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<br />Conclusions <br /> <br />1. The Tunnel Water Company is an incorporated entity in the State of Colorado with the ability <br />to enter into a contract with the CWCB for the purpose of obtaining a Construction Fund <br />loan. <br /> <br />2. The TWC must obtain a permit from the USFS to construct a construction access road off <br />State Highway 14 to the downstream portal of the Tunnel. <br /> <br />3. The project would provide for the continued delivery of irrigation water to share holders. <br /> <br />4. The total estimated cost of the project is $4.1 million and this will be financed by $3.68 <br />million in loans from the CWCB Construction Fund, and by a one time assessment of <br />$420,000 from the shareholders. <br /> <br />5. Tunnel Water Company is eligible for a loan from the CWCB Emergency Infrastructure <br />Repair Account because the project is necessary to avoid unreasonable risk of injury or <br />damage to human health or well-being or to property or crops, and because the emergency <br />condition is not the result of negligence in the operation or maintenance of the infrastructure. <br /> <br />6. The project is technically and financially feasible. <br /> <br />Tunnel Water Company <br />Laramie-Poudre Tunnel Feasibility Study <br />September 2000 (Updated December 2000) <br /> <br />Page 15 of15 <br />