C150297 Approval Letter - Laserfiche WebLink

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Farmers Reservoir and Irrigation Company July 14, 2009 (UPDATED July 22, 2009) Page 7 of 8 Agenda Item 10 extend a total of approximately 70 feet. The next portion of the spillway, which is approximately 610 feet long, will be armored using soil cement. Riprap will be installed at the far downstream end of the spillway where it transitions into the natural ground. Another part of this Project is to construct/raise berms along the northwest side of Barr Lake. These berms would raise the ground level in these locations to equal the elevation of the dam crest. If the design storm event were to occur, these berms would contain water from the reservoir and not allow uncontrolled releases out of the drainage. This will be accomplished by constructing approximately 18,370 feet (3.5 miles) of containment dikes. The dikes will be constructed using available fill material and capped with six inches of roadbase. This will also ensure that water is not released to the northwest of the dam, potentially inundating residences. The schedule for this portion of the Project is: SEO review during July-September 2009, bid the Project in June 2010, start construction in August 2010, and complete construction by January 2011. The cost estimate for this portion is as follows: TABLE 3 PROJECT COST- BARR LAKE SPILLWAY Construction $1,866,000 Testin $37,000 Contin enc $185,000 Construction Mana ement $74,000 TOTAL $2,162,000 Financial Analysis The Company shareholders axe a mix of 55% agricultural, 44% municipal, and 1% commercial ownership. Blending these under the current interest rates, the Company qualifies for a 3.70% loan for a 30-year term. TABLE 4 FINANCIAL SUMMARY Total Project Cost $3,884,000 CWCB Loan Amount (90% of total Project cost) $3,500,000 CWCB Loan Amount (Including 1% Service Fee) $3,535,000 CWCB Loan Payment $197,100 CWCB Loan Payment (Includin 10% Reserve) $216,800 Current Assessment er share $0 Cost of Loan (with Reserve Account) per share $27