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�� <br />�� <br />2' <br />The RD&AEC is requestin 30-year loan from the CWCB. The normal agricultural <br />lending rate would be /o. Because the Company's shareholders and water deliveries <br />are all agricultural, it is ass med the�� be no blending of a rate required and the <br />suitable rate would be . /o. � <br />Z ' <br />Table 3 shows a summary of the financial aspects of the project. Annual assessments <br />will increase gradually from $3.09 per share, up to $8.99 per share but the assessment <br />increases will be tied to the improvements anticipated in any given year so the <br />assessments will increase in a stair-step fashion up to the higher amount. <br />Table 2. Project Financial Summary <br />Project Cost <br />Loan Amount (90% of total probable cost) <br />CWCB Loan Payment Amount, including 10% loan reserve for 10 <br />Number of Shareholders <br />Number of Shares of Stock <br />Current Assessment per Share <br />Future Assessment per Share (stair stepped increases <br />Annual Project Cost per AF of Water Diverted <br />(Averaqe annual diversions: 3,250 AF) <br />184,140 <br />�S <br />19 <br />1428.33 <br />�'�.°� <br />/ • <br />'�� <br />Collateral <br />As security for the CWCB loan, the Riverside Ditch 8 Allen Extension Company pledges <br />assessment income and the project itself as described herein. <br />Social and Physical Impacts <br />The project will have no significant social impacts as it constitutes improvements and <br />partial replacement of elements of the canal which are already in operation. The project <br />will have minor physical impacts on the canal and the adjacent easement during <br />construction activity. <br />Contractor Recommendations <br />Several local contractors may be interested in submitting bids for this project. When the <br />final design and construction documents are completed, it is recommended that the work <br />be competitively bid and a contract award made on the basis of not only the amount bid <br />but with consideration to the experience level of the bidding contractors. It should be <br />noted that elements of the work can be broken up into multiple bid packages and award <br />could be made to multiple companies if this were found to be in the best interest of <br />RD8�AEC. <br />Aqua Engineering, Inc. Riverside Ditch 8� Allen Extension Co., Feasibility Study <br />October 2009 - 9 - <br />