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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 />Agenda Item 14a. <br />May 12, 1997 (Updated May 13, 1997) <br /> <br />2 <br /> <br />The proposed project will have a capacity of 4 cfs, with an ability to supply about 8 acre feet <br />of water per day, during irrigation season. 227 acres will be served by the project. <br /> <br />On April 16, 1997 I toured the project site with the sponsors and Dennis Davidson of the NRCS. <br />An updated total project cOSt of $80K was agreed upon by all parties, "to ensure that all <br />contingencies can be covered. Based on this, I am recommending that funding consist of a $60K <br />loan from the CWCB, and $20,000 from the project sponsors. The CWCB annual loan payment <br />will be about $3,470 per year, amounting to alJout $7.64 per acre foot, assuming a 2 acre foot <br />per acre delivery rate. <br /> <br />Water delivered by the CLDI is used for irrigation of agricultural lands. The loan should thus <br />be at the "Agricultural" rate of3.75% for 30 years, as set by the CWCB November 25,1996. <br /> <br />The project sponsor needs to reconstruct the delivery laterals as soon as possible. If 1997 is as <br />dry as 1996, they will again be short of water. Delaying the project until 1998 would resuJt in <br />undue hardship on the borrower. <br /> <br />COLLATERAL <br /> <br />The CWCB can take a collateral interest in sh;lreholder assessments of the CLDI. CLDI can <br />also provide one payment in a certificate of deposit account, to be held by the State Treasurer. <br /> <br />STAFF RECOMMENDATION <br /> <br />The staff recommends: <br /> <br />1. That the Board finds that delay in the construction of a new headgate structure <br />and raw water delivery pipelines would cause undue hardship for the water..users, <br />qualifying the Chipperfield Lane Ditch, Inc. for a loan from the Small Project Loan <br />Account, and <br /> <br />2. That a Construction Fund loan in an amount of $60,000, not to exteed 75% of <br />actual project costs, be approved for tile Chipperfield Lane Ditch, Inc. to construct <br />a new headgate and raw water delivery pipelines, and <br /> <br />3. That the financing terms shall be at an annual percentage rate corresponding to <br />the "Agricultural" rate of 3.75% for a 30 year loan, as set by the CWCB November <br />25, 1996, and <br />