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<br />Collateral <br /> <br />As security for the CWCB loan the Headgate 135 Lateral, Inc. will hold <br />payment reserve account of one annual payment. <br /> <br />Physical Impacts <br /> <br />The Project will assure improved operation of a currently existing irrigation <br />system and will segregate drainage water from the irrigation water system <br />into the Grand Valley Drainage District. The new diversion structure will be <br />in the same location and capable of clearing debris and will be larger than the <br />previous structure. <br /> <br />Conclusion <br /> <br />The Headgate 135 Lateral, Inc. is an incorporated entity in the State of <br />Colorado with the ability to enter into a contract with the CWCB for the <br />purpose of obtaining a Construction Fund Loan. <br /> <br />Rights of Way easements are adequate for the construction of the project. <br /> <br />The project would provide improved delivery of irrigation water to <br />shareholders. <br /> <br />The total estimated cost of the project is $ 260,000.00 and this will be <br />financed, in part, by a grant from the NRCS and cost sharing agreement with <br />the Bishop of Pueblo and 3P Development, LLC. Headgate 135 Lateral, Inc. <br />is applying for a loan for the full cost of the project and will be reduced when <br />payments are received from NRCS and participating partners. <br /> <br />Headgate 135 Lateral, Inc. is eligible for a loan from the CWCB. <br />The Project is technically and financially feasible. <br /> <br />10 <br />