C150319 Feasibility Study

• Contract/PO #: C150319
• Contract/PO #: CT2015-043
• Contractor Name: Fisher Ditch Company
• Contract Type: Loan
• County: Denver
• Loan Projects - Doc Type: Feasibility Study

made in accordance with the applicable statutes of the State of Colorado. It is hereby made the duty of the Secretary to sell and dispose of any forfeited capital stock at a sale to
company shareholders or other third-parties at such time and place as and when the directors may determine, thirty days notice of such sale having been given by advertisement in a daily
or weekly newspaper published in the City of Denver, Colorado, and demand for the amount due thereon having been made either in person or by written notice duly mailed to the last known
address of the owner or holder of such stock, at least thirty days prior to such sale. Forfeited stock may be retained and not sold when in the judgment of the Board of Directors it
is in the best interests of the Company and other shareholders to retain it. Section 7.02 Private Laterals. Maintenance of private laterals in good condition is the responsibility of
the lateral owner. The Company has the right to shut off water to any lateral if the lateral is causing injury to the property of others due to the failure to maintain the lateral in
good condition. Section 7.03 Expenses and Maintenance. For the purpose of defraying the expenses of the Company, of any kind whatsoever, and of paying the costs of maintenance, management,
construction, operation, repair and such indebtedness as it may legally incur, the Board of Directors may raise the money or revenue required by assessing shares of capital stock of
the Company. Section 7.04 Assessments. All assessments shall be apportioned equally among all the shares of stock issued by the Company. The assessments shall be payable to the Company
and mailed or delivered to the attention of the Secretary at the principal office of the Company. Assessments shall be due in such installments and at such times as specified by the
Board of Directors in the notice of assessment, resolution of Board of Directors or other form of notice. Assessments shall become delinquent thirty (30) days after the designated due
date for each assessment. All delinquent assessments shall bear interest at the rate of one percent per month or fraction thereof from the due date thereof, and nothing herein contained
shall be construed to prevent the Company from maintaining an action against any shareholder, in any court having jurisdiction, to collect delinquent assessments and interest thereon.
The Company shall have a lien upon capital stock for delinquent assessments. All remedies herein provided for the collection of delinquent assessments upon capital stock of this Company
shall be cumulative and the exercise of one or more of such remedies shall not prevent the Board of Directors from invoking the other or others for the collection of such assessments.
Revised 1/26/2009 6
. . .-. . ..------.-Section 7.05 Measuring and Regulating the Water Supply. The manner of delivering, measuring and regulating the supply of water to shareholders, shall be under the
control of the Board of Directors, which may make rules and regulations regarding the distribution and delivery of water. Section 7.06 Repair of Canal. The Company may shut off the water
for purposes of general or special repairs of canals, flumes and gates or other portion of said irrigation system and for any other purpose incidental to the conduct of its business
at such times as may be required and shall restore water as soon as practicable. Section 7.07 Fiscal Year. The fiscal year of the Company shall be the year ending December 31. Section
7.08 Conflicts of Interest. The Company shall comply with Section 7-128-501 of the laws of the State of Colorado to the extent applicable. Section 7.09 Staff. The Board of Directors
shall assure that professional staff is available as needed to accomplish the purposes and activities of the Company. Staff may be hired by the Board. ARTICLE VIII. AMENDMENT AND REPEAL
Section 8.01 These Bylaws may be altered, modified or added to, or repealed in whole or in part, at any regular Board meeting, at any annual meeting of the Stockholders, and Board of
Directors, or at a Special Meeting of the Stockholders and Board of Directors called for that purpose pursuant to Article II Section 2.02 of these Bylaws, at which meeting there must
be present in person or by proper written and signed proxies at least a majority of the outstanding stock of this Company. Stock represented at any meeting against which there are any
unpaid assessments shall not be counted in determining such majority. I hereby certify that the foregoing Bylaws were duly adopted by the Shareholders of the Company as of -1t1vU.<1VA~(
,'Zk,20Qj. ATTEST: , Secretary Revised 1/26/2009 7
Appendix B List of Stockholders
Fisher Shareholder List Shareholder Total Shares Present Proxy CITY OF ARVADA ATTN: KEN PETERSON 10 8101 Ralston Road Arvada CO 80002 CITY OF THORNTON Attn: Water Resources 193.5 12450
Washington Street Thornton CO 80241 CO DIVISION OF WILDLIFE Attn: Pete Conovitz 20 317 West ProspectFort Collins CO 80526 CONSOLIDATED MUTUAL WATER COMPANY c/o John Boyle 5 12700 W.
27th Avenue Lakewood CO 80215 KIEWIT CONSTRUCTION ATTN: REAL ESTATE DEPT. 10 1000 Kiewit Plaza Omaha NE 68131 Lafarge West, Inc. ATTN: Director of Environment 39.5 10170 Church Ranch
Way Westminster CO 80021 PIPEFITTERS HOME ASSOCIATION 7 6350 North Broadway Denver CO 80216 PSCo, Fisher C/O Rich Belt 336.5 1800 Larimer Street, Suite 1300 Denver CO 80202 SEIGRIST
CONSTRUCTION COMPANY 6.5 875 W. 64th Ave. Denver CO 80221
Fisher Shareholder List Shareholder Total Shares Present Proxy UNION PACIFIC RAILROAD COMPANY ATTN: Tina Gonzales 8 5929 Pecos St. Denver CO 80221 UNITED WATER COMPANY Attn: Randy Rhodes
604 1800 Larimer Street, Suite 1300 Denver CO 80202 Jerry Brienza C/O GENE BRIENZA 5 2030 E. 68th Avenue Denver CO 80229 Perry & Elenore Crawford 7 8101 Meade StreetWestminster CO 80031
Amelia Creason 1 7021 Alcott StreetWestminster CO 80030 Anthony J Decrescentis 3 2885 West 56th Avenue Denver CO 80221 Margaret Fiore 3 790 WEST 62ND AVENUE DENVER CO 80216 Larry & Diane
Fiore 1 2908 West 110th Place Westminster CO 80003 James G. Gavito 1 11770 Lavinia LaneNorthglenn CO 80233
Fisher Shareholder List Shareholder Total Shares Present Proxy Kennth L. Gavito 1 8911 Hunter Way Westminster CO 80030 Shirley Granieri 3 495 W.64th Ave. Denver CO 80221 Rose Larusso,
Dorothy Brown & Patricia Steward 10 12472 Irving DriveBroomfield CO 80020 Thomas & Margaret Martinez 1 6041 Huron St. Denver CO 80221 Mike & Elizabeth Paulino 21 6280 North Broadway
Denver CO 80216 Darline Pedotto 10 6946 W. 83rd WayArvada CO 80003 COLORADO DEPT. OF TRANSPORTATION MAINTENANCE DEPARTMENT 5 5640 E. Atlantic Ave. Denver CO 80224 Phil J. Spano 26 2090
E. 104th Ave.Thornton CO 80233 Jorgie Walker, JoAnne Greely, & Annette Jones 5 9039 Winona Ct. Westminster CO 80031
Fisher Shareholder List Shareholder Total Shares Present Proxy Harvey C. Young 1 852 Glen Oaks Avenue Castle Rock CO 80108 1344 Total Shareholders Total Shares 28 of 1344
Appendix C Financial Reports for 2009, 2010, and YTD 2011
11:22 AM 05/24/11 Cash Basis The Fisher Ditch Company Balance Sheets As of December 31, 2009, December 31, 2010 and YTD May 24, 2011 Dec 31, 09 Dec 31, 10 May 24, 11 ASSETS Current Assets
Checking/Savings Wells Fargo Bank Chkg-FISHER 15,442.51 34,233.22 42,632.66 Wells Fargo Bank Money Market 2,500.89 2,502.14 2,502.66 Total Checking/Savings 17,943.40 36,735.36 45,135.32
Total Current Assets 17,943.40 36,735.36 45,135.32 TOTAL ASSETS 17,943.40 36,735.36 45,135.32 LIABILITIES & EQUITY Liabilities Current Liabilities Other Current Liabilities *Payroll
Liabilities CO Tax Surcharge 4.80 4.80 4.80 CO State Tax 43.00 43.00 139.00 Total *Payroll Liabilities 47.80 47.80 143.80 Total Other Current Liabilities 47.80 47.80 143.80 Total Current
Liabilities 47.80 47.80 143.80 Total Liabilities 47.80 47.80 143.80 Equity Opening Bal Equity 34,586.62 17,895.60 36,687.56 Retained Earnings -9,804.13 18,791.96 8,303.96 Net Income
-6,886.89 36,687.56 44,991.52 Total Equity 17,895.60 36,735.36 45,135.32 TOTAL LIABILITIES & EQUITY 17,943.40 36,735.36 45,135.32 Page 1 of 4
11:31 AM 05/24/11 The Fisher Ditch Company Statement of Cash Flows January through December 2009, 2010, YTD 2011 Jan -Dec 09 OPERATING ACTIVITIES Net Income -6,886.89 Net cash provided
by Operating Activities -6,886.89 FINANCING ACTIVITIES Opening Bal Equity Retained Earnings Net cash provided by Financing Activities Net cash increase for period -6,886.89 Cash at beginning
of period 24,830.29 Cash at end of period 17,943.40 Jan -Dec 10 OPERATING ACTIVITIES Net Income 18,791.96 Net cash provided by Operating Activities 18,791.96 FINANCING ACTIVITIES Opening
Bal Equity -34,586.62 Retained Earnings 34,586.62 Net cash provided by Financing Activities 0.00 Net cash increase for period 18,791.96 Cash at beginning of period 17,943.40 Cash at
end of period 36,735.36 Jan 1 -May 24, 11 OPERATING ACTIVITIES Net Income 15,994.52 Adjustments to reconcile Net Income to net cash provided by operations: Accounts Receivable -7,690.56
*Payroll Liabilities:CO State Tax 96.00 Net cash provided by Operating Activities 8,399.96 Net cash increase for period 8,399.96 Cash at beginning of period 36,735.36 Cash at end of
period 45,135.32 Page 2 of 4
11:44 AM 05/24/11 Cash Basis The Fisher Ditch Company Profit & Loss Budget vs. Actual January through December 2009, 2010 YTD 2011 Act. Jan -Dec 09 2009 Budget Act. Jan -Dec 10 2010
Budget 2011 Budget Income Federal W/H Refund 0.00 56.00 0.00 0.00 0.00 Miscellaneous 411.00 0.00 0.00 0.00 0.00 Money Market Interest 5.88 40.00 1.25 10.00 5.00 PSCo's Share of Winter
Salary 12,458.12 6,229.06 0.00 6,229.06 6,415.93 Southern Pacific License 250.00 250.00 250.00 250.00 250.00 Water Assessments 36,288.00 36,288.00 49,728.00 49,728.00 49,728.00 Total
Income 49,413.00 42,863.06 49,979.25 56,217.06 56,398.93 Expense Accounting Fees 300.00 300.00 450.00 450.00 Filing Fees 0.00 10.00 20.00 10.00 20.00 *Payroll Expenses 21,396.82 21,408.97
21,783.44 22,062.14 23,068.55 Ditch Repairs & Maint 30,568.74 15,000.00 6,439.53 15,200.00 15,000.00 Insurance 2,726.00 4,000.00 1,777.83 3,050.00 1,850.00 Misc. Administrative 1,106.33
1,050.00 768.68 995.00 900.00 Taxes 202.00 97.81 0.00 0.00 Total Expense 56,299.89 41,468.97 31,187.29 41,767.14 41,288.55 Net Income -6,886.89 1,394.09 18,791.96 14,449.92 15,110.38
Page 3 of 4
12:01 PM 05/24/11 Cash Basis The Fisher Ditch Company Profit & Loss January through December 2009, 2010, YTD 2011 Jan -Dec 09 Jan -Dec 10 Jan 1 -May 24, 11 Income Miscellaneous 411.00
0.00 Money Market Interest 5.88 1.25 0.52 PSCo's Share of Winter Salary 12,458.12 0.00 0 Southern Pacific License Fee 250.00 250.00 250.00 Water Assessments 36,288.00 49,728.00 48,266.50
Total Income 49,413.00 49,979.25 48,517.02 Expense Bank Charges 0.00 0.00 12.00 Accounting Fees 300.00 300.00 300.00 Filing fees 0.00 20.00 10.00 *Payroll Expenses 21,396.82 21,783.44
9,685.97 Ditch Repairs & Maintenance 30,568.74 6,439.53 7,178.17 Insurance 2,726.00 1,777.83 0.00 Misc. Administrative 1,106.33 768.68 666.92 Returned Item 22,360.00 Taxes 202.00 97.81
0.00 Total Expense 56,299.89 31,187.29 40,213.06 Net Income -6,886.89 18,791.96 8,303.96 Page 4 of 4
Appendix D Loan Financial Analysis
APPENDIX D Fisher Ditch Company Financial Repayment Schedule -All Projects Financing Total Cost All Projects: $500,000 Miscellaneous Information Annual Source Amount % Total Source Project
Total Loan Share Principal Interest Years Payment Fisher $454,626 90.93% CWCB Loan $505,140 90.0% $454,626 5.95% 30 $32,852 Annual Inflation Rate for Op Assess, Other Inc and Exps: 1.00%
Annual Interest Income Rate for Reserve Fund: 2.00% Number of Stock Shares Outstanding: 1,344.00 Includes 1% loan fee ANNUAL INCOME ANNUAL EXPENDITURES RESERVES AND CASH Extra-Infrastructure
1.00% Reserve Reserve Annual Oper Annual Oper Special Special Other Interest Total Annual Normal ordinary Rehabilitation Payment Fund Fund Assessment Number of Assessment Assessment
Assessment Income On Reserve Assessment Total O & M O & M Annual Pmt Match Expense Total Balance Cash Year Per Share Shares Revenue Per Share Revenue Fund Per Share Income Expense Expense
CWCB Loan (1) Expenditures (2) Balance $0 $45,135 2012 $37.00 1,344.00 $49,728 $27.00 $36,288 $0 $66 $64 $86,082 $45,000 $0 $32,852 $5,000 $3,285 $86,137 $3,285 $45,080 2013 $37.37 1,344.00
$50,225 $27.00 $36,288 $0 $131 $64 $86,645 $45,450 $0 $32,852 $3,285 $81,587 $6,570 $50,138 2014 $37.74 1,344.00 $50,728 $27.00 $36,288 $0 $197 $65 $87,213 $45,905 $0 $32,852 $3,285
$82,041 $9,855 $55,310 2015 $38.12 1,344.00 $51,235 $27.00 $36,288 $0 $263 $65 $87,786 $46,364 $0 $32,852 $3,285 $82,500 $13,141 $60,595 2016 $38.50 1,344.00 $51,747 $27.00 $36,288 $0
$329 $66 $88,364 $46,827 $0 $32,852 $3,285 $82,964 $16,426 $65,995 2017 $38.89 1,344.00 $52,265 $27.00 $36,288 $0 $394 $66 $88,947 $47,295 $0 $32,852 $3,285 $83,432 $19,711 $71,509 2018
$39.28 1,344.00 $52,787 $27.00 $36,288 $0 $460 $66 $89,535 $47,768 $0 $32,852 $3,285 $83,905 $22,996 $77,139 2019 $39.67 1,344.00 $53,315 $27.00 $36,288 $0 $526 $67 $90,129 $48,246 $0
$32,852 $3,285 $84,383 $26,281 $82,885 2020 $40.07 1,344.00 $53,848 $27.00 $36,288 $0 $591 $67 $90,728 $48,729 $0 $32,852 $3,285 $84,865 $29,566 $88,748 2021 $40.47 1,344.00 $54,387
$27.00 $36,288 $0 $657 $67 $91,332 $49,216 $0 $32,852 $3,285 $85,353 $32,852 $94,727 2022 $40.87 1,344.00 $54,931 $24.20 $32,525 $0 $657 $65 $88,112 $49,708 $0 $32,852 $0 $82,560 $32,852
$100,280 2023 $41.28 1,344.00 $55,480 $24.20 $32,525 $0 $657 $65 $88,662 $50,205 $0 $32,852 $0 $83,057 $32,852 $105,885 2024 $41.69 1,344.00 $56,035 $24.20 $32,525 $0 $657 $66 $89,217
$50,707 $0 $32,852 $0 $83,559 $32,852 $111,543 2025 $42.11 1,344.00 $56,595 $24.20 $32,525 $0 $657 $66 $89,777 $51,214 $0 $32,852 $0 $84,066 $32,852 $117,254 2026 $42.53 1,344.00 $57,161
$24.20 $32,525 $0 $657 $67 $90,343 $51,726 $0 $32,852 $0 $84,578 $32,852 $123,019 2027 $42.96 1,344.00 $57,733 $24.20 $32,525 $0 $657 $67 $90,914 $52,244 $0 $32,852 $0 $85,095 $32,852
$128,838 2028 $43.39 1,344.00 $58,310 $24.20 $32,525 $0 $657 $68 $91,492 $52,766 $0 $32,852 $0 $85,618 $32,852 $134,713 2029 $43.82 1,344.00 $58,893 $24.20 $32,525 $0 $657 $68 $92,075
$53,294 $0 $32,852 $0 $86,145 $32,852 $140,642 2030 $44.26 1,344.00 $59,482 $24.20 $32,525 $0 $657 $68 $92,664 $53,827 $0 $32,852 $0 $86,678 $32,852 $146,628 2031 $44.70 1,344.00 $60,077
$24.20 $32,525 $0 $657 $69 $93,259 $54,365 $0 $32,852 $0 $87,216 $32,852 $152,670 2032 $45.15 1,344.00 $60,678 $24.20 $32,525 $0 $657 $69 $93,859 $54,909 $0 $32,852 $0 $87,760 $32,852
$158,769 2033 $45.60 1,344.00 $61,284 $24.20 $32,525 $0 $657 $70 $94,466 $55,458 $0 $32,852 $0 $88,309 $32,852 $164,926 2034 $46.05 1,344.00 $61,897 $24.20 $32,525 $0 $657 $70 $95,079
$56,012 $0 $32,852 $0 $88,864 $32,852 $171,142 2035 $46.52 1,344.00 $62,516 $24.20 $32,525 $0 $657 $71 $95,698 $56,572 $0 $32,852 $0 $89,424 $32,852 $177,416 2036 $46.98 1,344.00 $63,141
$24.20 $32,525 $0 $657 $71 $96,323 $57,138 $0 $32,852 $0 $89,990 $32,852 $183,749 2037 $47.45 1,344.00 $63,773 $24.20 $32,525 $0 $657 $72 $96,955 $57,709 $0 $32,852 $0 $90,561 $32,852
$190,143 2038 $47.92 1,344.00 $64,411 $24.20 $32,525 $0 $657 $72 $97,592 $58,287 $0 $32,852 $0 $91,138 $32,852 $196,597 2039 $48.40 1,344.00 $65,055 $24.20 $32,525 $0 $657 $73 $98,236
$58,869 $0 $32,852 $0 $91,721 $32,852 $203,113 2040 $48.89 1,344.00 $65,705 $24.20 $32,525 $0 $657 $73 $98,887 $59,458 $0 $32,852 $0 $92,310 $32,852 $209,690 2041 $49.38 1,344.00 $66,362
$24.20 $32,525 $0 $657 $74 $99,544 $60,053 $0 $32,852 $0 $92,904 $32,852 $216,330 2042 $49.87 1,344.00 $67,026 $24.20 $32,525 $0 $0 $74 $99,551 $60,653 $0 $32,852 ($32,852) $60,653 $0
$255,227 Total $1,796,809 $1,045,900.80 $0 $16,754 $2,859,464 $2,859,464 $1,625,973 $0 $1,018,399 $5,000 $0 $2,649,372 Notes: (1) Includes 10% of annual loan payment for 10 years to
build reserve fund. (2) Total accumulated is one annual loan payment. 6/2/2011
COLORADO WATER CONSERVATION BOARD WATER PROJECT LOAN APPLICATION Instrnctions: This application shoald be typed or printed neatly with black ink. Attach additionaI sheets as necessat3,
to fally answer any qnestion or to provide additional information that would be helpful in the evaluation of this application. When finished, please sign and return this application
to: Trm COLORADO WATER CONSERVATION BOARD Finance Section 1580 Logan St., Suite 600 Denve5 CO 80203 Attn: Kirk Rnssell, P.E. or Anna Mauss, P.E. Phone [phone] x3232 Fax (303)
894-2578 Email [e-mail] or [e-mail] Part A. -Description of the Applicant (Generally, the applicant is also tire prospective owner and sponsor &the proposed
project) 1. Name &applicant Mailiug Address Bnsiness Phone Federal 1D Number 2. Person to contact regarding this application: Name Position/Title Address Business Phone Cell (~’70 Email
~--iclqt~mc,, c~, ¢,e’bx (~ XcFt-c~e’a()tt . 3. Type of organization (Ditch Co., h’rigation District, Municipality, etc.): Date of Annuai Meeting ,J ~ ~, [ (2t~ 6.. Is the organization
incorporated in the State of Colorado? YES include a cop3’ of the m~icles of incorporation, and the bylaws) NO (IfYES, please
CWCB Water Project Loan Aplflication 4. Please provide a brief description of the owner’s existing \vater sapply facilities and describe any existing operational or maintenance problems.
Attach a map of the service area For existing facilities indicate: Number of shareholders Current Assessment per share $. Number of acres irrigated ~ ~-~Oac or Number ofcastonlers served
Number of shares [ Z~ ~zb Water Right: _~5;.%,( CFS. Average water diverted per year: ~ ~’"~ acre-feet. Part B. -Description of the Project 1. Name ofthe Project ’~’l~t&a_ ~’~ 2. Parpose
of this loan application. Check one. Ne~v project Rehabilitation or replacement of existing facility Enlargement of existing facility Emergency Repair Other (describe) 3. If the project
is for rehabilitation of an existing reservoir, is the reservoir currently under a storage restriction order fi’om the State Eugineer? YES __ NO ~ 4. General location of the project.
(Please include county, and approximate distance and direction fi’om nearest town, as well as legal description, if known. 5. Please provide a brief uarrative description of the proposed
project including purpose, need, facilities, type of water uses to be served and service area. Attach separate sheet, if needed. 6. Will the acquisition of additional water rights be
necessary? YES __ If YES, please explain,
CWCB Water Project Loan Application Please list tbe names, addresses and phone numbers of the Applicants’ engineer(s) and attorney(s). NAME ADDRESS and PHONE 8. List any feasibility
studies or other investigations that have been completed or are now in progress for the proposed project. If so, submit one copy of the study with this application 9. Estitnated cost
of the project. Please include estimated engineering costs, and estimated construction costs, if known. Estimated Engineering Costs:$ $ Estimated Construction Costs: $ Estimated Other
Costs: $ Estimated Total Costs: $ (land, water rights parch~e,ete.) 10. Loan amount and terms you are reqnesting. Requested Loan Amount: $ Term (length) of loan: Interest Rate: ~ O years
(Usually 90 % of est. Total Costs) (Usually 10, 20, or 30 ),ears) (Please call for our cunent rates) Part C. -Project Sponsor Financial Infot mafion Because the CWCB’s Fund is a revolving
fund, it is impol~tant that the project sponsor have the financial capacity to repay any loans made by the CWCB. The following iaformation is needed to assist the CWCB in a preliminat;¢
assessment of the applicant’s financial capacity. The project sponsor will submit the three most recent annual financial statements. 1. List any existing long-term liability (multi-year)
or indebtedness that exceeds one thousand dollars. For example, bank loans, government agency loans, bond issues, accotmts payable, etc. lnclnde names and addresses of lenders, amonnts,
due dates and maturity dates. 3
CWCB Water Project Loan Application Lender Name & Address Remaining Annaal Maturity Amount Payment Date 2. Are any Of the above liabilities nmv in defanlt, or been in default at any
time in the past? YES__ NO ~ . If YES, please give detailed explanation. Please provide a brief narrative description of sources of funding, in addition to the CWCB, which have been
explored for this project (Examples would be Banks, USDA Rnral Development, NRCS, Colorado Water Resources and Prover Development Authority, Colorado Division of Local Govermnent, ete.).
.~./oz.../U" 4. What collateral will you be offering for this loan? Possibilities include a pledge of revenues, the project itself, real estate, water rights. ~,V~4-~ ~ A~5~ ~’St’.4
~,-,’J~ K-~-V~,~u! "~ The above statements are tru~,best~fmy kno~vledge: Printed Name ~c~+~b ~, ~< 4