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<br />The above bid was reduced to $185,000 upon modification of the design. <br /> <br />In addition, it is estimated that the total cost of design/engineering will be approximately <br />$10,000.00. <br /> <br />Implementation Schedule <br /> <br />Construction began February 2, 2004 and should be completed by March 15, <br /> <br />2004. <br /> <br />Permitting <br /> <br />All easements and rights of way have been arranged for. The Company is exempt <br />from 404 permitting as confirmed by the Army Corps of Engineers. As requested by the <br />Army Corps of Engineer, RMC has provided written notice of the project start date, a <br />copy of which is attached. <br /> <br />Institutional Considerations <br /> <br />Entities that are, or may be, involved in the design, construction, and financing of <br />the project include: <br /> <br />Fulton Irrigation Ditch Company; financing and project management. <br />Colorado Water Conservation Board (CWCB); financing and construction. <br />Tetra Tech RMC, design and construction. <br />Diamond Excavating, construction. <br /> <br />The Fulton Irrigation Ditch Company will be the lead for the financing, design <br />and construction ofthe project and will be the entity entering into contracts and <br />agreements with the various entities for the serviced provided by each. <br /> <br />Financial Analysis <br /> <br />The Fulton is applying for a loan from the CWCB in maximum amount of <br />$170,000, to accommodate the 15% Company cost share. The actual or estimated <br />amounts by entity are given in Table 2. <br /> <br />Table 2. Sources of Funding <br /> <br />Entity Grant Loan Percent <br /> Participation <br />CWCB $0 $170,000 85% <br />Fulton $30,000 $0 15% <br />Totals $30,000 $170,000 100% <br /> <br />The Fulton will cover any costs that exceed the estimated project cost. <br /> <br />Page 70f9 <br /> <br />C:\Documents and SettingsIJody KammIMy Documents\DitcheslFulton\Spillway\FeasibilityStudy.doc <br />