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North Poudre Irrigation Company <br />October 18, 2013 (Updated October 21, 2013) <br />Page 4 of 5 <br />TABLE 2: PROJECT COST SUMMARY <br />Task <br />Cost <br />Geotechnical Survey <br />$7,000 <br />Permitting <br />$2,000 <br />Design Engineering and Admin <br />$80,000 <br />Construction Surveying <br />$8,000 <br />Construction <br />$380,000 <br />Total <br />$477,000 <br />Note: Contingencies were built into each task's estimates <br />Agenda Item 8i <br />Collaboration: The borrower is encouraged to consider rebuilding a river diversion system which <br />improves the consumptive and nonconsumptive uses of the river corridor. Examples include <br />improved fish passage, improved rafting/boating navigation, and possible shared ownership /use of a <br />single diversion structure where possible. If needed, loan funds may be used for the construction of <br />temporary diversion until such time that a multi - beneficial structure can be designed and <br />constructed. <br />Schedule: Project design is expected to be complete in December 2013 and construction is <br />expected to be complete by March 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 2.35% with the principal amortized over 27 years (Ownership: 37% Agriculture, 1% Low <br />Municipal, 57% Mid Municipal, 4% High Municipal, <1% Commercial). Staff is recommending an <br />exemption to Financial Policy #11 to allow for 100% funding of eligible Project costs. <br />TABLE 3: FINANCIAL SUMMARY <br />Total Project Cost <br />$477,000 <br />CWCB Loan Amount (100% of total Project cost) <br />$477,000 <br />CWCB Loan Amount (Including 1% Service Fee) <br />$481,770 <br />CWCB Annual Loan Payment <br />$24,301 <br />CWCB Loan Obligation (Including 10% Reserve) <br />$26,731 <br />Number of Shares <br />10,000 <br />Annual Cost Per Share for Loan <br />$3 <br />Current Assessment per Share <br />$120 <br />Future Assessment per Share <br />$123 <br />Creditworthiness: The Company has $4,279,624 in existing debt made up of eight CWCB loans as <br />summarized in Table 4. These loans are in good standing. <br />