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<br />Implementation Schedule <br /> <br />Construction is expected to begin February 2008 and to be completed no later than May <br />2008 though most likely before the end of March 2008. <br /> <br />Permitting <br /> <br />All easements and rights of way have been arranged for. <br /> <br />I nstitutional Considerations <br /> <br />Entities that are, or may be, involved in the design, construction, and financing of the <br />project include: <br /> <br />. Handy Ditch Company; involved in the design as the gate must be installed on <br />their ditch. <br /> <br />. Loonan and Associates, Inc.; engineering. <br /> <br />. Herschfield Constructors; construction. <br /> <br />. Colorado Water Conservation Board (CWCB); long-term financing. <br /> <br />. Home State Bank; short-term financing. <br /> <br />. The Loveland Lake and Ditch Company will be the lead for the financing, design, <br />and construction of the project and will be the entity entering into contracts and <br />agreements with the various entities for the services provided by each. <br /> <br />Financial Analysis <br /> <br />Several entities will be involved in financing the estimated total project cost of $135,382. <br />Home State Bank will supply a short-term, "bridge" loan to cover costs until the CWCB <br />loan is approved. The LL&D Company is applying for a loan from the CWCS in <br />maximum amount of $105,000, to accommodate the 22% Company cost share. The <br />actual or estimated amounts by entity are given in Table 2. <br /> <br /> a e . ources 0 un lOa <br />Entity Grant/On-hand Loan Percent Participation <br />CWCS $0 $105,000 77.5% <br />LL&D $30,382 $0 22.5% <br />Totals $30,382 $105,000 $135,382 <br /> <br />T bl 2 S <br /> <br />fF d' <br /> <br />The LL&D Company will cover any costs that exceed the estimated project cost. <br />The LL&D Company is requesting a 20-year loan from the CWCB. The standard <br />agricultural lending rate would be 2%, resulting in annual payments of $6,421.46. <br /> <br />Table 3 is a summary of the financial aspects of the project. Annual assessments will <br />increase from $75 per share, up to $125 per share with an Emergency Loan of <br />$105,000. This represents an annual assessment increase of $50. <br /> <br />Loveland Lake and Ditch Company <br />Inlet Structure Upgrade Feasibility Study <br />February 1, 2008 <br /> <br />12 of 47 <br />