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<br />~ <br /> <br />Four Seasons Trout Farm <br />March 21,22, 2002 <br /> <br />Agenda Item 11 <br />(Updated March 22, 2002) <br /> <br />Table 3. Financial Ratios- Four Seasons Trout Farm <br /> <br />Financial Ratio Without With <br /> The oroiect The oroiect <br />Operating Ratio (revenue/expense) 126% 170% <br />weak: less than 100% (strong) (strong) <br />average: 100% - 120% <br />strono: areater than 120% <br />Debit Service Coverage Ratio No Debt 102% <br />(revenues-expenses)/debt service (strong) (Average) <br />weak: iess than 100% <br />average: 100% - 125% <br />strono: areater than 125% <br />Cash Reserves to Current Expense 24% 20% <br />weak: less than 50% (weak) (weak) <br />average: 50% - 100% <br />stronn: oreater than 100% <br />Annual Cost per Acre-Foot N/A N/A <br />weak: greater than $20 - <br />average: $10 - $20 <br />strono: less than $10 <br /> <br />As security for the loan the FSTF will pledge a first interest in real estate of value at least equal <br />to the ioan amount. Real estate owned by the FSTF is valued at $225,000, This security is in <br />compliance with CWCB Loan Policy No.5 (Collateral), <br /> <br />Recommendation <br />Staff recommends that the CWCB find that Four Seasons Trout Farm / John Niblack is eligible <br />for a loan from the Small Project Loan Account. The hatchery has tested positive for whirling <br />disease and can not operate, Delaying the project until summer or fall 2003 would jeopardize <br />fish production and result in undue hardship on the borrower, <br /> <br />Staff recommends a CWCB Small Project ioan in amount of $85,500 (for up to 90% of project <br />costs) to the Four Seasons Trout Farm / John Niblack to rehabilitate the Four Seasons Trout <br />Farm hatchery, The recommended term of the loan is 10 years and the recommended lending <br />rate is 2,25%, Security for the loan will be a first interest in real estate of value at least equal to <br />the loan amount. <br /> <br />Staff also recommends a $1,435 grant from the CWCB Feasibility Study Small Grant Fund, to <br />pay for up to half of the cost of the engineering necessary to complete the Feasibility Study, <br /> <br />Staff further recommends that final approval of the loan be conditioned upon ail other standard <br />contracting provisions of the CWCB, <br /> <br />4 <br />