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Emergency Loan Application and Feasibility Study Oligarchy Irrigation Company Selected Alternative 3 — Rebuild the Oligarchy Diversion: The project will reconstruct the damaged facilities in the same location, size and for the same function as the pre -flood structure, with improvements to provide a long lasting installation. The rebuilt structure will provide a better hydraulic cutoff and energy dissipation which should provide additional protection of the under_ ture flood flow conditions. Whereas tbe_, original structure hacl one sand gate _._� - - -- -- - .into wh -ioh the Rukicorr flumegate. was -- installed; -for better -- operation -and adrrr- inistratiozr- the - -- rebuilt diversion will separate the sand gate and the flumegate into separate passages through the diversion darn. The new bypass gate will provide for better control of diversions and therefore better administration of the river. Cost Estimate Deere and Ault Consultants, Inc. provided the following Estimate of Probable Cost as a budget for the project. More refined estimates may be prepared as the project progresses. A more detailed breakdown of estimated costs is attached. Task Cost Design and Construction Engineering, Geotechnical, Surveying and Testing $1 28,000 Permitting $32,000 Construction $800,000 Subtotal $960,000 Contingency $288,000 Total $1,248,000 Oligarchy Irrigation Company is applying for a loan not to exceed $1,248,000. The Company is also requesting grants under the CWCB Flood Recovery Grant Program. Any grants awarded under that program would reduce the requested funds from this Emergency Loan. Financial Analysis The Oligarchy Irrigation Company has no current debt. The Oligarchy Irrigation Company has three primary sources of income including: Annual assessments from its shareholders, funds from 50% Operation Cost Reimbursements per the Carriage Agreements with Union Reservoir and the City of Longmont, and revenues from a recreation lease on Oligarchy Reservoir No. 1 (Burch Lake). However, revenues from the latter are projected to be used for future repairs at Burch Lake. Occasionally, the Company receives funds from crossing fees.