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Huerfano County Water Conservancy District Agenda Item 30c <br />September 13, 2013 (Updated September 26, 2013) <br />Page 4 of 5 <br />Preliminary engineering estimates have been prepared and used for estimating the total project cost <br />summary as provided in Table 2. <br />TABLE 2: TOTAL PROJECT COST SUMMARY <br />Task <br />Cost <br />Earnest Money for Camp Ranch <br />$50,000 <br />Balance due for Camp Ranch and Water Rights <br />$1,750,000 <br />Construction of Red Wing Reservoir <br />$600,000 <br />Construction of Camp Ranch Recharge Facility <br />$50,000 <br />Consultant and Attorney fees for acquisitions, water court filings, <br />diligence and planning <br />$100,000* <br />SWSPs, permitting, engineering and consultant costs for due <br />diligence on Camp Ranch water right <br />$250, 000 <br />Water court proceedings to change the water rights, transactions <br />and permitting <br />$250,000 <br />Total Project Cost <br />$3,050,000 <br />*Project Costs that cannot be reimbursed by the CWCB <br />*$600, 000 <br />An appraisal of the land and water rights will be required prior to the disbursement of the CWCB <br />loan funds. <br />Schedule: The estimated Project schedule is as follows: water rights and land purchase to be <br />completed in early 2014, construction of the Camp Ranch Recharge Facility to occur in the <br />2014/2015 construction seasons, and Red Wing Reservoir construction to follow between 2015 and <br />2016. <br />The District will file the water court case to change the Camp Ranch water rights to adjudicate the <br />regional augmentation plan by December 31, 2013. The District is hopeful that it can complete the <br />adjudication as soon as reasonably practicable which would be approximately 2 -3 years. During the <br />years while the water court action is pending, the District will obtain SWSP's pursuant to C.R.S. <br />37 -92 -308 (4) using the Camp Ranch water rights as the augmentation water source so that there <br />will be no curtailment of use by the existing SWSP participants. <br />Financial Analysis <br />The District qualifies for the low- income municipal interest rate of 2.25% for a 30 -year term. Table <br />3 provides a financial summary of the loan request. <br />