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<br />G'''lOy'O<l~I.O<l''''Il","",c"".o''',.Boyal.1lo.Sl>r"", <br />i'fo>ef'10o<'9-2\.200J <br /> <br />--- <br /> <br />Tile Clly of Lovelal'ld Ms been contacted regardi'l9 the spillway prOject and disclla rge locatIon and <br />r'IO major objectIOns have been identified atlhis time. The City will require that floodplain mapping <br />be provided downstream of the spillwayasa reference forfuturedeve IOprrent Th.shasbeetl <br />conSIdered in the cost estimate Impacts to Coklrado Slale Parks will be minmlltd duling <br />construction o! the new spIllway. Tne water level Wilt have to be restricted to apprOXm'lillely S ffi'8t <br />below \he r'lOIll'\ill waler surface elevaliQn of 49S96S (propoSed spillway crest) during con struct,on, <br />which wW allow Illlfmal recrealiooal use of the reservoir In addItion, the construction schedule In <br />early winter to late spring. will further reduce impacts to recreation users and the Company. SInce <br />lhe summer months are the most popular!or recreatIonal activities and if'rigabon dellv8rfeS are nol <br />made during the Wlnler <br />The Total Projecteost is eslimaled to be' <br />1. Construction Cost <br />2_ Englneenng Fees/Other CosIS <br />TOTAL <br /> <br />52.910,000 <br />250.000 <br />53,160.000 <br /> <br />Schedule - Final design IS expected \0 begin In December 2003 with construcliQf1 beginning in <br />February 200S and comoletiOl1 In June 2005. PerrnitsrequiredwillbeaCorpsorEr.gineers404 <br />perml!, SEa design approval, and dewatenng permit from tile Water Quality Control DiV1slon. <br /> <br />FlnanclalAnalysis <br />The IOlal estimaled cost of the prOject IS 53,T60,OOO. GL.IChasT644Sharesofstod<with476% <br />agricultural ownership and 52 4% municipal (Iow-income) ownership. Slaff is recommflOdlng a <br />max'mum loan amount of $2.844.000 (90% of estmated PfOJect cost) for 30 years at a blended <br />inlerestrale01 3 00% per anOlJlTl. <br /> <br />Table 1 is a summary Of the finanCial aspects of the project A cwce Small PrOject Loan of <br />$2,844,000 would have an annual payment Or $159,609 (inCludIng the 10% reserve requirement) at <br />the klan lerrnsof 3.00% lor 30 years The annual loan cost is S4 21 per acre-fool. based on an <br />avelage annual clelivery of 37,812 acre-feet GUC is proposing to ra'se assessments by $108 per <br />share to cover the loan repayment GUC wrll fund Its $316,000 share of the project through cash <br />reserves and an increase in annual assessments <br /> <br />TlIble1, FinallCi"ISummll <br /> <br />PI Cost <br />Nvmber of Shareholder9 <br />-NlJmberofStweSofStock; <br />ONCe Loan Amount (30yeal'$) Includes 1% Loan Sel'vioe Fee <br />eweB Loan Payment (irodudeS 10J0 reservej-BeQin 2006 <br />CUrrlKlt Ass~sment pel'share 2003 <br />New Assessments pel' share (see note below <br />Annual Loan Cosf per acre-loot aver. armual delive : 37.812 ae-ft, <br /> <br />$3160000 <br />110 <br />".... <br />52,844000 <br />$159,069 <br />$200 <br />"'" <br />..." <br /> <br />~ A recenl history of aMual assessments arld proposed assessments IS as follOws- <br />1999 $ 180 2002 $200 <br />2000 5100. 2003 $200 <br />2001 $170 <br />'Year 2000 assessments were lowered for one year 10 refled receipl of approx $100,000 <br />from the sale of recreation rights on Boyd L.a~e_ <br />Pagc4ot6 <br />