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<br />y~ <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Surface Creek Ditch & Reservoir Company - Dam Rehabilitation <br />November 25-26, 2002 <br /> <br />Agenda Item 20c <br /> <br />The total project cost is estimated to be: <br /> <br />1. Construction Cost <br />2. Engineering Designllnspection and Testing <br />3. Project Contingency <br /> <br />$ 241,500 <br />87,000 <br />35.000 <br />$ 363,500 <br /> <br />TOTAL <br /> <br />In June 2001, the USFS, Delta County and SCD & RC entered into a cooperative funding <br />agreement. Of the total cost, the USFS is providing $63,575 in in-kind services related to the road, <br />and similarly Delta County is providing $34,856 in in-kind services. SCD & RC is responsible for <br />the remaining costs. <br /> <br />Schedule - At present the core of the dam is mostly reconstructed, but work is most likely over for <br />the season due to snow, and will resume in Spring 2003. <br /> <br />Financial Analvsis <br /> <br />The total estimated cost of the project is $365,500 and SCD & RC water is used primarily for <br />agricultural purposes, with 6% municipal ownership (low-income.) Staff is recommending a 30-year <br />maximum amount of $265,000 (approximately 73% of estimated project cost) for 30 years at an <br />interest rate of 2.80%. <br /> <br />Alternative financing sources: The Company has investigated alternative financing with the <br />Surface Creek Bank Center in Cedaredge and has received a temporary financing line-of-credit <br />(with a credit limit of $215,000) that is due and payable on or before September 10, 2003. The <br />CWCB loan will be used to payoff the balance on the line-of-credit. <br /> <br />Table 1 is a summary of the financial aspects of the project. A CWCB Small Project Loan of <br />$265,000 would have an annual payment of $14,490 (including the 10% reserve requirement) at the <br />loan terms of 2.80% for 30 years. This represents an annual loan cost of $33.23 per acre-foot, <br />based on an average annual delivery of 436 acre-feet. <br /> <br />Table 1. Financial Summary <br /> <br /> <br />: 436 ac-ft. <br /> <br />$363,500 <br />255 <br />810 <br />$265,000 <br />$14,490 <br />$70 <br />$70 <br />$33.23 <br /> <br />Assessments have been raised over the past few years in anticipation of the repairs being made to <br />Hotel Twin Reservoir. A recent history of annual assessments and proposed assessments is as <br />follows: <br /> <br />Past Assessments <br />2000 $ 30 <br />2001 $ 55 <br />2002 $ 70 <br /> <br />. Proposed Assessments <br />2003 $70 <br /> <br />Page 3 of 5 <br />