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WRCC, Inc. <br />Updated September 19, 2008 <br />Page 5 of 6 <br />Financial Analysis <br />Agenda Item 23c <br />Table 3 shows a summary of the financial aspects of the loan request. The Company has 965 <br />agricultural shareholders and 35 non-agriculturaUmunicipal shareholders; therefore, a blended <br />interest rate of 2.55% fora 30-year loan applies. <br />TABLE 3 <br />FTNAN~TAT. STTMMARY <br />PROJECT/LOAN <br />Total Project Cost $1,413,600 <br />CWCB Loan (90% of the Project cost) $1,273,000 <br />CWCB Loan (Including 1% Service Fee) $1,285,730 <br />CWCB Annual Loan Payment $61,839 <br />CWCB Loan Obli ation (including 10% debt reserve fundin) $68,023 <br />Number of Shareholders 216 <br />Number of Shares 1000 <br />Annual Cost Per Share for Project (1St 10 years) $68 <br />Annual Cost of Loan per AF (based on 15,000 AF average diversion for Reservoir) $4.50 <br />Current Assessments per share $275 <br />Future Assessments per share $343 <br />Creditworthiness: The Company's current assessment is $275/share. Rates will need to be <br />increased to $343/share to cover the new CWCB debt service. The Company has a $500,000 bridge <br />loan from Farmers Bank in Ault, Colorado which allowed the Project to get started quickly. This <br />loan will be paid in full with proceeds from the CWCB loan. <br />The Company has significant cash reserves generated during the restructuring of the Company and <br />sale of the Tunnel Water Company stock. The Company would like to keep the cash reserves as an <br />asset and not use that money for operating expenses. <br />The original Windsor Reservoir and Canal Company did have a CWCB loan in 1996 for <br />rehabilitation of several structures along the Poudre Valley Canal. This $2,557,000 loan was paid in <br />full in 2007 with the proceeds from the Tunnel Water Company stock sale. Other than the bridge <br />financing, the Company has no long term debt. <br />