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C150399 Approval Letter
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C150399 Approval Letter
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Last modified
2/11/2015 7:59:11 AM
Creation date
5/28/2014 1:13:18 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
CT2015-092
C150399
Contractor Name
Fulton Irrigating Ditch Company
Contract Type
Loan
County
Adams
Loan Projects - Doc Type
Approval Letter
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Fulton Irrigating Ditch Company Agenda Item 34c <br /> May 9,2014(Updated May 23,2014) <br /> Page 3 of 4 <br /> Company records indicate that the total average annual diversions are 29,684 acre-feet,based on <br /> record years 2008 through 2012. <br /> Project Description <br /> The purpose of the Project is to prevent the occurrence of failures in the diversion structure system. <br /> Three alternatives were considered. <br /> Alternative No. 1 -No Action: was considered unacceptable as the Company could not deliver <br /> water to its shareholders if the river diversion gates fail, and the loss of water and increased labor <br /> expense associated with the shutdown of the ditch and manual cleaning of the trash rack is too <br /> costly. <br /> Selected Alternative No. 2—Rehabilitation: Replace the trash rack with a self-cleaning version, <br /> retrofit the existing headgate structure with new slide gates, and replace the Branch Ditch diversion <br /> structure. This alternative provided the least expensive and most timely repair of the structures, <br /> and would insure at least a 30 to 40 year life for the headgate, trash rack and bifurcation. The <br /> estimated cost of the completed project is $2,230,000. <br /> Alternative No. 3—Remove and Replace:Removal and replacement of South Platte River <br /> diversion structure, headgates, and trash rack with self-cleaning version along with a replacement <br /> of the Branch Ditch diversion structure. This was considered and dismissed, as it would require <br /> several times the amount of money and time available, and would present numerous permitting <br /> requirements. <br /> The engineer's opinion of Project costs for the selected alternative is shown in Table 2. <br /> TABLE 2: PROJECT COST SUMMARY <br /> Task Cost <br /> Engineering $250,000 <br /> (Design Engineering,Project Planning,Right-of-way) <br /> Construction $1,650,000 <br /> Construction Contingency(15%) $330,000 <br /> Total $2,230,000 <br /> Permitting: The Company expects to be exempt from 404 permitting since a majority of the <br /> shareholders are agricultural users.An Adams County floodplain development permit will be needed <br /> for this Project. <br /> Schedule: The engineering is to be completed by September 2014. Construction will begin as <br /> soon as the canal water is turned off in November 2014 and should be completed by the spring of <br /> 2015. <br /> Financial Analysis <br /> Table 3 provides a summary of the Project's financial aspects. The term of the loan will be 30 <br /> years and the blended interest rate will be 2.45% (51% ag. rate of 1.75%, 23%mid-municipal at <br /> 2.75%, 21%high-municipal at 3.0%, and 5% commercial at 6.0%). <br />
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