Laserfiche WebLink
<br />Greeley and Loveland Irrigation Company <br />January 22.23, 2003 - <br /> <br />Agenda Item19c <br /> <br />Schedule - Finaldesign is expected to begin in Febr\.lary 2003 with construction beginning in <br />October 2003 and completion in May 2004. Permits! required will be a Corps of Engineers 404 <br />permit, SEO design approval, and construction dewalering permit from the Water Quality Control <br />Division. <br /> <br />. <br /> <br />Table 1 is a summary of the financial aspects of the !project. A CWCS Small Project Loan of <br />$1,000,000 would have an annual payment of $57,9$0 (including the 10% reserve requirement) at <br />the loan terms of 3.25% for 30 years. The annual loan cost is $1.53 per acre-foot, based on an <br />average annual delivery of 37,812 acre-feet. GLlC is proposing to raise assessments by $40 per <br />share to cover the loan repayment. <br /> <br />Table 1. Flnanei", Summary <br /> <br />Proiect Cost $1,345,000 <br />Number of Shareholders 170 <br />Number of Shares of Sto<;k - . 1644 <br />CWCS Loan Amount 130 vears) . $1,000,000 <br />CWCS Loan Pavmentllncludes 10% reserve) - SEicin 2004 $57,950 <br />Current Assessment oer share (2002) - . $200 <br />New Assessments oer sharelsee note below) . $240 <br />Annual Loan Cost oer acre-footTaver. annual delivery: 37,812 ae-ft.) $1.53 <br /> <br />. <br /> <br />Note: A recent history of annual assessments and ~roposed assessments is as follows: <br />Past Assessments I?rooosed Assessments <br />1999 $ 160 2003 $240 <br />2000 $100' <br />2001 $ 170 <br />2002 $ 200 <br /> <br />'Vear 2000 assessments were lowered for ome year to reflect receipt of approx. $100,000 <br />from the sale of recreation rights on Soyd Lake. <br />i <br /> <br />Creditworthiness: The GLlC currently has two ou~standing CWCS loans, an April 1998 loan for <br />$23,440, with a remaining amount of $14,927 and aril annual payment of $2,778 through 2009; and <br />a May 1999 loan for $308,000, with a remaining an)ount of $282,154 and an annual payment of <br />$18,269 through 2029. Annual payments On both Ipans total $21,047. <br /> <br /> <br />Table 2 shows the Financial Ratios for the GLlC anq indicates, with the exception of cash reserves, - <br />average ability to repay the $1,000,000 CWCS loan.! ,." <br /> <br />Page 4 of 6 <br />