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<br />I : ' <br />, II <br />II <br />. <br /> <br />e <br /> <br />e <br /> <br />CWPDA File <br />June 20, 1997 <br />Page 2 <br /> <br />, <br />i <br />I <br />~~~~~ I <br />I have reviewed items 1 and 2 and I believe that these items meet with the requirements <br />ofthe CWCB Construction Fund Guidelines and of the Arkansas River Augmehtation <br />I <br />Loan Program. The total cost ofthe study is now estimated to range from $52,500 to <br />$57,500. <br /> <br />The income and expense summaries indicate that income exceeded expenses in each of <br />the years 1994 to 1996. In 1996, income was $415,717 and expenses were $35lii,247. <br />I . <br />Assuming a ten-year loan at 4.0 percent for $57,500, annual repayment would amount to <br />about $4,800 per year which would app'ear to be well within the current paymerlt capacity <br />of the Association. <br /> <br />Conclusion <br />CWPDA and their consultant have submitted an acceptable plan of study and the <br />Association appears to have adequate financial capacity to repay the feasibility Jtudy <br />loan. <br /> <br />cc: Bill Stanton <br />J an Illian <br />Linda Bassi, AGO <br />Dale Baker, CWPDA <br />