CT2015-134 Approval Letter

• Contract/PO #: CT2015-134
• Contract/PO #: C150400
• Contractor Name: Prairie Ditch Company
• Contract Type: Loan
• Loan Projects - Doc Type: Approval Letter

Prairie Ditch Company Agenda Item alb
May 9,2014(Updated May 23,2014)
Page 4 of 5
TABLE 1: PLAZA PROJECT COST SUMMARY
Task Total Cost Company
Share
Task 1: Finalize Design $90,000 -
Task 2: Diversion Replacement $481,000 $98,000
Task 3: Headgate Replacement $332,000 $32,000
Task 4: Channel Shaping and Stream bank Stabilization $12,000 -
Task 5: Monitoring $4,500 -
Task 6: Outreach and Education $3,500 -
Task 7: Administration $52,000 -
Plaza Project Phase 3 Total $975,000 $130,000
Schedule: Construction of the Prairie Ditch diversion and headgate is expected to occur in the fall of
2014, and be completed by December 2014. The remainder of the Project(Tasks 4-7) is expected to
continue until 2017.
Financial Analysis
The Company qualifies for an agricultural interest rate of 1.25%for a 10-year term (reduced from a
1.75%agricultural rate for a 30-year term). Table 2 provides a summary of the financial aspects of the
Project.
TABLE 2: FINANCIAL SUMMARY
Total Project Cost $975,000
Additional Funding Sources
WSRA Rio Grande Basin Grant(Pending award to the CRGRF) $21,500
WSRA Statewide Grant(Pending award to the CRGRF) $408,500
Cooperative Cons. Partnership Initiative Grant(awarded to the CRGRF) $315,000
NRCS(In-Kind) $90,000
RGHRP(In-Kind) $ 10,000
Total $845,000
CWCB Loan Amount $130,000
CWCB Loan Amount(including 1% Service Fee) $131,300
CWCB Annual Loan Payment $14,050
CWCB Annual Loan Obligation(incl. 10%debt reserve) $15,454
Number of Shares 257
Annual Loan Obligation per Share $60/share
Current Assessment per Share $300/share
Future Assessment per Share $360/share
Total Project Cost per Acre Foot(16,000 AF) $61/AF
Tasks 2 & 3 are being funded through this CWCB loan ($130,000 or 16%),the pending WSRA grant
($368,000 or 45%), and the Cooperative Conservation Partnership Initiative grant($315,000 or 39%).