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Union Well Augmentation Group Agenda Item 21b <br /> May 18-19, 2016 Board Meeting(Updated May 20, 2016) <br /> Page 4 of 5 <br /> TABLE 2: SUBJECT SHARES ESTIMATED WATER YIELD <br /> Company #of Credit per Total Credit <br /> Shares share <br /> Union Reservoir Co. 2 0 7.65 15.3 <br /> Direct Flow Valuation AF of CU AF of CU <br /> Union Reservoir Co2 0 15.3 30.6 <br /> Storage Valuation AF of Storage AF of Storage <br /> TABLE 3: PROJECT COST <br /> Task Cost <br /> Water Shares $250,000 <br /> Engineering Et Appraisal $10,000 <br /> Legal Review of Contracts $13,000 <br /> TOTAL $273,000 <br /> Schedule: The Subject Shares are available for purchase immediately. The sale agreement has been <br /> signed but is conditioned upon loan approval. <br /> Financial Analysis <br /> The Augmentation Group qualifies for an agricultural interest rate of 1.70% for a 30-year term. The <br /> requested loan is for a 20-year term and therefore the interest rate is reduced to 1.45% per CWCB Loan <br /> Policy#7. Table 4 provides a summary of the Project's financial aspects. The Augmentation Group will <br /> raise its 10% Project cost share through a special assessment in 2016. <br /> TABLE 4: FINANCIAL SUMMARY <br /> Total Project Cost $273,000 <br /> Borrowers Contribution (10%) $27,300 <br /> CWCB Loan Amount (90%) $245,700 <br /> CWCB Loan Amount (Including 1% Service Fee) $248,157 <br /> CWCB Annual Loan Payment $14,383 <br /> CWCB Annual Loan Obligation (1st Ten Years) $15,821 <br /> Annual Loan Obligation per Share (29 shares) $546 <br /> Current Assessment per Share $1,945 <br /> Future Assessment per Share $2,521 <br /> Current Assessment per AF of Quota (4.0 AF) $486 <br /> Future Assessment per AF of Quota (4.5 AF) $560 <br /> Annual Loan Obligation per AF of Average Yield (15.3 AF) $1,034/AF <br />