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C150392 Approval Letter
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C150392 Approval Letter
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Last modified
5/28/2014 2:07:20 PM
Creation date
5/28/2014 1:12:42 PM
Metadata
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Template:
Loan Projects
Contract/PO #
C150392
Contractor Name
Sylvan Dale Ranch, LLLP
Contract Type
Loan
Loan Projects - Doc Type
Approval Letter
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Sylvan Dale Ranch,LLLP Agenda Item 35a <br /> May 9,2014(Updated May 23,2014) <br /> Page 3 of 4 <br /> Alternative 1 —No Action: This alternative is considered unacceptable as without the ponds,there <br /> is no means to irrigate the hay pastures. <br /> Selected Alternative 2—Excavating Silt from the Ponds: The total acreage of the two ponds is 2.64 <br /> acres. There is an estimated 17,900 cubic yards of silt in the ponds. The silt will be disposed of onsite <br /> into another pond that is not used for irrigation and was not damaged by the flood. <br /> The Project cost estimate of$84,130 was established by contractor bids and a U.S. Department of <br /> Agriculture - Farm Service Agency(FSA) estimate. Upon the start of construction it was <br /> discovered that additional excavation was necessary to get to a foundation that could hold the <br /> construction equipment. This unexpected site condition added $20,000 to the cost, so the <br /> updated Project cost estimate is $104,130. <br /> Schedule: Construction began in April 2014 and is expected to be complete by the end of May <br /> 2014. <br /> Financial Analysis <br /> Table 1 provides a summary of the Project's financial aspects. The first three years of the loan will <br /> be assessed a 0% interest rate. The remaining term of the loan will be assessed at the agricultural <br /> interest rate of 1.75% amortized over 27 years. Staff is recommending an exemption to Financial <br /> Policy#11 to allow for 100% funding of eligible Project costs. <br /> The Ranch is in the process of executing a cost-share agreement with the FSA and will be <br /> reimbursed for 75% of the material removal cost upon Project completion. These funds will be <br /> applied to the CWCB loan within thirty calendar days of receipt per a loan contract requirement. <br /> TABLE 1: FINANCIAL SUMMARY <br /> Total Project Cost $104,130 <br /> CWCB Loan Amount $104,130 <br /> CWCB Loan Amount(Including 1% Service Fee) $105,171 <br /> CWCB Annual Loan Payment $4,921 <br /> CWCB Loan Obligation(Including 10%Reserve) $5,413 <br /> Creditworthiness: The Ranch has two existing loans: <br /> TABLE 2: EXISTING DEBT <br /> Lender Current Balance Annual Maturity Date Collateral <br /> Payment <br /> American Ag $306,738 $33,116 3/1/2027 Land&C-BT units <br /> Credit <br /> American Ag $257,891 $25,971 7/1/2028 Land&C-BT units <br /> Credit <br /> TOTAL $564,629 $59,087 <br /> As a result of the flood, both loans were refinanced by American Ag Credit to allow an 18-month <br /> moratorium on loan payments. Payments will resume in 2015. <br />
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