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Implementation Schedule <br />Mr. Bret Guillory, Project Engineer, working for the City of Grand Junction designed and <br />submitted the outlet work for Grand Mesa. #1 and #9 to the Sta.te Engineer. Letters dated June <br />18, 2003 and signed by Jack Byers, Deputy State Engineer, accepts the designs for construction. <br />See letters attached as Appendix F. Sealed bids for the projects are to be submitted by August 5, <br />2003, with an anticipated start date of Sept. 2, 2003 and completion date of the projects of <br />September 27, 2003. <br />Permitting <br />The project engineer has mailed the information for the permits to the National Forest Service <br />and has discussed the projects with them verbally. No problem is anticipated in receiving the <br />necessary pernuts. <br />Financial Analysis <br />T'he Grand Mesa Reservoir Company is applying for a loan from the Colorado Water <br />Conservation Board (CWCB) far 90% of the cost of the two projects, The Grand Mesa <br />Reservoir Company will cover any costs exceeding the 90% amount or any amount greater than <br />the actual laan amount. <br />Estimated Costs— <br />Grand Mesa #1 and #9— $ 70,092.50 <br />Engineering— 19,263.00 <br />15% contingencv— 10.500.00 <br />Total Cost — $ 99,855.50 <br />Grand Mesa Reservoir Company (GMRC) is applying to the CWCB for a loan in the amount of <br />$90,000 with GMRC providing $10,000 from existinp�funds. Payments on the $90,000 loan <br />over 20 years at 2.25% would be approximatel5($5,525,?per year. In 2003 GMRC had an �� to.� � <br />assessment of $5 per share to raise the capital needed far the $10,000. Normal yearly <br />assessments are $1 per share. With yearly payments o$5,52 this would raise the annual <br />assessment per share to approximately $6 per year per s are. At the annual stockholders meeting <br />held March 18, 2003, a vote was taken and passed unanunously to apply for funding for the <br />Grand Mesa #1 and #9 outlet projects and proceed with completion of the projects the fall of <br />2003. <br />Funding of the project, until funds are received from CWCB, will be with a bridge loan provided <br />by the City of Cjrand Junction or Private Funding from a Stockholder. <br />Collateral <br />A percent interest in the water rights of either Grand Mesa. #1 or Grand Mesa #9 would be <br />Page 3 of 5 <br />