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will be supervised by the engineers and ultimately certified by a Colorado Registered <br /> Professional Engineer. <br /> We understand the MVI will provide construction inspection. Task 3 includes <br /> construction support such as bid review, contractor selection assistance, submittal and <br /> shop drawing approvals, change orders, certifications or other work as requested by MVI <br /> and its inspector. <br /> The estimated costs are shown on the attached spreadsheets. Based on experience with <br /> similar projects, we feel that these estimates are reasonable. Since the work must be <br /> completed in a short time frame,we will consider invoicing and reporting twice per <br /> month to provide maximum cost control. <br /> We are able to begin the work as soon as authorized. We appreciate the opportunity to <br /> provide assistance. <br /> Respectfully, <br /> Gerald W. Knudsen, P.E. <br /> General Manager <br /> Agri Tech Consulting 20156 Flint Lane H Morrison, Colorado 80465 Telephone: 303- <br /> 697-2123 Fax: 303-697-1371 Email: knudsen @wispertel.net <br /> Financial Analysis <br /> Several entities will be involved in financing the estimated total project cost of$5.82 <br /> million. MVIC is applying for a loan from the CWCB in maximum amount of$5.24 <br /> million. The actual or estimated amounts by entity are given in Table 2. <br /> Table 2. Sources of Funding <br /> Entity Grant Loan Percent <br /> Participation <br /> CWCB $ 5,240,000.00 90% <br /> (MVIC) $ 582,000.00,a io 1010 <br /> Totals $5,820,000.00 million <br /> MVIC will cover any costs that exceed the estimated project cost. <br /> MVIC is requesting a 30-year loan from the CWCB. The standard agricultural lending <br /> rate would be 2.25%,resulting in annual payments of$242,000.00. To this would be <br /> added$24,200.00 per year for the first 10 years to fund the emergency reserve account, <br /> for a total annual cost of$266,200.00. Annual assessments will not increase from the <br /> current rate of$14.50 per share. Annual maintenance fees of$125.00 per year will also <br /> not increase. Revenue for repayment will be generated from the interest earned from a 1.5 <br /> million dollar 30 year annuity investment. <br /> 8 <br />