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Cost Per Acre-foot Of Water Saved <br />$624,612 = 165 A-Ft = $3,786 <br />The cunent value of the water is expected to be in the range of $8,000 to $10,000 per acre foot. This <br />is based on the price of water sold in Northem Colorado over the past few yearse Over the 30 year <br />life of the loan the value would be expected to be much higher than the current value of the water. <br />For the benefit to cost analysis we have used the lower end of the current value. <br />Benefit/Cost =[$8,000 x 165 A-Ft] =$624,612 = 2,11 <br />At the current value of water the project has a positive benefit to cost ratio. This ratio would be <br />much greater if the average future value over the life of the loan were utilized. <br />COLLATERAL <br />The Lake Canal Reservoir Company can offer the following collateral for the CWCB loan. <br />1. The revenue from assessments as allowed by the Company By-Laws and Articles of <br />Incorporation. <br />2. The project Reserve Fund to be held in reserve by the Lake Canal Reservoir Company. <br />3. Assignment of the land the reservoir occupies. <br />IMPLEMENTATION SCHEDULE <br />The following schedule is proposed for implementation of the project. <br />Task <br />1. Feasibility Study Submitted <br />2. Loan Approved By CWCB <br />3. Loan Finalized By CWCB <br />4. Start Design <br />5. Finish Design <br />6. Review Completed By SEO <br />7. Project Bid <br />8. Award Bid <br />9. Start Construction <br />10. Complete Construction <br />Tar~et Comnletion Date <br />8/1/09 <br />9/25/09 <br />1/1/10 <br />11/1/09 <br />2/1/10 <br />7/1/10 <br />7/15/10 <br />8/15/10 <br />9/15/10 <br />12/15/10 <br />Gray Reservoirs-Feasibility Study Page 12 <br />