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<br />Job number 03903 illJ'TI'OC ENGINEERING & SURVEYING COMPANY <br />April 29, 2003 <br />Willow Heights Irrigation Company <br />Feasibility Study for Reconstruction of the lnigation System. ewes funding. <br /> <br />Conclusions <br /> <br />1. The WHIC is an incorporated entity in the State of Colorado with the ability to enter into a <br />contract with the ewes for the purpose of obtaining a Construction Fund loan. <br /> <br />2. Rights-of Way easements exist and are adequate for the construction of this project. <br /> <br />3. The project would solve existing problems with the present system, thereby allowing WHIG <br />to provide for the continued delivery of irrigation water to share holders. <br /> <br />4. The total estimated cost of the project is $115,000 and this wiU be financed by WHIC and <br />CWCB. WHIC is applying for a $103,500 loan from the CWCB Construction Fund for the <br />amount not covered by aJrrent moneys available. <br /> <br />5. The project is technically and financially feasible. <br /> <br /> <br />SURVEYING COMPANY <br />, <br /> <br />Page 13 of 15 <br />