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C150274 Feasibility Study
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C150274 Feasibility Study
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Last modified
6/15/2011 8:55:30 AM
Creation date
12/2/2008 10:03:48 AM
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Loan Projects
Contract/PO #
C150274
Contractor Name
Yuma County Water Authority Public Improvement District
Contract Type
Loan
Water District
0
County
Yuma
Loan Projects - Doc Type
Feasibility Study
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The successful closing of the Transaction and the North Fork Lease would not directly <br />impact any property, other than the removal of the Water Rights from use on the <br />property historically irrigated by such water. The proposed North Fork Lease will result <br />in an increase in the amount of water being left in the North Fork of the Republican <br />River and will enhance streamflow in the reach of the river upstream from the headgate <br />of the Pioneer Ditch, which is also the diversion point for the Pioneer Irrigation District - <br />Nebraska. The river channel is adequate to carry additional water and the additional <br />streamflow would benefit riparian habitat along the river. <br />9.0 FINANCIAL FEASIBILITY ANALYSIS <br />The total cost to close the Transaction and obtain the Water Rights is $20 million, of <br />which RRWCD WEA will pay $5 million in the form of an advance lease payment under <br />the North Fork Lease. YCWA PID is seeking a loan from the Colorado Water <br />Conservation Board Construction Fund for $9.5 million to finance a portion of the <br />remaining $15 million of the purchase price for the Transaction. The YCWA PID is also <br />seeking to include the 1 % loan origination fee in the loan amount. The YCWA PID will <br />pay for the remaining share of its closing costs through proceeds from one or more <br />bonds. The YCWA PID will repay the loan and the bonds through proceeds from ad <br />valorem property taxes collected within the area of the YCWA PID. <br />9.1. Financial Repayment <br />The YCWA PID is applying for a loan amount of $9.5 million from the Colorado Water <br />Conservation Board Construction Fund with a 20-year repayment period and an interest <br />rate of not more than 2.25%. The financial feasibility analysis for this study is based on <br />a $9.5 million loan on the terms described above, with the remainder of the funding for <br />YCWA PID's payment obligations for the Transfer coming from one or more general <br />obligation bonds to be issued by YCWA PID. <br />The closing of the Transaction and the loan will be subject to an election of the <br />electorate within the YCWA PID area approving the formation of the YCWA PID and its <br />issuance of general obligation debt in the amount of $15,375,000. The YCWA PID will <br />use its available ad valorem tax revenues to service both the loan and the bonds. The <br />YCWA PID commissioned an analysis and projection from its consultant George K. <br />Baum & Company (the "Debt Service Report" or the "DSR"). Given an aggregate <br />assessed valuation of property within the YCWA PID of approximately, $300,317,150, <br />the DSR projects that the ad valorem tax revenues available to YCWA PID will be <br />sufficient to service both the proposed loan and the bonds even assuming no increase <br />in the assessed valuation of the subject real property over the 20 year term of the loan. <br />The chart from the DSR, excerpted below, identifies the expected available tax revenue <br />over the term of the loan and allocates those revenues to the service of the proposed <br />loan and the bonds. <br />[Figure 1 on following page] <br />12368\1 \1204400.5 10 <br />
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