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<br />, <br /> <br />e <br /> <br />e <br /> <br />e <br /> <br />Supply Irrigating Ditch Co. <br />March 24-26, 2003. <br /> <br />Agenda Item 24e <br /> <br />3. <br />4. <br />5. <br />6. <br />7. <br />8. <br />9. <br />10. <br /> <br />Installation of a toe drain along the north dam. <br />Construction of a 200 foot spillway at the right abutment of the south dam <br />Placement of riprap on the upstream face of both dams. <br />Raising the dam crest on both dams to gage height 30 feet. <br />Removal of the two abandoned outlets and backfill with compacted clay. <br />Repair of the existing outlet to good working condition. <br />Construct a new concrete inlet structure for the reservoir. <br />Improve the reservoir outlet ditch so water can be returned to the Supply Ditch. <br /> <br />The implementation schedule calls for completion of financing arrangements in spring 2003, <br />with formal approval and resolution by the SIDC shareholders in May 2003. Smith Geotech will <br />finalize engineering design by fall 2003. Construction will begin in summer 2004 and will take <br />about 4 months to complete. <br /> <br />Financial Analvsis <br />The total estimated cost of the project is $2,193,000. Staff is recommending that the CWCB <br />Board approve a Small Project Loan of $1 ,000,000 (approximately 46% of the estimated total <br />project cost. <br /> <br />There are 400 shares within the SIDC, of which agricultural interests own 353 shares, municipal <br />(average income) interests own 6.5 shares, and municipal (high income) interests own 40.5 <br />shares. The weighted average interest rate (agricultural rate 2.75%, municipal average income <br />rate 4.25%, and municipal high income rate 4.75%) is 3% <br /> <br />The SIDC will fund its portion of the project by selling approximately 125 acre-feet of their <br />Beaver Park Reservoir water, currently valued at over $11 ,000 per acre-foot. The SIDC would <br />gain approximately 370 acre-feet of storage in the enlarged Knoth Reservoir, for a net gain of <br />245 acre-feet. Average annual diversions with the project in place would be 9,745 acre-feet. <br /> <br />Table 1 is a summary of the financial aspects of the project. Annual assessments will increase <br />from $125 per share, up to $225 per share with a CWCS loan payment of $56,121 (including <br />the 10% reserve requirement.) This represents an annual assessment increase of $100 per <br />share, or $5.76 per acre-foot, based on average annual diversions 9,745 acre-feet (including <br />245 acre-feet net gain of new storage.) <br /> <br />Table 1. Financial Summary <br /> <br />Pro'ect Cost <br />Total CWCS Loans 46% of Pro'ect Cost <br />CWCS Loan Pa ment Amount, includin 10% loan reserve <br />Number of Shareholders <br />Number of Shares of Stock <br />Current Assessment er Share <br />Future Assessment er Share <br />Annual Loan Cost per acre-foot <br />Avera e annual diversions: 9,745 acre-feet with the Droiect\ <br /> <br />$2,193,000 <br />$1,000,000 <br />$56,121 <br />160 <br />400 <br />$125 <br />$225 <br />$5.76 <br /> <br /> <br />3 <br />