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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 />have been obtained from the Farm Service Agency and the Upper Yampa Water <br />Conservancy District. The Corporation is presently applying for a loan from the CWCB <br />and for a grant from the Colorado River Water Conservation District. The actual or <br />estimated amounts by entity are given in Table 3. <br /> <br />Table 3. Sources of Funding <br /> <br />Entity Grant Loan Percent Participation <br />CRWCD $20,000* 11% <br />CWCB $50,000 27% <br />FSA $8,000 4% <br />UYWCD $105,046** 57% <br />Totals $133,046 $50,000 $183,046 <br /> <br />* Amount applied for. <br />** Actual amount will depend upon final costs of construction. <br /> <br />The actual amount of the grant from the UYWCD will depend upon the constructed cost <br />of the project. The District has indicated that it will cover any costs which exceed the <br />combined total of the grants from other entities and the loan from the CWCB. A letter <br />from the District to that effect is included in Appendix F. <br /> <br />For the CWCB portion of the financing, the Smith Ditch Corporation is requesting a 20- <br />year loan for $50,000 from the Small Project Loan Account of the Construction Fund. <br />The 1997 lending rate for a 20-year agricultural loan is 3.5 percent resulting in annual <br />payments of about $3,500. <br /> <br />Since all other funding for the project is in the form of grants, the Corporation would <br />have no other debt service. If operating and rnaintenance costs are approximately $500 <br />per year, total annual expenditures would amount to about $4,000 or about $3.30 per <br />acre-foot of average annual yield. <br /> <br />As security for the loan, the Corporation will pledge revenues from assessments and a <br />certificate of deposit equivalent to one annual payment. <br /> <br />9. Economic Analysis <br /> <br />The following economic analysis is based on a comparison of benefits and costs with and <br />without the project. The Division 6 Engineer's Office has estimated that irrigated <br />production of feed crops (grass hay and alfalfa) amounts to about 2.5 to 3.0 tons per acre <br />below the Smith Ditch and that non-irrigated production would amount to about 0.5 tons <br />per acre. <br /> <br />9 <br />