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$1,771,280 - 1254 A -Ft = $1,413 <br />The current value of the water is expected to be in the range of $8,000 to $10,000 per acre foot. <br />This is based on the price of water sold in Northern Colorado over the past few years. Over the 30 <br />year life of the loan the value would be expected to be much higher than the current value of the <br />water. For the benefit to cost analysis we have used the lower end of the current value. <br />Benefit /Cost = [$8,000 x 1254 A -Ft] - $1,771,280 = 5.7 <br />At the current value of water the project has a positive benefit to cost ratio. This ratio would be <br />much greater if the average future value over the life of the loan were utilized. <br />COLLATERAL <br />The Left Hand Ditch Company can offer the following collateral for the CWCB loan. <br />1. The revenue from assessments as allowed by the Company's Rules and Regulations. <br />2. Assignment of the land and physical assets at the reservoir sites to the CWCB. <br />IMPLEMENTATION SCHEDULE <br />The following schedule is proposed for implementation of the project. <br />Task <br />Target Completion Date <br />1. <br />Feasibility Study Completed <br />3/16/12 <br />2. <br />Submit to CWCB <br />4/1/12 <br />3. <br />CWCB Board Action <br />5/15/12 <br />4. <br />Allen Lake <br />Finish Allen Lake Design <br />2/21/12 <br />Submit To SEO <br />2/21/12 <br />Review By SEO Completed <br />6/1/12 <br />Project Bid <br />7/1/12 <br />Award Bid <br />8/1/12 <br />Start Construction <br />9/1/12 <br />Complete Construction <br />12/1/12 <br />5. <br />Lake Isabelle <br />Finish Lake Isabelle Design <br />2/1/13 <br />Project Bid <br />3/15/13 <br />Award Bid <br />4/15/13 <br />Start Construction <br />7/6/13 <br />Complete Construction <br />9/30/13 <br />Allen Lake and Lake Isabelle — 12.012 <br />Left Hand Ditch Company Page 26 <br />