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~ C"') : C": ~ ~ ~ ~ I , ~ i J i gj 11 ~ , , , Executive Summary Page 3 In addition to defining the general physical aspects of the project, WSWP conducted an in depth review of the staging of the Project and those supporting elements which should be included in the project configuration and financing. The project has been divided into three phases. A Pre-design Phase (Phase 1) of up to three years for various technical, environmental and permitting tasks to be completed under the guidelines of the Federal Energy Regulatory commission, a Design Phase (Phase 2) of up to two years and a construction Phase (Phase 3) of approximately three years. During Phase 1 the final mix of water resource and power resource elements is to be determined. Depending upon certain variables inclUding financing method, interest rate if debt financed, regulatory requirements and final design, the ultimate cost is estimated at $1,700,000,000 to $2,000,000,000 in 1996 dollars. Included in the Project costs, all funded by private capital, are funds allocated for the following specific uses: 1. Recreational Facilities - Campgrounds, boat docks, ramps, hiking trails, tailwater rafting facilities, fisherman access 2. wildlife Facilities & Mitiaation - Facilities and mitigation including fisheries development and endangered species mitigation 3. Archeoloaical Facilities - Evaluation and relocation of affected artifacts and petroglyph panels and construction of a cultural resource center and visitor center. WSWP is presently negotiating with several interested groups for the use of the water and power and institutional investors to furnish the pre-Design funding. The permanent financing, subject to the successful outcome of the pre-Design studies, will be funded by equity or debt through a private placement or an initial pUblic offering to institutional investors. several joint ventures are under consideration. Effective May 1, 1995, WSWP began operating under a Federal Energy Regulatory commission Preliminary Permit which provides guidance for the development of this project.