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Greeley and Loveland Irrigation Company <br />September 13, 2013 (Updated September 30, 2013) <br />Page 5 of 6 <br />TABLE 3: TOTAL PROJECT COST SUMMARY <br />Task <br />Cost <br />Design Engineering <br />$240,000 <br />Horseshoe Outlet Construction <br />$1,835,000 <br />Boyd Outlet Construction <br />$675,000 <br />Construction Engineering Support <br />$345,000 <br />Construction Contingency (15 %) <br />$375,000 <br />Total <br />$3,470,000 <br />Agenda Item 30b <br />Schedule: Construction of the Horseshoe project is expected to commence in February 2014 with <br />the Boyd project commencing construction in September 2014. Project completion is estimated to <br />occur by the end of 2014. <br />Financial Analysis <br />Table 4 provides a summary of the Project's financial aspects. The term of the loan will be 30 -years <br />and the interest rate will be a blended rate of 2.15 %. (Ownership: 34% Agriculture, 53% Low <br />Municipal, 12% Mid Municipal, <1% High Municipal, <1% Commercial.) <br />TABLE 4: FINANCIAL SUMMARY <br />Total Project Cost <br />$3,470,000 <br />Borrower Match (10% of total Project cost) <br />$347,000 <br />CWCB Loan Amount 90% of total Project cost) <br />$3,123,000 <br />CWCB Loan Amount (Includin 1% Service Fee) <br />$3,154,230 <br />CWCB Annual Loan Payment <br />$143,757 <br />CWCB Loan Obligation (Includin 10% Reserve) <br />$158,133 <br />Number of Shares <br />1,648 <br />Annual Cost Per Share for Loan <br />$96 <br />Current Assessment per Share <br />$260 <br />Future Assessment per Share <br />$352 <br />Creditworthiness: The District has $2,451,963 in existing debt made up of two CWCB loans as <br />summarized in Table 5. These loans are in good standing. <br />TABLE 5: EXISTING DEBT <br />Lender <br />Original <br />Balance <br />Current <br />Balance <br />2013 <br />Payment <br />Maturity <br />Date <br />Collateral <br />CWCB <br />$299,817 <br />$204,683 <br />$18,269 <br />2029 <br />100% interest in Equalizer Reservoir <br />(Contract C153835A) <br />Pledge of Assessment Revenues <br />CWCB <br />$2,600,899 <br />$2,247,280 <br />$132,697 <br />2036 <br />100% interest in Boyd Lake <br />(Contract C150161) <br />Pledge of Assessment Revenues <br />