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Las Animas Consolidated Canal Company Agenda Item 27d. <br /> November 19-20,2014 Board Meeting(Updated November 21, 2014) <br /> Page 4 of 6 <br /> this alternate is that it will be difficult to maintain a watertight seal using the existing radial gate, and <br /> that the rate of leakage will be unacceptable in a water-short ditch suffering from prolonged drought. <br /> The total estimated cost for Alternative 3 is approximately $330,000. <br /> Selected Alternative No. 4 - New spillway, slide gates, and new overshot gate: <br /> The fourth and preferred alternative would be to demolish and rebuild the entire spillway structure <br /> employing an automated overshot gate in-lieu of the existing radial gate. An overshot gate offers a <br /> number of advantages over a radial gate in this application. First, an automated overshot gate would <br /> allow water control over a range of elevations, maintaining consistent canal deliveries at the <br /> Company's in-priority diversion rate. Second, an automated overshot gate would include high-water <br /> alarms to allow the gate to respond to upstream flooding by spilling the ditch. The alarms would also <br /> include automated notifications to the ditch superintendent. Third, an overshot gate would also be <br /> lowered to flush sediment from the canal. Construction of this alternative is estimated to take <br /> approximately 2 to 3 months, and would be completed during the 2015 off-season. The total estimate <br /> cost for Alternative 4 is approximately $400,200 <br /> Schedule: <br /> The Company anticipates the following Project schedule; however, unanticipated delays could cause <br /> the Project to be delayed until the 2015/2016 off-season. <br /> Task Target Completion Date <br /> CWCB Loan Approval November 2014 <br /> Complete Engineering Design Early 2015 <br /> Contractor Selection Early 2015 <br /> Contractor Mobilization Winter/Early Spring, 2015 <br /> Construction Complete Spring 2015 <br /> Begin Irrigation Diversions Spring 2015 <br /> TABLE 1: ESTIMATED PROJECT COSTS <br /> Construction $ 286,038 <br /> Engineering $ 34,000 <br /> Subtotal $ 320,038 <br /> Contingencies (25%) $ 80,162 <br /> Total $ 400,200 <br /> Financial Analysis <br /> The Company has shares held by a mix of 76.57% commercial by Xcel Energy, and 23.43% agricultural <br /> shareholders, and thus qualifies for a blended interest rate of 5.05% for 30 years. To minimize the <br /> effect of the commercial interest rate on the agricultural borrowers, Xcel has agreed to pay 76.57% of <br /> the final loan amount upon substantial completion. The Company would then qualify for a 2% <br /> agricultural interest rate as only the agricultural users will be paying for the annual payments of the <br /> loan. <br />