C150148 Feasibility Study

• Contract/PO #: C150148
• Contractor Name: Ogilvy Irrigating and Land Company
• Contract Type: Loan
• Water District: 3
• County: Weld
• Loan Projects - Doc Type: Feasibility Study

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SELECTED ALTERNATIVE

OILC has selected the second alternative as the most cost effective.

PROJECT COST

Following is a summary of all project costs including engineering fees and contingencies.

TOTAL

Estimated Cost
$ 293,996
$ 44,099
$ 50,000
$ 388,095

Item
1.
2.
3.

Construction Costs
15% Contingency
Engineering Fees

OILC is seeking funding through the Colorado Water Conservation Board "Small Projects
Fund" to finance $350,000 of the project. OILC will fund the remaining amount through an
increase in assessments and/or a short term loan through a private institution.

A construction cost estimate provided by GLH construction is provided on tablH 2.

FUND REQUIREMENT SCHEDULE

OILC is applying for a '$350,000 loan (90% of the estimated cost) at an interest rate of
2.50% for an agricultural loan with a 20 year term. A copy of the loan application is
included in Appendix E. The yearly repayment for the loan will be approximately
$22,451.50 per year for a total loan cost of $449,030. Yearly funds required by OILC for
the first 10 years would be $24,696.65 to account for the reserve fund (Certificate of
Deposit) required by the CWCB which is equal to one yearly payment placed in reserve
over a 10 year period of time. The reserve can be used to pay the final payment in the
year 2023 and does not change the overall total cost of the project.

The total project cost is estimated at approximately $388,095 and it is expected that OILC
will be providing all funds in excess of the $350,000 loan request. The funds required by
both the CWCB and OILC over the life of the project are shown in Table 1.

TABLE 1
FUND REQUIREMENT SCHEDULE

2003
2004-2013

2014-2023

$ 38,095
$ 24,696.65

$ 22,451.50

$ 350,000

Rehabilitation of Seeley Lake Outlet - Feasibility Study

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