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C150345 Feasibility Study
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C150345 Feasibility Study
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Last modified
12/2/2014 11:29:04 AM
Creation date
2/14/2013 1:25:36 PM
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Template:
Loan Projects
Contract/PO #
CT2015-082
C150345
Contractor Name
Twenty Two Road Lateral, Inc.
Contract Type
Loan
Water District
72
County
Mesa
Loan Projects - Doc Type
Feasibility Study
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Institutional Considerations <br />Entities that are or may be involved in the design, construction and financing of the <br />project include: <br />Twenty Two Road Lateral Company; financing and project management <br />National Resources Conservation Service (NRCS); financing design and construction <br />Colorado Water Conservations Board (CWCB); financing and construction <br />Grand Valley Irrigation Company; Head Gate connections to lateral <br />Mesa County Road and Bridge <br />City of Grand Junction — Public Works Department <br />Financial Analysis <br />The Twenty Two Road Lateral Company will be the lead for the financing, design and <br />construction of the project and will be the entity entering into contracts and agreements with the <br />various entities for the services provided by each. <br />Several entities will be involved in financing the estimated total project cost of $475,100. <br />The Twenty Two Road Lateral Company is applying for a construction loan of $500,000 that <br />would be paid mostly from a NRCS grant of $338,664 and the remainder as 30 year loan from <br />the CWCB in the estimated amount of $141,211. The estimate amounts by entity are given in <br />Table 2. <br />Table 2 Sources of Funding <br />Entity <br />Grant <br />Loan <br />to Participation <br />CWCB <br />$141,211 <br />29% <br />Lateral Co. <br />0 <br />0 <br />0 <br />NRCS <br />$338,640 <br />71% <br />Totals <br />$338,640 <br />$141,211 <br />$479851 <br />The Twenty Two Road Lateral Company would not be able to cover costs that exceed the <br />estimated project costs by more than a few thousand dollars. The loan amount would have to be <br />increased and contingency funds provided by CWCB. <br />The Twenty Two Road Lateral Company is requesting a 30 year loan from the CWCB. <br />The lending rate would be 3.65% (blended type use) resulting in annual payments of $7,823. To <br />this would be added $783 per year for the first 10 years to fund an emergency reserve account for <br />a total annual cost of $8,606. Table 3 is a summary of the financial aspects of the project. <br />Annual assessments will change depending in part upon user /shareholders individual decisions <br />about the shares of Grand Valley Irrigation Company that they own. Shareholders that <br />exchange their GVIC shares for Twenty Two Road Lateral Company shares would receive the <br />benefit of cost savings. <br />11 <br />
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