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CT2018-892 Feasibilty Study
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CT2018-892 Feasibilty Study
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Last modified
4/24/2018 12:21:10 PM
Creation date
3/24/2017 2:49:42 PM
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Template:
Loan Projects
Contract/PO #
CT2018-892
Contractor Name
Town of Wiggins
Contract Type
Loan
Loan Projects - Doc Type
Feasibility Study
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Permitting <br /> The Town does not require or need any easement to begin operation of the facility. The property is <br /> located in the county and no special permitting is required. The Town does not need a 404 permit <br /> since none of the property is located in wetland or river basin. <br /> Institutional Considerations <br /> Entities that may or may not be involved in the design, construction, and financing the project <br /> include: <br /> • The Town of Wiggins; financing and construction design. <br /> • Bank of the West; short term financing. <br /> • CWCB;financing and construction. <br /> • Diamondback Engineers; construction design <br /> • Leonard Rice Engineers; water rights, construction, design <br /> • Petrock& Fendel;water rights <br /> • Kelley Light P.C.; contract review <br /> The Town of Wiggins will be lead for financing, design, and construction of the project in <br /> accordance with the terms and conditions set forth by the CWCB. <br /> Financial and Project History <br /> In 2009,the Town entered into a$500,000 water rights lease-purchase agreement with a private <br /> party. The agreement requires annual payments of$42,125 for a period of twenty years. The lease <br /> bears interest at 5.75%per annum. <br /> In 2011,the Town received a$3,327,000 USDA Rural Utilities loan and a$2,252,000 USDA <br /> Rural Utilities grant to help fund a$5,700,000 project to improve the Town's water system,with <br /> the remaining $121,000 to be provided by the Town. The loan amount is $3,327,000, and requires <br /> semi-annual payments of$63,313 beginning in May of 2012 through November of 2051 with <br /> interest at an effective rate of approximately 2.25%. The Town must maintain an operation and <br /> Page 10 of 15 <br />
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