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September 2007 with construction starting as soon as the canal is shut down in the fall <br /> of 2007. The repair and partial replacement of the GIC river diversion is anticipated to be <br /> a part of this construction and a period from more or less October 31, 2007 to March 31, <br /> 2008 is considered to be suitable for the river diversion work. Other elements of this <br /> construction package would be accomplished concurrently with the river diversion work, <br /> potentially by other qualified contractors. <br /> Permitting <br /> All easements and rights-of-way are already in effect and no new easements are <br /> anticipated except for the need to negotiate the canal realignment work with adjacent <br /> landowners. Landowner negotiations would occur during the summer of 2007. <br /> The Company expects to be exempt from 404 permitting by Statutory exemption, 33 <br /> CFR Section 323.4(a) 3. This assumption will be confirmed with the Army Corps of <br /> Engineers. <br /> Institutional Considerations <br /> Entities that are, or may be, involved in the design, construction, and financing of the <br /> project include: <br /> Greeley Irrigation Company (design review, financing, and project management) <br /> Colorado Water Conservation Board (financing and construction) <br /> City of Greeley, Water Department (design review and financing) <br /> Financial Analysis & Credit Worthiness <br /> Total estimated project cost is $2,457,500. Greeley Irrigation Company expects to <br /> borrow 90% of this amount from the Colorado Water Conservation Board and to pay for <br /> 10% of this amount outright from existing Company resources. <br /> The GIC is requesting a 30-year loan from the CWCB. The normal agricultural lending <br /> rate would be 2.5%, while the low-income municipality rate is 3.25%. The blended <br /> interest rate for this project is 2.65% (23.74% municipal and 76.26% agricultural). <br /> Table 4 shows a summary of the financial aspects of the project. Annual assessments <br /> will increase gradually from $250 per share, up to $480 per share but the assessment <br /> increases will be tied to the improvements anticipated in any given year so the <br /> assessments will increase in a stair-step fashion up to the higher amount. <br /> 0 T ^� La,h A.X %.,.;cis i�+n l+�Lai tart k-- `e <br /> S' <br /> Aqua Engineering, Inc. Greeley Irrigation Company, Feasibility Study <br /> December 2006 - 7 - <br />