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<br />Ogilvy Augmentation Company <br />Updated September 19,2008 <br />Page 5 of? <br /> <br />Agenda Item 23a <br /> <br />reservoir will add flexibility to the augmentation plan by allowing the Augmentation Company to <br />make controlled augmentation releases from lined storage during times when the accretions from <br />recharge are inadequate. The lined storage reservoir will also enable the Augmentation Company to <br />capture any excess recharge accretions that accrue to the river. <br /> <br />Selected Alternative: The Augmentation Company has chosen Alternative 3 which includes the <br />purchase ofthe required water rights, the construction of the recharge reservoir, installation of <br />measurement structures and flow meters, and the construction of the storage reservoir. The cost of <br />this alternative is estimated at approximately $1,112,000. <br /> <br />Work included in Alternative 2 is as follows: <br /> <br />1. Preliminary Engineering ($27,000) <br />2. Water Rights Purchase - 6.0 shares ofGIC and associated fees ($388,000) <br />2. Purchase, install, and monitor measuring control structures on the wells <br />operated by the Augmentation Company ($81,000) <br />3. Construct recharge facility for augmentation water delivery ($80,000) <br />4. Construct a 50 acre-ft lined storage reservoir to store augmentation water for <br />winter release ($536,000) <br /> <br />The Augmentation Company intends to purchase the water rights upon approval of the CWCB loan <br />and construct the recharge facility in the fall/winter of 2008. It will file for its permanent <br />augmentation plan in early 2009. Once that plan is approved, construction will begin on the storage <br />reservOIr. <br /> <br />Financial Analysis <br /> <br />Table 2 shows a summary of the financial aspects of the loan request. The Augmentation Company <br />is made up of agricultural members; therefore, a 2.5% per annum interest rate was used for a 30 <br />year term. <br /> <br />Table 3 <br />Financial Summary <br /> <br />PROJECT/LOAN <br />Total Project Cost $1,112,000 <br />CWCB Loan (90% of the Project cost) $1,000,800 <br />CWCB Loan (Including 1 % Service Fee) $1,010,808 <br />Estimated CWCB Annual Loan Payment $48,300 <br />Estimated CWCB Loan Obligation (including 33% debt reserve funding) $64,400 <br />Annual Cost Per Well for Proj ect (1 st three years) $3,788 <br />Annual Cost of Loan per AF (based on 60 AF) $805 <br />GIC Annual Assessment ($250/share) $1,500 <br />GIC Annual assessment per OAC Well $88 <br />