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10 (7)
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Last modified
8/16/2009 2:33:56 PM
Creation date
8/5/2009 11:22:18 AM
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Board Meetings
Board Meeting Date
7/19/2009
Description
CF Section - New Project Loans - Farmer's Reservoir and Irrigation Company - Milton Reservoir and Barr Lake Improvements Project
Board Meetings - Doc Type
Memo
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Farmers Reservoir and Irrigation Company Agenda Item 10 <br />July 14, 2009 <br />Page 7 of 8 <br />extend a total of approximately 70 feet. The next portion of the spillway, which is <br />approximately 610 feet long, will be armored using soil cement. Riprap will be installed <br />at the far downstream end of th e spillway w h ere it transitions into the natural ground. <br />Another part of this Project is to construct/raise berms along the northwest side of Barr <br />Lake. These berms would raise the ground level in these locations to equal the elevation <br />of the dam crest. If the design storm event were to occur, these berms would contain <br />water from the reservoir and not allow uncontrolled releases out of the drainage. This will <br />be accomplished by constructing approximately 18,370 feet (3. 5 miles) of containment <br />dikes. The d ikes will be constructed using available fill material and capped with six <br />inches of roadbase. This will also ensure that water is not released to the northwest of the <br />dam, potentially inundating residences. <br />The schedule for this portion of the Project i s: SEO review during July - September 2009, <br />bid the Project in June 2010, start construction in August 2010, and complete <br />construction by January 2011. The cost estimate for this portion is as follows: <br />TABLE 3 <br />PROJECT COST - BARR LAKE SPILLWAY <br />Constructi on $1,866,000 <br />Testing $37,000 <br />Contingency $185,000 <br />Construction Management $74,000 <br />TOTAL $2,1 6 2,000 <br />Financial Analysis <br />The Company shareholders are a mix of 55% agricultural, 44% municipal, and 1% commercial <br />ownership . Blending these under th e current interest rates, the Company qualifies for a 3.70% <br />loan for a 30 - year term. <br />TABLE 4 <br />FINANCIAL SUMMARY <br />Total Project Cost $ 3,88 4 ,000 <br />CWCB Loan Amount (90% of total Project cost) $3,500 ,000 <br />CWCB Loan Amount (Including 1% Service Fee) $ 3,535,000 <br />CWCB Loan Payment $ 197,100 <br />CWCB Loan Payment (Including 10% Reserve) $216,800 <br />Current Assessment per share $ 0 <br />Cost of Loan (with Reserve Account) per share $ 27 <br /> <br />
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