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C150336 Feasibility
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C150336 Feasibility
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Last modified
1/30/2015 9:24:48 AM
Creation date
7/25/2012 7:53:36 AM
Metadata
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Template:
Loan Projects
Contract/PO #
CT2015-088
C150336
Contractor Name
Left Hand Ditch Company
Contract Type
Loan
Water District
5
County
Boulder
Loan Projects - Doc Type
Feasibility Study
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FINANCIAL CONDITION <br />The condition of the Company is sound as the Company has acceptable ratios of debt to equity and <br />has sufficient cash reserves to cover more than one year's operating expenses. The Company has <br />Current Assets of $571,080 and Property and Equipment of $1,849,852 which includes irrigation <br />facilities and equipment. They currently have long term debt of $415,059 with one loan from the <br />Colorado Water Conservation Board. <br />A summary of the outstanding loans are as follows. <br />Lender Loan Remaining Yearly Maturity <br />Amount Amount Payment Date <br />1. Colorado Water <br />Conservation Board $ 560,000 $ 416,059 $ 33,875 7/31/2029 <br />At the end of 2011 the Company had cash deposits and investments of $571,080. The Company <br />had net assets of $1,664,911 with total liabilities (debt) of $446,785. Following is a summary of <br />their financial position as taken from the Company's Annual Financial Report issued by CNE <br />CPA's and Advisors, PC. This is an audited report that is included in Appendix C along with the <br />detailed financial statement. <br />2011 2010 <br />Net Assets <br />$ <br />1,664,911 <br />$ <br />1,617,217 <br />Current Assets <br />$ <br />571,080 <br />$ <br />522,158 <br />Total Liabilities <br />$ <br />446,785 <br />$ <br />455,602 <br />Total Revenue <br />$ <br />318,079 <br />$ <br />290,171 <br />Total Expenses <br />$ <br />271,627 <br />$ <br />267,889 <br />NEED FOR THE PROJECT <br />The two reservoirs owned by the Company have been inspected by Smith Geotechnical and are in <br />need of repair. Following is a summary of the deficient items that need repair. <br />Allen Lake <br />Allen Lake Reservoir is an off channel reservoir owned and operated by the Left Hand Ditch <br />Company for the purpose of storing irrigation water. Allen Lake Reservoir has a storage capacity <br />of 704 acre -feet with a surface area of 35 acres. The lake is filled from the Lake Ditch. <br />The Allen Lake Dam has a maximum vertical height of 24.4 feet, a crest length of 1525 feet, and a <br />crest width of approximately 8 feet. The upstream of the dam is approximately 2H: IV and <br />steeper in some locations due to erosion. The upstream face of the dam has hand placed riprap <br />that is displaced in places due to erosion behind the riprap. The erosion on the face of the dam is <br />Allen Lake and Lake Isabelle — 12.012 <br />Left Hand Ditch Company Page 8 <br />
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