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<br />e <br /> <br />COST ESTIMATE <br /> <br />The estimated cost to enlarge the dam is shown in Table 3. <br />The unit cost for placement of compacted embankment was based on a <br />contractor estimate received by the Manager of District of $1 per <br />cubic yard. The amount in the estimated herein is $2 per cubic <br />yard which was increased to account for the potential problems with <br />placing the fill on an existing embankment and removing sediment <br />from the reservoir basin. <br /> <br />An amount of 30% is added for contingencies, which is slightly <br />higher than the normal 20% because the unit costs are not firm. <br />Engineering and administration is estimated at 15% which includes <br />preparation of plans and specifications and construction <br />observation. <br /> <br />The cost to purchase 150 acres of land for the enlarged reservoir <br />basin is based on $500 per acre. <br /> <br />FINANCING <br /> <br />e <br /> <br />The Henrylyn Irrigation District cannot fund the entire cost of the <br />project. <br /> <br />The District presently has two loans with the CWCB; for original <br />amounts of $653,000 and $260,000 which have been paid down to <br />$440,000 and $189,000 respectively. The annual payments are <br />$28,248 and $15,152, for a total of $43,400. If advantageous these <br />loans might be refinanced with the enlargement of the Prospect. <br /> <br />The District presently assess $13 per acre for 32,800 acres. The <br />total annual budget is about $500,000. <br /> <br />The District will not, in the near future, reconstruct both Bootleg <br />and enlarge Prospect. The financial analysis herein assumes that <br />Prospect will be reconstructed because it is more cost effective. <br />The enlargement would yield addition storage of about 2958 acre- <br />feet to the District. Repayment options are shown in Table 5, <br />assuming a 100% loan; if the District can include some cash the <br />amounts would be reduced. <br /> <br />Option 5, 3% for 40 years, is recommended because it results in a <br />per acre-foot repayment of about $26 which is realistic for <br />irrigation water. The annual repayment would be about $77,000 <br />which would increase the annual assessment about $2.50 per acre, <br />which would appear to be affordable to the irrigators. <br /> <br />Prospect Dam <br /> <br />12 <br />