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Rough and Ready Irrigating Ditch Company <br />October 18, 2013 (October 21, 2013) <br />Page 4 of 5 <br />Agenda Item 8c <br />The Company is currently in the permitting process with the U.S. Army Corps of Engineers and <br />will begin to obtain a Boulder County grading permit if required. The estimated engineering and <br />construction cost of this Alternative is $1,825,000 and is further broken down as follows: <br />TABLE 3: PROJECT COST SUMMARY <br />Task <br />Cost <br />Design and Construction Engineering, <br />Geotechnical, Surveying and Testing <br />$187,000 <br />Permitting <br />$47,000 <br />Construction <br />$1,170,000 <br />Subtotal <br />$1,404,000 <br />Contingency (30 %) <br />$421,000 <br />Total <br />$1,825,000 <br />Collaboration: The borrower is encouraged to consider rebuilding a river diversion that enhances <br />the nonconsumptive uses of water within the river corridor. Examples include improved fish <br />passage and improved rafting/boating navigation. If needed, loan funds may be used for the <br />construction of temporary diversion until such time that a multi - beneficial structure can be designed <br />and constructed. <br />Schedule: Construction of the Project is expected to commence December 2013 with Project <br />completion to occur by March 2014. <br />Financial Analysis <br />Table 4 provides a summary of the Project's financial aspects. The first three years of the loan will <br />be assessed a zero % interest rate. The remaining term of the loan will be assessed a blended <br />interest rate of 2.70% with the principal amortized over 27 years (Ownership: 15% Agriculture, <br />69% Mid Municipal, 13% High Municipal, 3% Commercial). Staff is recommending an exemption <br />to Financial Policy 411 to allow for 100% funding of eligible Project costs. <br />TABLE 4: FINANCIAL SUMMARY <br />Total Project Cost <br />$1,825,000 <br />CWCB Loan Amount (100% of total Project cost) <br />$1,825,000 <br />CWCB Loan Amount (Including 1% Service Fee) <br />$1,843,250 <br />CWCB Annual Loan Payment <br />$97,028 <br />CWCB Loan Obligation (Includin 10% Reserve) <br />$106,731 <br />Number of Shares <br />95.3538 <br />Annual Cost Per Share for Loan* <br />$1,119 <br />Current Assessment per Share <br />$160 <br />Future Assessment per Share* <br />1 $1303 <br />* Does not account for possible Palmerton Consolidated Ditch Company cost sharing. <br />