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C150369 Approval Letter
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C150369 Approval Letter
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Last modified
2/19/2015 9:57:11 AM
Creation date
10/22/2013 10:56:05 AM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
CT2015-023
C150369
Contractor Name
Highland Ditch Company
Contract Type
Loan
Water District
5
County
Boulder
Loan Projects - Doc Type
Approval Letter
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Highland Ditch Company Agenda Item 8a <br />October 18, 2013 (Updated October 21, 2013) <br />Page 3 of 4 <br />Alternative 1 — Do Nothing: This alternative is considered unacceptable. Without the structures, the <br />Company is unable to divert its water rights thereby leading to abandonment of the rights. <br />Alternative 2 — Rebuilding Collaboratively with Improvements: This alternative is still being <br />evaluated. <br />Selected Alternative 3 — Repair Ditch System to Pre -Flood Conditions: The Company, with <br />technical assistance from its engineer, has identified three main projects: repair the main diversion, <br />repair the automatic headgate and SCADA system, and repair Foothills Reservoir inlet and outlet. <br />Due to the agricultural exemption, this alternative is believed to be exempt from the Clean Water <br />Act and therefore a U.S. Army Corps of Engineers permit will not be required. <br />The estimated engineering and construction cost of the selected alternative is $1,980,000. <br />TABLE 2: PROJECT COST SUMMARY <br />Task <br />Cost <br />Design & Permitting <br />$125,000 <br />Construction <br />$1,800,000 <br />Silt & Debris Removal <br />$55,000 <br />Total <br />$1,980,000 <br />Note: Contingencies were built into each task's estimates <br />Collaboration: The borrower is encouraged to consider rebuilding a river diversion system that <br />enhances consumptive and nonconsumptive uses of water within the river corridor. Examples <br />include improved fish passage, improved raftingiboating navigation, and possible shared <br />ownership /use of a single diversion structure where possible. If needed, loan funds may be used for <br />the construction of temporary diversion until such time that a multi- beneficial structure can be <br />designed and constructed. <br />Schedule: The Company needs to start diverting water in January of 2014, so it intends to complete <br />construction between October and December of 2013. <br />Financial Analysis <br />Table 3 provides a summary of the Project's financial aspects. The first three years of the loan will <br />be assessed a 0% interest rate. The remaining term of the loan will be assessed a blended interest <br />rate of 1.95% with the principal amortized over 27 -years (Ownership: 86% Agriculture, 6% <br />Middle- Income Municipal, 6.5% High- Income Municipal, and 1.5% Commercial). Staff is <br />recommending an exemption to Financial Policy #11 to allow for 100% funding of eligible Project <br />costs. <br />
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