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TABLE 8 LAKE ISABELLE REHABILITATION TOTAL PROJECT COST SUMMARY THE SELECTED PROJECT The Left Hand Ditch Company Board has chosen Construction Alternative 1 for the Allen Lake Rehabilitation which is the rehabilitation of the dam with the using riprap for the slope protection. This alternative was chosen based on the cost and because its ease of construction which can be accomplished by many different contractors in the area. The Left Hand Ditch Company Board has chosen Construction Alternative 2 for the Lake Isabelle Rehabilitation which is to abandon the existing control system and relocate of the control gate downstream near the end of the tunnel. This alternative was chosen based on the future reliability and ease of access to the gate and operator which increases the safety to the ditch rider who has to operate the gate. Repairs in the future would also be expected to be simpler due to the change in access. FINANCIAL PLAN The estimated cost of the two projects is $1,273,000. The Company plans to apply for a 90% loan in the amount of $ 1,145,700 loan from the Colorado Water Conservation Board small projects fund. The remainder of the project will be paid for with funds raised by assessments and also with cash the company has available in an existing certificate -of- deposit and money market account. Based on a $ 1,145,700 loan at an interest rate of 2.45% and a 30 year term, the annual payments will be $54,376 per year. The interest rate of 2.45% was provided by the CWCB and is a blended rate based on the percentage of the Company owned by agricultural, municipal high income, and municipal middle income users and the interest rates for the CWCB fiscal year of 2012/2013. It is anticipated the work will be conducted on Allen Lake Dam first, presumably in 2012, with the Allen Lake and Lake Isabelle — 12.012 Left Hand Ditch Company Page 21 ITEM ALTERNATIVE 1 ALTERNATIVE 2 1. Construction Cost $ 389,000 $ 465,000 2. Contingency @ 20% $ 78,000 $ 93,000 3. Engineering Fees $ 78,000 $ 93,000 4. Feasibility Study $ 5,000 $ 5,000 5. Permitting $ 35,000 $ 35,000 6. Total Project Cost $ 585,000 $ 691,000 r7. Cost Per Acre Foot $ 1,064 $ 1,257 THE SELECTED PROJECT The Left Hand Ditch Company Board has chosen Construction Alternative 1 for the Allen Lake Rehabilitation which is the rehabilitation of the dam with the using riprap for the slope protection. This alternative was chosen based on the cost and because its ease of construction which can be accomplished by many different contractors in the area. The Left Hand Ditch Company Board has chosen Construction Alternative 2 for the Lake Isabelle Rehabilitation which is to abandon the existing control system and relocate of the control gate downstream near the end of the tunnel. This alternative was chosen based on the future reliability and ease of access to the gate and operator which increases the safety to the ditch rider who has to operate the gate. Repairs in the future would also be expected to be simpler due to the change in access. FINANCIAL PLAN The estimated cost of the two projects is $1,273,000. The Company plans to apply for a 90% loan in the amount of $ 1,145,700 loan from the Colorado Water Conservation Board small projects fund. The remainder of the project will be paid for with funds raised by assessments and also with cash the company has available in an existing certificate -of- deposit and money market account. Based on a $ 1,145,700 loan at an interest rate of 2.45% and a 30 year term, the annual payments will be $54,376 per year. The interest rate of 2.45% was provided by the CWCB and is a blended rate based on the percentage of the Company owned by agricultural, municipal high income, and municipal middle income users and the interest rates for the CWCB fiscal year of 2012/2013. It is anticipated the work will be conducted on Allen Lake Dam first, presumably in 2012, with the Allen Lake and Lake Isabelle — 12.012 Left Hand Ditch Company Page 21