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Bergen Ditch and Reservoir Company Consent Agenda Item 3a <br /> January 25-26, 2016 Board Meeting(Updated January 27, 2016) <br /> Page 3 of 4 <br /> Design engineering substantially increased from the original estimate due to the efforts required to <br /> redesign the project for construction cost savings and to secure SEO approval for the revised design. <br /> Construction Management, including observation and materials testing, increased in response to <br /> increased soils testing required on the actual material encountered. The current Project cost estimate <br /> is shown in Table 3. <br /> TABLE 3: PROJECT COST <br /> Task Engineer's Actual <br /> Estimate Cost <br /> Engineering, Design Et Permitting $129,000 $335,620 <br /> Outlet Works Construction $455,000 $527,830 <br /> Embankment Construction $1,158,000 $1,278,000 <br /> Construction Management $161,000 $181,000 <br /> Contingency $322,000 $0 <br /> Total $2,225,000 $2,322,450 <br /> Schedule: Outlet and embankment construction were completed in December 2015. Final site <br /> reclamation will occur spring 2016. <br /> Financial Analysis <br /> Table 4 provides a summary of the Project's financial aspects. The Company's blended interest rate of <br /> 3.15% for a 30-year term (Ownership: 36% Mid Municipal, 64% High Municipal) will remain as per the <br /> terms of the original contract. <br /> TABLE 4: FINANCIAL SUMMARY <br /> Original Approval Current Request <br /> Total Project Cost $2,225,000 $2,322,450 <br /> Borrower Match (10% of total Project costs) $225,000 $232,250 <br /> CWCB Loan Amount $2,000,000 $2,090,200 <br /> CWCB Loan Amount (Including 1% Service Fee) $2,020,000 $2,111,102 <br /> CWCB Annual Loan Payment $105,607 $109,806 <br /> CWCB Loan Obligation (Including 10% Reserve) $115,574 $120,786 <br /> Number of Shares 403.5 403.5 <br /> Annual Loan Obligation Per Share $286/share $299/share <br /> Current Assessment per Share $450/share $700/share <br /> Future (Budgeted) Assessment per Share $700/share $700/share <br /> Total Cost of Project per AF of Storage (890 AF) $2,500/AF $2,610/AF <br /> Creditworthiness: The Company has no existing debt. Assessments have historically been set at <br /> $450/share but were raised to $700/share in 2014 to generate funds for this Project. This was <br /> successfully collected by the Company in 2014 and 2015. <br />