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<br /><. <br /> <br />Logan Irrigation District <br />May 16-17, 2006 <br /> <br />Agenda Item 11a <br /> <br />... <br /> <br />Alternative 2, Lower the current natural depression - This was ruled out because any alteration <br />of the natural depression would require the purchase of substantial right of way to route the PMP <br />flow to the South Platte River. <br /> <br />Alternative 3, Construct a pipe spillway near the west center area of the reservoir - This was <br />ruled out because the cost of this alternative and Alternative 4 were almost identical, but this <br />alternative would once again require purchase of some right of way. <br /> <br />Alternative 4, Construct a pipe spillway in the dam near the outlet - This was selected, since it <br />achieves the first step in removing the current storage restriction, comes in at a reasonable cost, <br />and is most acceptable to surrounding landowners. <br /> <br />Selected Alternative 4, Construct a pipe spillway in the dam near the outlet - The selected <br />alternative, Alternative No.4, involves construction of a 250 foot long, 72-inch reinforced concrete <br />pipe spillway with an overflow inlet structure (16' x 16") in the reservoir just upstream of the dam, an <br />energy dissipation structure at the terminal end of the pipe, and a short channel from the end of the <br />dissipation structure to the Prewitt outlet canal. W.W. Wheeler and Associates, Inc. designed the <br />emergency pipe spillway and the design was approved by the SEO in October 2005. W. W. <br />Wheeler also provided a detailed cost estimate. <br /> <br />The Total Project cost is estimated to be: <br />1 . Construction <br />2. Contingency (10%) <br />TOTAL <br /> <br />$ 306,450 <br />30.645 <br />$337,095 <br /> <br />The final design is complete and has been approved by the SEO. The cost of engineering was paid <br />by the project participants. Construction is expected to begin August or September 2006 and to be <br />completed within 60 days. All construction will be done on land owned by the Prewitt Operating <br />Committee and flow from the spillway will be confined to the Prewitt Outlet Canal, therefore no <br />easements or rights of way will be needed. <br /> <br />Financial Analvsis <br /> <br />The total estimated cost of the project is $337,095. The current ownership of the Prewitt Reservoir <br />is 7.1 % high-income municipal, 1.0% low-income municipal, and 93.9% agricultural. Based on this <br />breakdown, the blended interest rate for a 30-year loan is 2.60%, reducing by 0.25% to a rate of <br />2.35% for a 20-year loan. Staff is recommending a maximum loan amount of $303,385 (90% of the <br />estimated project cost) for 20 years at a blended interest rate of 2.35%. LID will pay the additional <br />10% ($33,710) of the project cost from reserve funds ($18,473), and funds received from liD <br />($8,697) and MPRC ($6,540.) The LID, along with cooperating entities, the liD, and the MPRC, will <br />cover any costs that exceed the estimated project cost. <br /> <br />Table 1 is a summary of the financial aspects of the project. A CWCB Loan of $303,385 would <br />have an annual payment of $21,106 (including the 10% reserve requirement) at the loan terms of <br />2.35% for 20 years. As the contracting entity, the LID responsible for a total annual cost of <br />$21,106. In actuality, this annual payment would be split between the three entities, according to <br />their percentage ownership as follows: <br /> <br />Logan Irrigation District (54.8%) <br />Iliff Irrigation District (25.8%) <br />Morgan Prewitt Reservoir Co. (19.4%) <br /> <br />$11,566 <br />5,445 <br />4.095 <br />$21 ,1 06 <br /> <br />Page 4 of 6 <br />