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it <br />�� <br />I' <br />I' <br />(� <br />I' <br />TABLE 3 <br />TOTAL PROJECT COST SUMMARY <br />' THE SELECTED PROJECT <br />Alternative 3 has been chosen by the Supply Irrigating Ditch Company Board of Directors. This <br />, altemative was chosen based on the ability to store the full conditional decree of 541 acre-feet. <br />The cost of this alternative is nearly equal to the current value of the water but is expected to be <br />, less than the value of the water in the future. There are no major impediments, other than the <br />cost, and this alternative has a high probability of success and can be accomplished by local <br />contractors experienced in dam construction. <br />FINANCIAL PLAN <br />The SIDC plans to apply for a$ 1,000,000 loan from the Colorado Water Conservation Board <br />small projects fund. The remainder of the project will be paid by the SIDC utilizing funds <br />acquired by selling water rights owned in Beaver Park Reservoir. <br />Based on a$1,000,000 loan at an interest rate of 2.75% for a 30 year term, the required capital <br />for the project during the years 2003 and 2004 when the project is designed and construction <br />completed is as shown in Table 4. The annual payments required to the CWCB from 2005 <br />through 2034 are also shown in Table 5. The variation in payments prior to 2014 and after 2014 <br />are due to the CWCB requirement that a Certificate-of-Deposit be established that is equal to one <br />yearly payment to be funded over a ten year period. Thus the increased payment from 2005 to <br />2014 to fund the CD. The �nal payment in 2034, as indicated, can then be made from the CD. <br />Knoth Reservoir-Feasibility Study Page 9 <br />