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Overland Ditch and Reservoir Company July 12, 2005 Page 3 of 5 Proiect Descriation Agenda Item 6a The purpose of this project is to store a conditional storage water right that will supply supplemental irrigation water and the possibility of augmentation water in the future. Three alternatives have been considered: 1. No action 2. Transfer of the storage right to another existing or potential reservoir location. 3. Provide additional storage capacity at the existing Overland Reservoir. Alternative 3 was selected because failure to store the conditional water rights may soon result in the loss of the right, and potential sites for expansion are problematic and expensive (over $5,500 per AF). The project will involve elements needed to increase the normal water surFace elevation by about 3.8 ft. _____ Elements include the following: — • Raising the main dam and auxiliary dam crest elevations by about 1.5 to 2.0 ft and adding rip rap needed to protect the embankment below the completed normal water surface. __ _ • Upgrading the auxiliary dam to include internal and toe drainage, increasing the crest width, adding rip rap as necessary to protect the embankment below the completed normal water surface and adding embankment to the downstream slope to flatten it to a more moderate and more stable slope. • Raising the spillway crest level by 3.8 feet to allow for storage of the additional water. This will be accomplished by increasing the height of the existing concrete weir wall as well as the training and retaining walls. Construction is expected to start in the summer of 2007. However, the construction schedule is highly dependent on two considerations: • NEPA Permit: The project is expected to start in the summer of 2007. The schedule is dependent on the duration of the NEPA Permit process. In 1987, the dam rehabilitation work required 17 months from initiating the permit until start of construction. If this NEPA process is shorter it may be possible to start construction sometime in 2006. • Elevation: Because the elevation of the project site is nearly 10,000 ft, the construction season is very weather dependent and the maximum construction season is limited to May through November. Total Project cost estimate is: Construction Contingency (10% of Const. Est.) Planning/Permitting/Engineering Total $950,380 95,050 209,120 $1,254, 550 Financial Analvsis Table 1 shows a summary of the financial aspects of the Project for the current loan request. A CWCB Loan of $1,130,000 will have an annual debt service obligation of $59,387 ($53,988 for annual loan