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2. Rights -of -way easements and fee ownership of affected property are adequate for <br />the construction of the project entirely on land owned by the Company. <br />3. The project will ensure the maximum amount of water can be available to all <br />shareholders in all years and will recover about 1,400 acre -feet of storage that has <br />been inaccessible in recent years. <br />4. The total estimated cost of the project is $1.5 million. A grant request for part of the <br />engineering costs has been requested. The remaining cost of the project will be <br />financed through a local bank ($500,000) and by the requested loan from the CWCB <br />($1,000,000). <br />5. The project is necessary to minimize long -term maintenance dredging costs that are <br />necessary to access water stored at lower elevations in the reservoir basin and to <br />recover storage that has been lost to the dead pool because of sediment <br />accumulations. Without the project such maintenance costs are expected to <br />increase, as would the size of the inaccessible dead pool. <br />6. The project is technically and financially feasible. <br />Lake Meredith Res. Co. 3/7/03 <br />Feasibility of Outlet Channel Page 11 <br />