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C. Project Financing <br />The total project cost is estimated as follows: <br />'I. <br />Construction Cost <br />$4,764,000 <br />2. <br />Technical Services @ <br />9.2% <br />438,300 <br />3. <br />Interim Financing @ <br />6.6% <br />of Loan <br />420,000 <br />4. <br />Legal/Administrative <br />@ 1% <br />47,640 <br />5. <br />Contingencies @ 5% <br />238,200 <br />6. <br />Escalation to 1981 @ <br />15% <br />714,600 <br />TOTAL PROJECT COST $6,622,740 <br />The amount of grant.funds expected to be available is <br />$296,900. The estimated annual expenses are as follows: <br />Total Project Cost $6,622,740 <br />Grant Available 296,900 <br />TOTAL LOAN AMOUNT $6,325,840 <br />Annual Expenses <br />I. Debt Services 5% @ 38 yrs. $ 374,996 <br />2. Operation & Maintenance 265,000 <br />3. 10% Reserve 37,499 <br />TOTAL ANNUAL EXPENSES $ 677,495 <br />Approximately 600 residential connections have become <br />available since January,1979. These additional connections are <br />included in this supplement report for the project financing analysis. <br />The average monthly residential water consumption of the Gifford <br />and Mid -Florida water systems was verified at 7,928 gallons per <br />month for the Gifford area and at 6,340 gallons per month for the <br />Mid -Florida area. An average water consumption rate of 7,000 <br />DEC 51979 <br />BOOK 42 PAGE 209 <br />J <br />