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Trinchera Irrigation Company <br />January 19, 2010 (UPDATED February 4, 2010) <br />Page 3 of 5 <br />Agenda Item 26b <br />Alternative No. 1— No action: This alternative was considered unacceptable to the Company <br />because recovering the 1,100 AF of storage lost by the current restriction is necessary to deliver <br />adequate amounts of water to shareholders for their irrigation needs. <br />Alternative No. 2— Correct upstream dam slope and repair outlet with concrete pipe extension: <br />This alternative included: reconstructing the upstream dam face to a 3:1 slope; insta.11ing riprap; <br />extending the outlet pipe with a concrete pipe; and replacing the upstream sluice gate. The original <br />engineer's estimate of this alternative was $193,000. <br />Selected Alternative No. 3— Correct upstream dam slope and repair out[et with steel pipe <br />extension: This alternative was identical to Alternative No. 2 with the exception of using a steel <br />pipe versus a concrete pipe. The original engineer's estimate of this alternative was $244,000. The <br />Company selected this alternative because the steel pipe was the SEO's preferred method of repair. <br />Schedule - Davis Engineering Service, Inc. was contracted in June 2009 to prepare a design for the <br />repairs and to perform related field work. The plans were submitted to the SEO for review on <br />August 7, 2009. On November 2, 2009, the SEO approved the plans and the Company hired <br />Gardner Excavating to begin reconstruction immediately. Completion is expected to occur by <br />February 2010. <br />Cost — The price has increased significantly from the original estimate to the current actual cost of <br />the project. Unexpected costs occurred due to the large amount of silt that had to be removed from <br />the site, pumping costs to keep water out of the repair site, and upgrading material to meet SEO <br />specifications. <br />TABLE 1 <br />TOTAL PROJECT COST SUMMARY <br />Task ; Cost <br />En ineerin � $70,000 <br />Construction � $597,000 <br />Total $667,000 <br />Financial Analysis <br />Table 2 shows a summary of the financial aspects of the loan request. The Company qualifies for <br />an agriculture interest rate of 2.75% for a 30-year term. <br />