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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />The total cost of Alternative No. 2 is $103,330, based upon 1982 <br />dollars. The construction of the service spi llway is such that the <br />constructi on shou 1 d be performed when the water level is as low as <br />possible. Therefore, the construction work should be performed after <br />the irrigation season, probably late summer or early fall. Based upon <br />the need to obtain loan approval from CWCB, complete the final design <br />and obtain approvals from the State Engineer's Office, construction <br />cannot begin before the summer of 1983. <br /> <br />B. Economic Evaluation <br /> <br />Fuchs Ranches, Inc. is prepared to pay for 50 percent of the <br />total construction cost of Alternative No.2 which is $51,665. The <br />remaining 50 percent of the project costs, or $51,665, would be <br />supplied by an advance from CWCB with repayment over 35 years with a <br />5 percent yearly service charge. The annual payment by Fuchs Ranches <br />to CWCB for the advance of $51,665 for 35 years with a 5 percent <br />service charge is $3,155 per year. Fuchs Ranches have a number of 35 <br />acre parcels of land they intend to sell to meet the financial <br />commitments of their share of the construction costs and repayment of <br />the loan. <br /> <br />- VII I -2 - <br />