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<br />Ii <br /> <br />East Fork Mutual Ditch Company <br />January 27. 2004 <br /> <br />Agenda Item 14b. <br /> <br />. <br /> <br />Alternative No. 1 - No further action taken. <br /> <br />Alternative No.2 - Line the entire 1,060 linear feet of 60-inch diameter pipe, to eliminate <br />leakage at the joints. At the inlet and outlet of the pipe concrete headwalls will be constructed <br />to minimize piping or the flow of ditch water under the pipe. To further address the failed <br />slope areas, the materials below the existing failed slope areas will be removed, re-graded and <br />re-vegetated and adequate drainage provided. In the areas where the soil nails exist, <br />shotcrete facing will be placed to reduce erosion and to stabilize the soil nails. <br /> <br />Estimated Cost = $308,000.00 (includes $10,000 for engineering) <br /> <br />Alternative No.3 - Alternative NO.3 is the same as Alternative No. 2 with the exception of <br />deleting the pipe lining and replacing it with water tight internal bands at each pipe joint. The <br />cost of the lining was estimated at $150,000 and the cost of the bands is estimated at $83,125. <br /> <br />Estimated Cost = $241,125.00 (includes $10,000 for engineering) <br /> <br />Alternative Evaluation <br />Alternative NO.1 was not acceptable because it does not address pipe leakage and its potential <br />to create additional slope failures. <br />Alternative NO.2 addresses both the pipe leakage and slope failures but is too costly. <br />Alternative NO.3 was selected since it addresses both the pipe leakage and slope failures at <br />an acceptable cost to the Company. <br /> <br />. <br /> <br />The implementation schedule calls for completion of financing arrangements in March 2004. <br />Construction is expected to commence in April of 2004 and continue through April of 2005. <br /> <br />Financial Analvsis <br />The total cost of the work completed to-date is $101,924 and the total estimated cost for the <br />selected alternative for future work is $241,125, for a total project cost of $343,049. The <br />Company is requesting a Small Project Loan for 75% of the total project cost or $257,287 for 30 <br />years. The EFMIC serves agricultural users and the standard CWCS agricultural loan rate of <br />2.5% would apply. <br /> <br />Table 1 is a summary of the financial aspects of the project. Annual assessments would <br />increase from $14 up to $21 per share with a CWCS loan payment of $13,522 (including the <br />10% reserve requirement.) This $7 assessment increase represents only $1.69 per acre-foot <br />annual loan cost, based on average annual diversions of 8,000 acre-feet. <br /> <br />. <br /> <br />a e inancial ummary <br />Proiect Cost $343,049 <br />Loan Amount (75% of Proiect Cost) $257,287 <br />CWCS Loan Payment Amount, includinq 10% loan reserve $13,522 <br />Number of Shareholders 7 <br />Number of Shares of Stock 1000 <br />Current Assessment Der Share $14 <br />Future Assessment per Share $21 <br />Annual Loan Cost per acre-foot $1.69 <br />(Averaqe annual diversions: 8,000 acre-feet) <br /> <br />Tbl1 F 5 <br /> <br />3 <br />