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Big Etk Meadows Association Agenda Item 29a <br /> March 22-23, 2017 Board Meeting (Updated March 23, 2017) <br /> Page 5 of 5 <br /> default rate has been less than 2% and there have been no foreclosures or bankruptcies. There have <br /> been 15 property closings over the past two years where people who could no longer afford to live in <br /> Big Elk Meadows have sold in order to resolve their debts. <br /> TABLE 4: EXISTING DEBT OBLIGATION <br /> Lender Original Current Annual Maturity Collateral <br /> Balance Balance Payments Date <br /> CWCB $272,700 $268,230 $16,741 2046 Assessment Revenues, 40- <br /> (C150327) acre parcel <br /> Private Party $90,000 $23,597 $12,048 2019 Unsecured <br /> Private Party $100,000 $45,198 $21,564 2019 Unsecured <br /> TOTAL $337,025 $50,353 <br /> TABLE 5: FINANCIAL RATIOS <br /> Financial Ratio FY 15/16 Future Future <br /> w/ $2M Loan w/ $0.5M Loan <br /> Operating Ratio (revenues/expenses) 107% 100% 102% <br /> weak: <100% average: 100% 120% _ strong: >120% (average) (average) (average) <br /> $274K/$255K $350K/$349K $274K/$268K <br /> Debt Service Coverage Ratio 156% 101% 113% <br /> (revenues-expenses)/debt service (strong) (average) (average) <br /> ��weak: <100% average: 100% 120% strong: >120� ($274K $221KI 349K- 22 ($274K-$221K� <br /> �� $34K $128K $47K <br /> Cash Reserves to Current Expenses 25% 19% 24% <br /> weak: <50% average: 50% 100% strong: >100% (weak) (weak) (weak) <br /> $65K/$255K $65K/$349K $65K/$268K <br /> Debt per Tap (166 lots) $2,030 $13,795 $4,747 <br /> weak: >$5,000 average: $2,500 $5,000 strong: <$2,500 (strong) (weak) (average) <br /> $337K/166 $2.29M/166 $788K/166 <br /> Collateral: Security for this loan will remain a pledge of assessment revenues, backed by a rate <br /> covenant, and an undivided 100% interest in the five dams. Additionally the Association pledged a 160- <br /> acre parcel of land within Big Elk Meadows with the original loan contract. After final costs and <br /> reimbursements are determined, the loan contract may be amended to adjust the lien on the land as <br /> necessary to cover only 110% of the final loan amount. This is in compliance with CWCB Financial Policy <br /> #5 (Collateral). <br /> cc: Paul Cyphers, Treasurer, Big Elk Meadows Association <br /> Jennifer Mete, Colorado Attorney General's Office <br /> Attachments: Water Project Loan Program - Project Data Sheet <br /> Original Board Memo (updated 1/29/14) <br />