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Greeley and Loveland Irrigation Company Consent Agenda Item la
<br /> November 18-19, 2015 Board Meeting (Updated November 20, 2015)
<br /> Page 4 of 5
<br /> TABLE 3: UPDATED COST ESTIMATE
<br /> Task Original Updated Cost
<br /> Estimate
<br /> Design Et Construction
<br /> Engineering $585,000 $912,247
<br /> Boyd Lake Outlet $675,000 $847,688
<br /> Horseshoe Outlet Phase 1 $522,733
<br /> $1,835,000 -
<br /> Horseshoe Outlet Phase 2 $1,636,896
<br /> Construction Contingency $375,000 (12%) $200,000 (5%)
<br /> Total $3,470,000 $4,120,000(Rounded)
<br /> Schedule: Boyd Lake, Horseshoe Phase 1, and Horseshoe Phase 2A have been successfully completed.
<br /> Horseshoe Phase 2B is under construction and is scheduled for completion in December 2015. Final site
<br /> cleanup activities including repaving and reseeding will occur by April 2015.
<br /> Financial Analysis
<br /> Table 4 provides a summary of the Project's financial aspects. The Company's blended interest rate of
<br /> 2.15% for a 30-year term (Ownership: 34%Agricultural, 53% Low Municipal, 12% Mid Municipal, <1% High
<br /> Municipal, <1% Commercial) will remain as per the terms of the original contract.
<br /> TABLE 4: FINANCIAL SUMMARY
<br /> Original Approval Current Request
<br /> Total Project Cost $3,470,000 $4,120,000
<br /> Borrower Match (10% of total Project costs) $347,000 $412,000
<br /> CWCB Loan Amount $3,123,000 $3,708,000
<br /> CWCB Loan Amount (Including 1% Service Fee) $3,154,230 $3,745,080
<br /> CWCB Annual Loan Payment $143,757 $170,686
<br /> CWCB Loan Obligation (Including 10% Reserve) $158,133 $187,755
<br /> Number of Shares 1,648 1,648
<br /> Annual Loan Obligation Per Share $96 $114
<br /> Current Assessment per Share $260 $260
<br /> Future Assessment per Share $352 $374
<br /> Creditworthiness: The Company has $2,220,006 in existing debt made up of two CWCB loans as
<br /> summarized in Table 5. These loans are in good standing.
<br /> TABLE 5: EXISTING DEBT
<br /> Lender Original Current Annual Maturity Collateral
<br /> Balance Balance Payment Date
<br /> CWCB $299,817 $174,495 $18,269 2029 100% interest in Equalizer Reservoir
<br /> (Contract C153835A) Pledge of Assessment Revenues
<br /> CWCB $2,600,899 $2,045,511 $132,697 2036 100% interest in Boyd Lake
<br /> (Contract C150161) Pledge of Assessment Revenues
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