PROJ00150

• Contract/PO #: C150116
• Contractor Name: B.F. & M.E. Porter, LLLP
• Contract Type: Loan
• Water District: 45
• County: Garfield
• Bill Number: SPL
• Loan Projects - Doc Type: Feasibility Study

I
I
I
I
I
I
I
I
I
I
I

I
I

I

I
I
I

I
I

Tahle 5. Financial Summar")'

Catepon' Amount
Proiect Cost $2,000,000
Loan Amount (50% of Project Cost) $ 1,000,000
eWeB Loan Pa\lnent Amount $6~.000
Annual Project Cost per acre-foot
(Assumed average annual diversions 580.00
0[800 acrc:-feet)

The other sources of funding for the project are private and come from Bill and Barton Portc:r.
These funding sources include:

. a 5650.000 loan from the First National Bank of the Rockies (P.O. Box 600, ~Ieekcr.
Colorado 8161-11), primarily for equipment purchases and
. approximately $350.000 in Bill and Barton Porter's existing funds.

Inspection fees for the expanded reservoir are expected to increase, but operalion and
maintenance costs arc expected to significantly decrease in the near term. This change will be
accommodated within Porter S&C"s existing budget.

Cn.'dit Worthiness

Documentation demonstrating Bill and Banon Porter's ability to repay the requested loan has
been submitted to the CWCB under separate COver. A letter of Credit Worthiness is also
provided in App"ndix C.

Alternatin Financing Considerations

Bill and Barton Porter have investigated altemative financing sources. The National Resources
Conservation Service (NRCS) was contacted for the possibility of securing grants or financing.
The NRCS did not express an interest in providing either for this project. Private tinancing was
also considered from the First National Bank of the Rockies. but the quoted interest rate was
deemed too high to achieve the desired expansion in profitability of the agriculture and ranching
business conducted by Porter S&C.

Collateral

As security for the eWCB loan. Bill Porter can pledge the project structures and real estate.

Economic Analysis

The economic bene tit of this project is considerable. Appendix C contains an evaluation.
provided by Porter S&C. of the increase in income that is expected from the larger reservoir for
three different precipitation scenarios: a dry year. an average year. and a wet year. That
infonnation is reproduced in the table below for ease afreference.

Bill and Barton Pan~
R~.olrExpansiooFeasil>,li~Slud}
AUllUS1:!OO2
I '4~~NJ.OOI(l)Ol"';";:;." 03,)1 ~ DOC

P~el1(lf13