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C150266 Approval Letter
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C150266 Approval Letter
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Last modified
3/27/2014 9:51:36 AM
Creation date
7/7/2008 11:14:06 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150266
Contractor Name
Granby Ditch and Reservoir Company
Contract Type
Loan
Water District
40
County
Delta
Loan Projects - Doc Type
Approval Letter
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<br />Granby Ditch & Reservoir Company <br />Updated May 22, 2008 <br />Page 3 of 5 <br /> <br />Agenda Item 18 <br /> <br /> Appropriation Adjudication Amount <br />Water Right Date Date (AF) Use <br />Reservoir Storage 8/6/1910 5/28/1937 814 Irrigation <br /> Domestic, <br />Reservoir Storage 12/10/1993 12/31/1993 24 Augmentation <br /> <br />Project Description <br /> <br />The purpose ofthis project is to rehabilitate the Reservoir to its full storage capacity. Two <br />alternatives were considered: <br /> <br />1. The no-action alternative <br /> <br />2. Rehabilitate the dam <br /> <br />Alternative No. 1- No action alternative was considered unacceptable because without repairing <br />the dam the Company could eventually be required to relinquish the storage rights. The Reservoir <br />has been restricted since 1976. While the Reservoir is not currently on an abandonment list; the <br />Company is concerned that without action on the repairs it risks losing the additional storage right. <br /> <br />Alternative No. 2- Rehabilitating the dam was the selected alternative because it will enable the <br />Company to retain its storage rights and will help it better meet the shareholder's needs. The <br />current Directors understand the importance ofthese storage rights and feel that these rights could <br />be jeopardized if action is not taken soon. <br /> <br />Buckhorn Geotech has prepared preliminary engineering designs and cost estimates for the project. <br />The dam rehabilitation involves adding a toe drain collection system to help with seepage and <br />buttress construction to improve stability. <br /> <br />Final design is expected to be complete by August 2008. Construction is expected to begin in June <br />2009 with the hope of completing the project in October 2009. <br /> <br />Proj ect Cost Estimate <br /> <br />Engineering <br />Construction <br />Total <br /> <br />$64,000 <br />$216,000 <br />$280,000 <br /> <br />Financial Analysis <br /> <br />Table 1 shows a summary of the financial aspects of the loan request. The Company has a mix of <br />municipal shareholders and agriculture shareholders. Blending the interest rate based on share <br />ownership, the rate becomes 2.35% for a 30-year term. Of the remaining 10% portion ofthe <br />Project, $13,000 will be frmded through shareholder assessments and $15,000 will come from a <br />grant from the Colorado River District's 2008 Small Grant Program. <br />
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