CT2015-101 Feasibility Study - Laserfiche WebLink

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1 The total anticipated cost of the Project is approximately two hundred ten thousand dollars which includes the following components: Hospital Road Recharge Pond Site Purchase and Excavation: 04'`V' $100,000 Pond Inlet Structure: $25,000 Access Road: $10,000 Improvements per Special Use Permit: o $15,000 Engineering: E $5,000 Subtotal: $155,000 -r Headgate Bridge Expansion Bridge Design and Engineering: $10,000 Construction: C $25,000 Subtotal: $35,000 Contingencies (10%) $21 111 Total: $210,000 Pursuant to CWCB guidelines, a maximum of 90% of the total Project costs ca be borrowe. For this project a maximum loan amount would be $189,000. With the $189,000 'an re• ested by UP&B, UP&B's contribution would be $21,000 or 10%of the project cost. UP&B's contribution will come from a combination of the $10,000 earnest money paid to Castle Rock for the purchase agreement and from cash on hand. Loan Terms. The terms of the loan would be as follows: $189,000 in principal, a 1.25%fixed interest rate and a 10 year amortization. The annual payment of principal and interest will be $20,115.72. i 5.2 Loan Repayment Sources (6 5t Assessments on shareholders will provide the source of loan repayment. There are 1,187 shares in UP&B. Currently shareholders are assessed$260 per share. The increase necessary to cover the annual loan payment will be $16.95 per share. This represents a 6.5%increase in assessment per share. G „,),-G«9 1 18'7 s'., 5.3 Financing Capability 2G c skc re As of January 31, 2014, UP&B had $75,104 cash in bank. In 2013, UP&B had a gross income t .4S of$336,617 and operation and maintenance costs of$203,477. The net income for 2013 was = 4.Zo iza $133,304 after interest income. Appendix D shows the UP&B financial statements for 2011, K41l7 2012 and 2013. UP&B has an outstanding loan in the amount of$46,916 with annual payments of$10,544 and a maturity date of February 2019. This load is held by Bank of Colorado, 310 Clayton St.,Brush, CO. L�^w 5.4 Collateral Collateral will be pledged of all storage right shares owned by UP&B (see section 3.1 above for T nt ra IC details). The total assessed value of these shares is approximately $250,000 which is more than the proposed loan amount.