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<br />I <br />e <br /> <br />e <br /> <br />e <br /> <br />Shultz Farm. 'nc <br />November 25-26. 2002 <br /> <br />Agenda Item 20j. <br /> <br />Table 2. Financial Ratios-Ranching Operation <br /> <br />Financial Ratio Without With <br /> The uroiect The uroiect <br />Operating Ratio (revenue/expense) 136% 100% <br />weak: less than 100% (strong) (average) <br />average: 100% - 120% <br />strona: areater than 120% <br />Debit Service Coverage Ratio 200% 106% <br />(revenues-expenses)ldebt service (strong) (average) <br />weak: Jess than 100% <br />average: 100% - 125% <br />strona: oreater than 125% <br />Cash Reserves to Current Expense 78% 50% <br />weak: less than 50% (average) (average) <br />average: 50% - 100% <br />stron';: nreater than 100% <br />Annual Cost per Acre-Foot (65/250 ac-ft) $5 $84 <br />weak: greater than $20 (strong) (weak) <br />average: $10 - $20 <br />strona: less than $10 <br /> <br />As security for the loan Shultz Farm, Inc. will pledge 152 acres of irrigated farm land located in <br />the SE Y. of Section 16, T5N, R67W. This property has been valued at $500,000 by a Broker's <br />Market Analysis dated October 31, 2002. This collateral is in compliance with CWCB Loan <br />Policy #5 (Collateral). '2. <br />~1',,,:>/ <br />Recommendati <br />Staff recom ndsa loan from the Small Project Account not to exceed $400,000 to the Shultz <br />Farm, Inc, 0 rehabilitate and enlarge the Hill Lake. The recommended term of the loan is 30 <br />years and the recommended lending rate is 2.75%. Security for the loan will be collateral in <br />accordance with CWCB loan policy #5. The loan will be funded from the Construction Fund. <br /> <br />Staff further recommends that final approval of the loan be conditioned upon all other standard <br />contracting provisions of the CWCB. <br /> <br />cc: Steve Shultz, President Shultz Farm. Inc.. 21475 Weld Co Road 19. Milliken. CO 80643 <br />Linda Bassi, AGO <br /> <br />Attachment <br /> <br />C:\WP51\Proj-NewlShultz 1102 memo: L:\boardmemINov02120j Nov 02 Shultz <br /> <br />3 <br />