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<br />. <br /> <br />Permittinq <br /> <br />All easements and rights of way have been arranged for. <br /> <br />The Company expects to be exempt from 404 permitting by Statutory <br />exemption, 33 CFR Section 323.4(a)3. This will be confirmed with <br />the Omaha District, Army Corps of Engineers. <br /> <br />. <br /> <br />Financia1 P1an <br /> <br />The total cost of the project is $353,981. $318,583 or 90% may <br />come from a loan with the Colorado Water Conservation Board, and <br />the remainder from the project sponsor, SIC. The CWCB Loan <br />Application is found in Appendix D. <br /> <br />The SIC is in strong financial condition, and currently has no <br />long term debt outstanding. <br /> <br />. <br /> <br />A $318,583 CWCB loan at 3.75% interest over a 30-year repayment <br />period would calculate to an annual payment of $17,275.80. The <br />loan payment of $17,275.80 amounts to an additional assessment of <br />$13.39 per share or approximately $0.73 per acre feet diverted. <br />The $13.39 will be added to the existing share assessment of <br />$40.00 bring the SIC yearly assessment to $53.39 per share. This <br />increase will stay in effect throughout the duration of the loan. <br />The SIC currently brings in approximately $48,000 a year and <br />spends on an average $41,000 a year. 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 />. <br /> <br />. <br /> <br />The SIC will increase it's share assessment to raise the <br />Company's portion of the project cost. The SIC currently has <br />approximately $5300 set aside for this project leaving $30,000 <br />that will need to be raised. This amount will come from an <br />increase of $23.26 in the 1999 SIC assessment. This increase will <br />be only for the one year, 1999. This increase could be spread out <br />over two years, $11.63 per year, depending on when the SIC <br />portion has to be paid. The SIC would not be required to make a <br />loan payment until January of 2001, one year after completion of <br />the project, thus allowing the SIC to use 1999 and 2000 as years <br />to raise money for their portion of the project cost. This two- <br />year plan would be used only with the permission of the CWCB. <br /> <br />Feasibility Study <br />Sterling Irrigation Company Diversion Structure <br />August 1998 <br /> <br />10 <br /> <br />a <br />