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L,ake Ctinal Resetvoir Con�panti Agenda Icem 20a <br />Sepiember 2, 241 [(Llpdated September 20, 7AI1) <br />Page 3 of 5 <br />In 2002, the Company filed for alternate storage locations far the water decreed for storage in Gray <br />No. 3. The applicatian was approved in 2004. <br />Projeet Description <br />'T'he foilowing alternatives were considered to address the spillway concerns: <br />S'elected Al�ernatrve No. 1— Nex� Spillway Between North and Soutlt Gray Reservoirs: This <br />a.lternative consisted of the removal of the existing spitlway and the constructian of a i��w spillway <br />at a new locatian on the emhankment dam between the Norlh and South Gray reservoirs. 'I`lie new <br />spillway would be a concrete cutoff wall and riprap lined channel. The spillway would be adequate <br />to pass the inflow design flaod far the North Gray reservoir without overtoppin� North Gray darn <br />into the South Gray reservoir. Additionally the existing spillway wouid be remaved and the area <br />wouid be backfilted. The estimate for this alternative was �128,3�0. <br />Alternative No. 2— New Spili►vay at Current Loeation: T'his alternative eonsisted af removing the <br />existin�; spillway and constructing a new spiilway in the same Iocation. The existing spillway wiIl <br />nat �neet the current SE� regulations for da.m safety, so a larger, chute style spillway would need to <br />go in its place. 'I'he estimate for this alternative was $250,000. <br />ACternative No. 3— No Actian: The no action alternative would likely result in further restrictions <br />by the SEO and could resutt in carn:plete dam failure; therefore, this alternative was dismissed by <br />the Compan3r. <br />Alternative No. 1 was selected as the most cost effective aiternaxive to meet the Ccampany's goals. <br />TABLE 2: TOTAL PRO.iECT COST SLTMMARY <br />.. . .... . �as�... . .. . 3 �ciit . . ... ... .. <br />_En�ineerin�.._.._......_.._.___........._...�.._._..--------------------------------- -- � $27,000 .. . <br />- . . .............__� __._.._._...__.....�._...._.__._._._._ <br />Construction �...... ......_....--....._$84,3Q0 ------- <br />_......._...._.__._._..__...--------- --------------------- -- <br />Contin enc - ( I 5%) � $17,000 <br />t <br />To�,� �a zs,3oo <br />F�nal engineering, including SEO approval, is expected to be completed by 3uly 20i2. Construction <br />is scheduled far September 241 � th.rouah November 2012. <br />F`irtanciat Analysi� <br />I'abie 3 sho�s a summary of the tinancial aspects of the I.oan request. `I'he blended interest rate for <br />tl�� Ca�n�any is �asec� on a breab:dcw-n of ownershi.p flf 86°lo agricultural, �% middle-incc�me <br />mu�c�pal, ar�d 6�ia �amr�ereial in�rests. 'I"%e biended rate ��as �.eternlineci to �� 3. 3(�%. Eecause <br />tliis prr�j�4i is a res�ritited r�ser�cgir prv�: ct anct t�e C',Qmpa.r�y is prectc�rnii�.ately agricuituxally ow�t�d, <br />a i.�°/n interes� rat� re��acti�n ap�Iies (Per IAirtancial Pc�l'sc�� #'�}. 'I��r�fc�rc, �h� �c��npany's in�erest <br />rat� �i�co�nes �, �.�°10 far a 3�-y��r t�rc�. <br />