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C150380 Increase Approval Letter
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C150380 Increase Approval Letter
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Last modified
12/19/2014 2:12:45 PM
Creation date
7/31/2014 12:21:16 PM
Metadata
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Template:
Loan Projects
Contract/PO #
CT2015-020
C150380
Contractor Name
Consolidated Home Supply Ditch and Reservoir Company
Contract Type
Loan
Loan Projects - Doc Type
Approval Letter
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Consolidated Home Supply Ditch and Reservoir Company Consent Agenda Item 2a <br /> July 16-17, 2014 Board Meeting(Updated July 18,2014) <br /> Page 3 of 4 <br /> Ditch Stabilization Downstream of Eastern Breach - $12,500: At a location approximately 2,500 <br /> feet downstream of the Eastern Breach, additional damage to the ditch bank was discovered after <br /> ditch repairs commenced. An area approximately 60 feet in length, 2-3 feet in depth, and 20 feet <br /> down to the slope of the ditch bank had sloughed due to overtopping during the flood. Additional <br /> monitoring will be conducted during the 2014 irrigation season and repairs will be completed this <br /> fall after the irrigation season and reservoir run have been completed. <br /> TABLE 1: UPDATED PROJECT COST SUMMARY <br /> Task Original Updated <br /> Project Cost Project Cost <br /> Engineering $44,000 $44,000 <br /> Construction (Incl. Contingency) $400,000 $470,000 <br /> Total $444,000 $514,000 <br /> Schedule: With the exception of the two additional ditch stabilization measures to be completed in the <br /> Fall of 2014, all other repairs have been completed. <br /> Financial Analysis <br /> Table 2 provides a summary of the Project's financial aspects. The first three years of the loan will be <br /> assessed a 0%interest rate. The remaining term of the loan will be assessed a blended interest rate of <br /> 1.95%with the principal amortized over 27 years (Ownership: 76%Agriculture, 23%Mid Municipal, <1% <br /> High Municipal, <1% Commercial). Staff is recommending an exemption to Financial Policy#11 to allow <br /> for 100% funding of eligible Project cost. <br /> TABLE 2: FINANCIAL SUMMARY <br /> Original Approval New Request <br /> Total Project Cost $444,000 $514,000 <br /> CWCB Loan Amount (100% of total Project cost) $444,000 $514,000 <br /> CWCB Loan Amount (Including 1% Service Fee) $448,440 $519,140 <br /> CWCB Annual Loan Payment $21,521 $24,914 <br /> CWCB Loan Obligation (Including 10% Reserve) $23,673 $29,078 <br /> Number of Shares 2001 2001 <br /> Annual Cost Per Share for Loan $12 $14.50 <br /> Current Assessment per Share $163 $163 <br /> Future Assessment per Share $222 $225 <br /> Creditworthiness: The Company has two loans with a total of $484,358 in existing debt. These loans <br /> are in good standing. Additionally,the Company was recently approved for a CWCB Emergency Loan for <br /> its Big Dam repairs on the Home Supply Ditch at the October 2013 Special Board Meeting. <br />
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