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<br /> - 9 - <br />Implementation Schedule <br /> <br />The final design is expected to be completed by May 2014. The reservoir will be <br />drained after the 2014 irrigation season and allowed to dry. Construction will <br />begin in December of 2014 and be completed by May 2015. <br /> <br />Easements <br /> <br />NPIC is in the process of negotiating easements for flood and spillway rights of <br />way and an access easement to Larimer County Road 64. <br /> <br />Permitting <br /> <br />It is expected that NPIC will need to become a participating member of the South <br />Platte Water Related Activities Program (SPWRAP) as a condition of obtaining a <br />404 permit from the Army Corp of Engineers. <br /> <br />Institutional Considerations <br /> <br />Entities that are, or may be, involved in the design, construction, and financing of <br />the project include: <br /> <br /> North Poudre Irrigation Company; financing and project management. <br />Ronald H. Slosson, P.E; design and construction. <br />Colorado Water Conservation Board; financing and construction. <br />Colorado Division of Parks and Wildlife; possible funding and lease. <br /> <br />NPIC will be the lead for the financing, design, and construction of the project <br />and will be the entity entering into contracts and agreements with the various <br />entities for the services provide by each. <br /> <br />Financial Analysis <br /> <br />NPIC is requesting a 30-year loan from the CWCB in the amount of $1,620,000 <br />to cover 90% of the estimated $1,800,00 total cost of the project. The remaining <br />10% of the project cost can be absorbed in NPIC’s operating budget. <br /> <br />There are 10,000 outstanding shares of NPIC stock. A blended interest rate of <br />2.35% was determined according to the classification of ownership shown in <br />Table 2. <br />