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Pisgah Reservoir and Ditch Company Agenda Item 12a
<br /> July 15-16, 2015 Board Meeting(Updated July 17,2015)
<br /> Page 3 of 4
<br /> TABLE 1: UPDATED PROJECT COST SUMMARY
<br /> Task 2014 Updated
<br /> Project Cost Project Cost
<br /> Design Engineering $80,000 $141,000
<br /> Construction
<br /> Phase I-Abandoned Outlet Works $90,000
<br /> Phase 11- Sluice Gate $240,000
<br /> Phase III- Gate Valves $441,000
<br /> Total $495,000 $771,000
<br /> Construction Management
<br /> Phase I-Abandoned Outlet Works $48,000
<br /> Phase 11- Sluice Gate $72,000
<br /> Phase III- Gate Valves $96,000
<br /> Final Documentation $39,000
<br /> Total $70,000 $255,000
<br /> Contingency $100,000 $195,000
<br /> Total $745,000 $1,362,000
<br /> The Company can complete Phases I and II with the currently secured funds. As these two phases can
<br /> be completed independently of Phase III, and each represent a safety improvement to the dam, CWCB
<br /> staff has approved the Notice to Proceed for Phase I and II. CWCB staff will not approve the
<br /> disbursement of loan funds for Phase III until the Company demonstrates it has the funds necessary to
<br /> successfully complete Phase III.
<br /> Schedule: The current construction schedule is as follows:
<br /> Phase JUN '15 JUL`15 AUG '15 SEP `15 OCT `15 NOV '15
<br /> I -Abandoned Outlet Works ----
<br /> II -Sluice Gate
<br /> III - Gate Valves ---
<br /> Financial Analysis
<br /> Table 2 provides a summary of the Project's financial aspects. The Company's blended interest rate of
<br /> 1.75% for a 30-year term (Ownership: 93% agricultural, 7% low-income municipal), will remain as per
<br /> the terms of the original contract.
<br /> TABLE 2: FINANCIAL SUMMARY
<br /> 2014 Approval Current Request
<br /> Total Project Cost $745,000 $1,362,000
<br /> Borrower's Contribution $40,000 $40,000
<br /> WSRA Grant
<br /> Arkansas River Basin $25,000 $25,000
<br /> Statewide $136,345 $136,345
<br /> TOTAL WSRA GRANT $161,345 $161,345
<br /> CWCB Loan Amount $543,655 $1,160,655
<br /> CWCB Loan Amount (Including 1% Service Fee) $549,091 $1,172,261
<br /> CWCB Annual Loan Payment $23,682 $50,559
<br /> CWCB Loan Obligation (Including 10% Reserve) $26,050 $55,615
<br /> Number of Shares 25,000 25,000
<br /> Annual Cost Per Share for Loan $1.04/share $2.22/share
<br /> Current Assessment per Share $3/share
<br /> Future Assessment per Share $3/share
<br /> Cost of Project per AF to Preserve Storage (2,192 AF) $340/AF $621/AF
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