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PROJC00342
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PROJC00342
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Last modified
10/28/2011 3:11:08 PM
Creation date
10/6/2006 12:06:06 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150145
Contractor Name
Spring Dale Ditch Company
Contract Type
Loan
Water District
64
County
Logan
Bill Number
MC3
Loan Projects - Doc Type
Feasibility Study
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<br />Financial Plan <br /> <br />The total cost of the project is $135,000. $121,500 or 90% may <br />come from a loan with the Colorado Water Conservation Board, and <br />the remainder from the project sponsor, SDC. The CWCB Loan <br />Application is found in Appendix B. <br /> <br />The SDC is in fair financial condition, see financial reports <br />found in Appendix C. <br /> <br />A $121,500 CWCB loan at 2.75% interest over a 30-year repayment <br />period would calculate to an annual payment of approximately <br />$6,000. The loan payment of $6,000 amounts to an additional <br />assessment of $7.22 per share or approximately $1.71 per acre <br />foot diverted by the 43 SDC wells. The $7.22 will be added to the <br />existing share assessment of $40.00 bring the UPBCC yearly <br />assessment to $47.22 per share. This increase will stay in effect <br />throughout the duration of the loan. The increased assessment <br />will bring in the extra revenue needed to cover the CWCB payment. <br />This financial analysis should stay consistent over the period of <br />the CWCB debt retirement. <br /> <br />Collateral <br /> <br />1. The SDC can offer a collateral interest in assessments <br />collected from its shareholders backed by an assessment covenant. <br /> <br />2. The SDC can offer as collateral the project itself. <br /> <br />Institutional Considerations <br /> <br />The SDC needs authorization to borrow $121,500 from the CWCB <br />Construction 2und. The loan, if approved, from the CWCB will be <br />contingent upon the successful negotiation of a contract between <br />the CWCB and the SDC. Agreements with contractors will be <br />finalized upon authorization of the CWCB loan. <br /> <br />Opinion of Feasibility <br /> <br />The selected alternative is technically and financially feasible. <br />There are no known roadblocks which would keep the SDC from <br />successfully completing this project. <br /> <br />feasibility Study <br />springdale Ditch Company <br />Augmentation Project <br />May 2003 <br /> <br />8 <br />
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