Project. The Corporation was formed in 2005 for the purpose of <br />undertaking this project. Therefore the Corporation has no debt history. The Corporation has no <br />existing debt. <br /> <br />Credit Worthiness <br /> <br />The Corporation has no existing debt. The Corporation's ability to repay the loan is supported by <br />the Funding agreement and the payment reserve account. <br /> <br />Alternative Financing <br /> <br />Long term financing for the Corporation's portion of the construction cost ($133,908.00) could <br />not be attained elsewhere and the cost could not be financed with a one time assessment. <br /> <br />Collateral <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />As security for the CWCB loan, The corporation can pledge the security agreement, the project <br />structures, and a payment reserve account of two annual payments. <br /> <br />Economic and Ecological Analysis <br /> <br />The economic benefits of the project are considerable. With out the transit losses of the old <br />concrete ditch more water will be delivered to the members. The members will also be better able <br />to manage their water, <br /> <br />Physical Impacts <br /> <br />The project will assure improved operation of their system and reduce operation and maintenance <br />cost. <br />
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