Laserfiche WebLink
Riverside Reservoir and Land Company <br />May 12, 2009 (UPDATED May 22, 2009) <br />Page 5 of 6 <br />TABLE 2 <br />PROJECT COST <br />Construction $ 2,470,000 <br />Engineering $ 284,000 <br />Contingency $ 370,000 <br />T~~T~.I~ $ 3,124,000 <br />Financial Analysis <br />Agenda [tem 17g <br />The total estimated cost of the Project is $3,124,000. Company water ownership is 100% <br />agricultural. Based on the current agricultural rates far a 30-year term, the interest rate will be <br />2.5%. <br />TABLE 3 <br />FINANCIAL SUMMARY <br />Total Project Cost $3,124,000 <br />CWCB Loan Amount $2,810,000 <br />CWCB Loan Amount (Including 1% Service Fee) $2,838,100 <br />CWCB Loan Payment $135,598 <br />CWCB Loan Payment (Including 10% Reserve) $149,157 <br />Annual Cost of Loan er Right (lst 10 ears with Reserve) $60 <br />Current Assessment per Right $97 <br />Future (with Project) Assessment per Right $157 <br />Creditworthiness: The Company has one existing loan with the CWCB for a diversion structure <br />project. The total project cost was $405,000. The remaining balance on the loan is $327,802 <br />with annual payments of $23,421 and a maturity date of May 1, 2030. The collateral on the <br />existing loan is a pledge of assessment revenues, a Certificate of Deposit in the amount of one <br />annual loan payment ($23,421) and the diversion structure itself. All payments have been made <br />on time and the Company is in good standing with the CWCB. <br />This CWCB loan will be repaid from increases in assessments. The Company will pay the <br />additional 10% of the project cost with its cash reserves. <br />