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PROJ01903 (2)
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PROJ01903 (2)
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Last modified
11/19/2009 11:43:32 AM
Creation date
2/21/2008 3:05:29 PM
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Loan Projects
Contract/PO #
C150162
Contractor Name
Johnson and Edwards Ditch Company
Contract Type
Loan
Water District
0
Loan Projects - Doc Type
Feasibility Study
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<br />Financial Plan <br /> <br />The total cost of the project is $147,222. $132,500 or 90% may <br />come from a loan with the Colorado Water Conservation Board, and <br />the remainder from the project sponsor, JEDC. The Company's cost <br />share will come from a one-time special assessment of the <br />shareholders. The CWCB Loan Application is found in Appendix C. <br /> <br />A $132,500 CWCB loan at 2.5% interest over a 30-year repayment <br />period would calculate to an annual payment of approximately <br />$6,964. The loan payment of $6,964 amounts to approximately $0.78 <br />per acre foot of water diverted annually. The loan payment can be <br />easily offset with savings from the reduction in GASP assessments <br />and the revenue generated from the lease of excess augmentation <br />credits from the project. JEDC's ability to make loan payments <br />will only improve over the period of the CWCB debt retirement <br />because as the loan payment remains the same, GASP assessments <br />and the value of excess augmentation water will continue to <br />increase. <br /> <br />Collateral <br /> <br />1. As security for the loan the JEDC will pledge assessment <br />revenues backed by assessment covenant and the ditch itself. <br /> <br />Institutional Considerations <br /> <br />JEDC needs authorization to borrow $132,500 from the CWCB <br />Construction Fund. The loan, if approved, from the CWCB will be <br />contingent upon the successful negotiation of a contract between <br />the CWCB and JEDC. Agreements with contractors will be finalized <br />upon authorization of the CWCB loan. <br /> <br />Opinion of Feasibility <br /> <br />The selected alternative is technically and financially feasible. <br />There are no known roadblocks, which would keep JEDC from <br />successfully completing this project. <br /> <br />Feasibility Study <br />JEDC Aug Project <br />October 2003 <br /> <br />8 <br />
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