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<br />Logan Irrigation District
<br />May 16.17. 2006
<br />
<br />Agenda Item 11a
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<br />Alternative 2, Lower the current natural depression - This was ruled out because any alteration
<br />of the natural depression would require the purchase of substantial right of way to route the PMP _
<br />flow to the South Platte River,
<br />
<br />Alternative 3, Construct a pipe spillway near the west center area of the reservoir - This was
<br />ruled out because the cost of this alternative and Alternative 4 were almost identical, but this
<br />alternative would once again require purchase of some right of way,
<br />
<br />Alternative 4, Construct a pipe spillway in the dam near the outlet - This was selected, since it
<br />achieves the first step in removing the current storage restriction, comes in at a reasonable cost,
<br />and is most acceptable to surrounding landowners.
<br />
<br />Selected Alternative 4, Construct a pipe spillway in the dam near the outlet - The selected
<br />alternative, Alternative No.4, involves construction of a 250 foot long, 72-inch reinforced concrete
<br />pipe spillway with an overflow inlet structure (16' x 16") in the reservoir just upstream of the dam, an
<br />energy dissipation structure at the terminal end of the pipe, and a short channel from the end of the
<br />dissipation structure to the Prewitt outlet canal. W,W, Wheeler and Associates, Inc. designed the
<br />emergency pipe spillway and the design was approved by the SEO in October 2005. W. W.
<br />Wheeler also provided a detailed cost estimate.
<br />
<br />The Total Project cost is estimated to be:
<br />1, Construction
<br />2, Contingency (10%)
<br />TOTAL
<br />
<br />$ 306,450
<br />30.645
<br />$337,095
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<br />The final design is complete and has been approved by the SEO, The cost of engineering was paid ...
<br />by the project participants, Construction is expected to begin August or September 2006 and to be .
<br />completed within 60 days, All construction will be done on land owned by the Prewitt Operating
<br />Committee and flow from the spillway will be confined to the Prewitt Outlet Canal, therefore no
<br />easements or rights of way will be needed.
<br />
<br />Financial Analvsis
<br />
<br />The total estimated cost of the project is $337,095, The current ownership of the Prewitt Reservoir
<br />is 7,1% high-income municipal, 1.0% low-income municipal, and 93.9% agricultural. Based on this
<br />breakdown, the blended interest rate for a 30-year loan is 2.60%, reducing by 0.25% to a rate of
<br />2.35% for a 20-year loan. Staff is recommending a maximum loan amount of $303,385 (90% of the
<br />estimated project cost) for 20 years at a blended interest rate of 2.35%, LID will pay the additional
<br />10% ($33,710) of the project cost from reserve funds ($18,473), and funds received from liD
<br />($8,697) and MPRC ($6,540.) The LID, along with cooperating entities, the liD, and the MPRC, will
<br />cover any costs that exceed the estimated project cost
<br />
<br />Table 1 is a summary of the financial aspects of the project A CWCB Loan of $303,385 would
<br />have an annual payment of $21,1 06 (including the 10% reserve requirement) at the loan terms of
<br />2.35% for 20 years, As the contracting entity, the LID responsible for a total annual cost of
<br />$21,106. In actuality, this annual payment would be split between the three entities, according to
<br />their percentage ownership as follows:
<br />
<br />Logan Irrigation District (54.8%) $11,566
<br />Iliff Irrigation District (25.8%) 5,445 e
<br />Morgan Prewitt Reservoir Co. (19.4%) 4.095
<br />$21,106
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<br />Page 4 of 6
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