C150143 Feasibility Study - Laserfiche WebLink

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Job number 03903 l1IJ'IT'OC ENGINEERING & SURVEYING COMPANY April 29. 2003 Willow Heights Irrigation Company Feasibility Study for Reconstruction of the Irrigation System. ewes funding. Permitting All easements and rights of way have been arranged for from Hotchkiss Public Works. Institutional Considerations Entities that are, or may be, involved in the design, construction, and financing of the project include: WHIC; Preliminary design, project management. Ute Engineering; Final engineering and consulting. Colorado Water Conservation Board (eWeS); financing and construction, WHIC will be the lead for the financing, design, and construction of the project and will be the entity entering into contracts and agreements with the various entities for the services provided by each. Financial Analysis Several entities will be involved in financing the estimated total project cost of $115,000. The WHIC is applying for a loan from the CWCS in maximum amount of 5103,500.00, to accommodate the 90% Company cost share. The actual or estimated amounts by entity are given in Table 2. Table 2. Sources of Funding Enlily Granl Loan Percell I Parlidnalion CWCB SO SI03.500.00 90% WH!C SO S 11.500.00 10% TOlals SO SI15.000.00 100% The WHIC will cover any costs that exceed the estimated project cost. The WHIC is requesting a 3D-year loan from the CWCS. The standard agricultural lending rate would be 3.75%, resulting in annual payments of 55805. To this would be added $581.00 per year for the first 10 years to fund the emergency reserve account, for a total annual cost of $6386. Table 3 is a summary of the financial aspects of the project. Annual assessments will increase from $65.00 per share, up to 5110 per share. And to $120 per share if necessary.This represents an annual assessment increase of $45. or 525 per acre-foot, based on WHIC's share of average annual diversions of 257 acre-feet. Page 11 01'13