TC Ord. No. 2010-08 Consenting to Improvements of the Eagle County Energy Smart Local Improvement District Within the TOATOWN OF AVON, COLORADO
ORDINANCE NO. 10 -08
SERIES OF 2010
AN ORDINANCE CONSENTING TO IMPROVEMENTS OF THE
EAGLE COUNTY ENERGY SMART LOCAL IMPROVEMENT
DISTRICT WITHIN THE TOWN OF AVON
WHEREAS, pursuant to part 6 of article 20 of title 30, Colorado Revised Statutes ( "Act "),
Eagle County has authorized the Eagle County Energy Smart Local Improvement District
( "EE /RE District "), a local improvement district for the purpose of encouraging,
accommodating, and financing energy efficiency improvements and renewable energy
improvements; and
WHEREAS, Eagle County desires to encourage, accommodate and provide financing for
energy efficiency and renewable energy by and through the EE /RE District improvements,
( "EE /RE ") pursuant to the Act for the .purpose of accomplishing the improvements, including
paying all costs necessary and incidental thereto; and
WHEREAS, the Town Council of the Town of Avon, Colorado, ( "Town ") finds that consent
to inclusion of properties within the Town of Avon in the EE /RE District will promote the goals
in the Avon Comprehensive Plan related to energy conservation and sustainability; and
WHEREAS, Colorado Revised Statute §30- 20- 603(1)(a) authorizes municipalities to grant
consent by ordinance for improvements by a county authorized local improvement district within
the boundaries of such municipality; and
WHEREAS, approval of this Ordinance on first reading is intended only to confirm that the
Town Council desires to comply the requirements of the Avon Home Rule Charter by setting a
public hearing in order to provide the public an opportunity to present testimony and evidence
regarding the application and that approval of this Ordinance on first reading does not constitute
a representation that the Town Council, or any member of the Town Council, supports, approves,
rejects, or denies this ordinance;
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO the following:
Section 1. Recitals Incorporated. The above and foregoing recitals are incorporated herein
by reference and adopted as findings and determinations of the Town Council.
Section 2. Consent Granted. Subject to the provisions for future consent set forth below
in Section 3, the Town Council of the Town of Avon hereby consents, as provided in §30-20 -
603(1)(a), Colorado Revised Statutes, as amended, to energy efficiency and renewable energy
systems and improvements being installed upon any private property within the Town of Avon,
through Eagle County's Energy Smart Local Improvement District, pursuant to the Act, in order
Ord No 10 -08 Eagle County EE /RE Improvement District Consent
May 5, 2010
Page 1 of 3
that owners of properties located anywhere within the Town may voluntarily agree to participate
in the District's program.
Section 3. Repeal of Consent. The Town Council may repeal the consent of the Town for
additional EE /RE Improvements by ordinance. Any such repeal shall not affect the validity of
consent granted by the Town for specific projects.
Section 4. Actions Authorized. The officers of the Town of Avon may shall take such
other steps or actions necessary or reasonably required to carry out the terms and intent of this
Ordinance and Consent.
Section 5. Severability. If any provision of this Ordinance, or the application of such
provision to any person or circumstance, is for any reason held to be invalid, such invalidity shall
not affect other provisions or applications of this Ordinance which can be given effect without
the invalid provision or application, and to this end the provisions of this Ordinance are declared
to be severable. The Town Council hereby declares that it would have passed this Ordinance and
each provision thereof, even though any one of the provisions might be declared unconstitutional
or invalid. As used in this Section, the term "provision" means and includes any part, division,
subdivision, section, subsection, sentence, clause or phrase; the term "application" means and
includes an application of an ordinance or any part thereof, whether considered or construed
alone or together with another ordinance or ordinances, or part thereof, of the Town.
Section 6. Effective Date. This Ordinance shall take effect seven days after public notice
following final passage in accordance with Section 6.4 of the Avon Home Rule Charter.
Section 7. Safety Clause. The Town Council hereby finds, determines and declares that this
Ordinance is promulgated under the general police power of the Town of Avon, that it is
promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary
for the preservation of health and safety and for the protection of public convenience and
welfare. The Town Council further determines that the Ordinance bears a rational relation to the
proper legislative object sought to be obtained.
Section 8. Publication by Posting. The Town Clerk is ordered to publish this Ordinance by
posting notice of adoption of this Ordinance on final reading by title in at least three public
places within the Town and posting at the office of the Town Clerk, which notice shall contain a
statement that a copy of the ordinance in full is available for public inspection in the office of the
Town Clerk during normal business hours.
INTRODUCED, APPROVED, PASSED ON FIRST READING, ORDERED POSTED
AND REFERRED TO PUBLIC HEARING and setting such public hearing for May 25, 2010
at the Council Chambers of the Avon Municipal Building, located at One Lake Street, Avon,
Colorado, on May 11, 2010.
Ord No 10 -08 Eagle County EE /RE Improvement District Consent
May S, 2010
Page 2 of
Published by posting in
Clerk at least seven days
ioX to
WN OF
.2
1c
jZonald C. Wolfe, Mayor
in Town and posting at the office of the Town
the Town Council.
6 APP VED AS TO F
_ O
Eric Heil, Town Attorney
'ROVED, AND PASSED ON SECOND READING, AND
ORDERED PUBLISHED BY POSTING on Ma 25, 2010.
nbe. onald C. Wolfe, Mayor
Published b t least three public places in Town and posting by title at the
office of the
Ord No 10 -08 Eagle County EE /RE Improvement District Consent
May 5, 2010
Page 3 of 3
Catherine Haynes
From:
Sally Vecchio
Sent:
Wednesday, May 26, 2010 1:40 PM
To:
Catherine Haynes
Cc:
Patty McKenny
Subject:
Ord 10 -08 Renewable Engery District Ord 5 -5 -10 (2).doc
Attachments:
Ord 10 -08 Renewable Engery District Ord 5 -5 -10 (2).doc
Revised Ordinance 10 -08, passed by TC last night. I removed Section 3 and renumbered the document, pursuant to
Council direction at last night's meeting.
Thanks, Sally
r
Memo
• To: Honorable Mayor and Town Council and the Initials
Thru: Larry Brooks, Town Manager
Eric Heil, Town Attorney
From: Sally Vecchio, Asst Town Mgr/ Comm Deve
Date: May 5, 2010
Re: Participation in the Eagle County Energy Smart Local Improvement District
Summary:
At the request of Council, the town attorney has prepared the attached ordinance consenting to include
properties within the Town of Avon in the Eagle County Energy Smart Local Improvement District.
This is the first reading of Ordinance 10 -08 Consenting to Improvements of the Eagle County Energy Smart
Local Improvement District within the Town of Avon.
Background:
The Energy Smart Loan Program (the "Program ") was approved by the voters of Eagle County in
November, 2009. The Program allows Eagle County to offer qualified property- owners in the Limited
Improvement District special financing for energy efficient and /or renewable energy improvements. Loan
repayments are collected through special assessments on a participant's property taxes.
•Although the Limited Improvement District has been established in unincorporated Eagle County, towns
within Eagle County wishing to participate in the Program must opt -in by passing an ordinance agreeing to
include the jurisdiction with the District.
Currently the Program is only available for residential properties; and only for existing homes and not new
construction. The attached Energy Smart Plan handout from the County provides specific Program details
on eligible properties, eligible improvements, enrollment terms, and loan repayment terms.
Discussion:
Eagle County voters approved the formation of a County -wide Local Improvement District for energy
efficiency and renewable energy production projects Eagle County last November. C.R.S. §30 -20 -603
provides that the County is authorized to construct improvements within a municipality only if the municipality
grants consent by ordinance. Ordinance 10 -08 establishes a general consent for the program, but provides
that consent for specific projects shall be provided by resolution so that the Town can monitor the program.
Also, this approach avoids providing an open -ended consent to improvement projects which are not yet
defined. Town review of specific projects is anticipated to be very limited and approval of specific projects is
anticipated to be included on the consent agenda. Ordinance 10 -08 also includes a provision which allows
the Town to withdraw the general consent for the program by ordinance.
Town Manager Comments:
•
TOWN OF AVON, COLORADO
ORDINANCE NO. 10 -08
SERIES OF 2010
AN ORDINANCE CONSENTING TO IMPROVEMENTS OF THE
EAGLE COUNTY ENERGY SMART LOCAL IMPROVEMENT
DISTRICT WITHIN THE TOWN OF AVON
WHEREAS, pursuant to part 6 of article 20 of title 30, Colorado Revised Statutes ( "Act "),
Eagle County has authorized the Eagle County Energy Smart Local Improvement District
( "EE /RE District "), a local improvement district for the purpose of encouraging,
accommodating, and financing energy efficiency improvements and renewable energy
improvements; and
WHEREAS, Eagle County desires to encourage, accommodate and provide financing for
energy efficiency and renewable energy by and through the EE/RE District improvements,
( "EE/RE ") pursuant to the Act for the purpose of accomplishing the improvements, including
paying all costs necessary and incidental thereto; and
WHEREAS, the Town Council of the Town of Avon, Colorado, ( "Town ") finds that consent
to inclusion of properties within the Town of Avon in the EE /RE District will promote the goals
in the Avon Comprehensive Plan related to energy conservation and sustainability; and
Q
C7
WHEREAS, Colorado Revised Statute §30- 20- 603(1)(a) authorizes municipalities to grant •
consent by ordinance for improvements by a county authorized local improvement district within
the boundaries of such municipality; and
WHEREAS, approval of this Ordinance on first reading is intended only to confirm that the
Town Council desires to comply the requirements of the Avon Home Rule Charter by setting a
public hearing in order to provide the public an opportunity to present testimony and evidence
regarding the application and that approval of this Ordinance on first reading does not constitute
a representation that the Town Council, or any member of the Town Council, supports, approves,
rejects, or denies this ordinance;
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF AVON, COLORADO the following:
Section 1. Recitals Incorporated. The above and foregoing recitals are incorporated herein
by reference and adopted as findings and determinations of the Town Council.
Section 2. Consent Granted. Subject to the provisions for future consent set forth below
in Section 3, the Town Council of the Town of Avon hereby consents, as provided in §30-20 -
603(1)(a), Colorado Revised Statutes, as amended, to energy efficiency and renewable energy
systems and improvements being installed upon any private property within the Town of Avon,
through Eagle County's Energy Smart Local Improvement District, pursuant to the Act, in order
Ord No 10 -08 Eagle County EE /RE Improvement District Consent is
May 5, 2010
Page 1 of 3
that owners of properties located anywhere within the Town may voluntarily agree to participate
• in the District's program.
Section 3. Future Consent. Future consent shall be required for each specific project for
EE /RE Improvements within the Town of Avon which may be approved by Town Council by
resolution. The Director of Community Development is authorized to determine the required
information to be submitted to the Town for consent of a specific project. The Town Council
may withhold consent for a specific project where the Town Council finds a project proposes
excessive debt obligation or tax burden or may diminish the ability of a property to discharge
existing financial obligations to other public entities including but not limited to the Town of
Avon.
Section 4. Repeal of Consent. The Town Council may repeal the consent of the Town for
additional EE /RE Improvements by ordinance. Any such repeal shall not affect the validity of
consent granted by the Town for specific projects.
Section 5. Actions Authorized. The officers of the Town of Avon may shall take such
other steps or actions necessary or reasonably required to carry out the terms and intent of this
Ordinance and Consent.
Section 6. Severability. If any provision of this Ordinance, or the application of such
provision to any person or circumstance, is for any reason held to be invalid, such invalidity shall
not affect other provisions or applications of this Ordinance which can be given effect without
• the invalid provision or application, and to this end the provisions of this Ordinance are declared
to be severable. The Town Council hereby declares that it would have passed this Ordinance and
each provision thereof, even though any one of the provisions might be declared unconstitutional
or invalid. As used in this Section, the term "provision" means and includes any part, division,
subdivision, section, subsection, sentence, clause or phrase; the term "application" means and
includes an application of an ordinance or any part thereof, whether considered or construed
alone or together with another ordinance or ordinances, or part thereof, of the Town.
Section 7. Effective Date. This Ordinance shall take effect seven days after public notice
following final passage in accordance with Section 6.4 of the Avon Home Rule Charter.
Section I Safety Clause. The Town Council hereby finds, determines and declares that this
Ordinance is promulgated under the general police power of the Town of Avon, that it is
promulgated for the health, safety and welfare of the public, and that this Ordinance is necessary
for the preservation of health and safety and for the protection of public convenience and
welfare. The Town Council further determines that the Ordinance bears a rational relation to the
proper legislative object sought to be obtained.
Section 9. Publication by Posting. The Town Clerk is ordered to publish this Ordinance by
posting notice of adoption of this Ordinance on final reading by title in at least three public
places within the Town and posting at the office of the Town Clerk, which notice shall contain a
• Ord No 10 -08 Eagle County EE/RE Improvement District Consent
May 5, 2010
Page 2of3
it
statement that a copy of the ordinance in full is available for public inspection in the office of the
Town Clerk during normal business hours. •
INTRODUCED, APPROVED, PASSED ON FIRST READING, ORDERED POSTED
AND REFERRED TO PUBLIC HEARING and setting such public hearing for May 25, 2010
at the Council Chambers of the Avon Municipal Building, located at One Lake Street, Avon,
Colorado, on May 11, 2010.
Ronald C. Wolfe, Mayor
Published by posting in at least three public places in Town and posting at the office of the Town
Clerk at least seven days prior to final action by the Town Council.
ATTEST: APPROVED AS TO FORM:
Patty McKenny, Town Clerk Eric Heil, Town Attorney
INTRODUCED, FINALLY APPROVED, AND PASSED ON SECOND READING, AND
ORDERED PUBLISHED BY POSTING on May 25, 2010.
Ronald C. Wolfe, Mayor
•
Published by posting by title in at least three public places in Town and posting by title at the
office of the Town Clerk.
ATTEST:
Patty McKenny, Town Clerk
Ord No 10 -08 Eagle County EE/RE Improvement District Consent •
May 5, 2010
Page 3 of 3
0
Energy Smart Draft Plan
March 2, 2010
In November 2009, the voters of Eagle County approved Referendum 1 A to develop the Energy Smart
Loan Program. This approval allows Eagle County to offer financing for energy efficiency and/or
renewable energy improvements, and payments are collected on participating properties through special
assessments upon their property taxes. The program is voluntary and only affects property owners
choosing to participate.
Eagle County Staff has researched other similar Property Assessed Clean Energy (PACE) programs in
existence across the country and has developed the following draft for public review and input.
Comments are encouraged and requested prior to March 24, 2010 and can be forwarded via email to
• adam.palmer ,eaglecountyus .
The recommended eligibility, eligible measures, process, special assessment terms, and details are as
follows for the Energy Smart program start up:
Participants must be property owners in Eagle County, Colorado. Also while the goal of the program is
to expand to commercial properties, currently the program will only be available to residential
properties. Any property that defaulted on property tax and /or special assessment payments within the
past 3 years is not eligible.
Energy Efficiency (EE)
• INSULATION AND AIR SEALING UPGRADES
• BOILER OR FURNACE REPLACEMENT
• DOOR AND /OR WINDOW REPLACEMENT
• PROGRAMMABLE THERMOSTATS*
• TECHNICAL ENERGY AUDIT*
• • INSULATING WINDOW SHADES /SHUTTERS*
4
*since these are typically smaller cost items, most cases these items would only be eligible if
incorporated with other eligible measures totaling over the proposed $3, 000 minimum participation
requirement. •
Renewable Energy (RE)
• SOLAR PHOTOVOLTAIC SYSTEMS
• SOLAR THERMAL SYSTEMS
• SMALL WIND ( <20 KW) SYSTEMS
• PELLET OR WOOD CHIP BOILERS /FURNACES
• GEOTHERMAL /GROUND SOURCE HEAT PUMP SYSTEMS
See attached performance standards document associated with proposed eligible measures.
PROCESS:
A key component of the Energy Smart Loan Program (ESLP) is that it provides for rolling enrollment,
instead of a pre - defined sign -up deadline. So whenever a homeowner is ready to make the proposed
energy efficiency or renewable energy improvements eligible under the program, they may do so at any
time as long as funds are available. This process allows for much better accessibility to the public,
scheduling and capacity for contractors, and more manageable program administration. The proposed
homeowner process would include the following:
1. Complete a free energy audit on the home through Holy Cross Energy. This is a
requirement for all participating homes within the Holy Cross service territory. For •
homes outside the Holy Cross service territory, a home energy audit is highly
recommended but not required.
2. Acquire bids for the work to be completed on the home, select contractor to perform the
work. Eagle Valley Home Builders Association will provide lists of local contractors
who can perform the proposed scope of work.
3. Submit an application online or in person which includes a signed contract between
owner and contractor, and a copy of the energy audit. A $100 non - refundable fee is paid
along with the application to help cover some administration costs and eliminate projects
not intending to move forward within the proposed 90 day limit of project completion
from unnecessarily allocating funds.
4. The owner is given a notice to proceed which states their project is eligible for ESLP
funding and payment will be issued upon completion.
5. The owner submits a statement of completion and a copy of the final inspection by the
relevant local authority, based upon existing building department practices. This
statement clearly states that the work is complete and the owner is satisfied with the
improvements made by the contractor. For improvements which do not require
permitting within the underlying jurisdiction, an inspection will be performed by a
representative of the ESLP to ensure that the proposed scope of work has been •
completed on the subject property.
w
6. Payment is forwarded directly to the contractor named on the application in the
contracted amount.
• 7. The cost of the improvement is attached to the subject property by Eagle County as a
special assessment and amortized over 15 years. The first payment due on the
assessment would be on the following year's tax notice. The assessment can be paid in
two halves as with the primary property tax amount, in full for the annual amount due, or
the entire assessment may be paid off at any time without prepayment penalty. If the
property ownership changes, the assessment lies with the land unless the remaining
balance is paid off in its entirety.
The target loan package is a 15 -year term with a fixed 5% interest rate. The interest rate covers
associated administration costs of the program, as well as provides a return on the Eagle County
Treasurer's investment of securities into the program. This investment does not affect the general fund
nor reserve funds. It is proposed that the program is to begin with $1,000,000 available to eligible
homeowners. A minimum limit of $3,000 and a maximum limit of $50,000 is proposed per
participating property.
Staff is concurrently pursuing other funding options for the program should demand exceed the
$1,000,000. One is a partnership with local banks to provide financing for the program through a long
term low interest line of credit to Eagle County which it would then administer to participating property
owners. Other larger scale opportunities exist in the form of low interest bonds; however, bonding only
• makes sense in a larger multiple- county framework which is currently not an option. The current goal to
launch the program is to start small, utilizing available funding sources, and grow the program as it is
warranted.
• While the Limited Improvement District has been established in unincorporated Eagle County to
participate in the program, Towns within Eagle County wishing to participate must opt -in by
passing a town ordinance for property owners within their jurisdiction to participate in the
program. A generic sample draft ordinance is attached, as is a draft list of eligible measure
minimum performance standards.
• Deed restricted homes can participate but cannot include over base appreciation unless entirely
paid off before time of sale.
• Condominium owners are eligible with appropriate authorization from their Home Owners
Association, if necessary, for improvement measure(s).
• Do- it- yourselfers may participate but only for materials, not time.
• The program is eligible for existing homes only; not new construction.
•
• Contractors in compliance with relevant professional regulations within the underlying
jurisdiction are eligible to provide services in the Energy Smart Loan Program. A 3 -year
k
minimum warrantee on materials and workmanship is required for participating contractors.
This will be clearly stated on the signed contract between the owner and contractor submitted
prior to loan initiation. •
• Any solar rebates will be allocated to the loan buy down prior to the special assessment being
finalized. It is the full responsibility of the owner to complete any paperwork necessary for the
issuance of such rebates. In no case will solar rebates be issued directly to the owner or
contractor for projects participating in the ESLP.
• Any applicable IRS tax credits available to property owners for improvements completed under
the ESLP will be the full responsibility of the owner and will not be addressed in any way by the
ESLP.
• Energy use of participating properties would be monitored by local utility districts to
demonstrate general energy use trends before and after participation in the program. No
personal use information would be shared without express written consent of the property owner
or representative.
• All eligible measures are subject to all applicable existing regulations and permitting processes
of the applicable permitting authority of the subject property.
• The listing of eligible measures does not constitute a warranty of any kind. While the eligible
measures are expected to have positive returns on investment and generate positive cash flow
within the term of the special assessment, the Energy Smart Loan Program can not guarantee
energy or cost savings associated with these measures. •
•
•
•
All eligible measures are subject to all applicable existing regulations and permitting processes. Payment will be made to the contractor upon
final inspection by the relevant local authority, based upon exisitng building department practices. Contractors in compliance with relevant
professional regulations are eligible to provide services in the Energy Smart Loan Program. The listing of eligible members does not constitute a
warranty of any kind, nor does the Energy Smart Loan Program guarantee energy or cost savings associated with these measures.
Air Sealing
measures should result in final ACH of .35
Dud Sealing
mastic only
Whole House Fan
Must have controls (thermostat or timer, multi- speed). Fan opening must be
properly insulated and sealed in winter.
Attic Fan
Must have controls (thermostat or timer, multi- speed). Fan opening must be
properly insulated and sealed in winter. May be solar-powered.
Heat Recovery Ventilator
Must meet Energy Star criteria, no integral electric resistance heater.
Attic
R -49 minimum required in open attic; cathedral ceilings will vary.
Wall
R -22 minimum
Floor
R -38 minimum
Ducts
Perimeter
R -8 minimum
R -10 minimum
Crawls ace
Sealed seam and edge vapor barrier. R -10 minimum wall insulation
High Efficiency Furnace
AFUE >= 95 %
Boiler
AFUE >= 93 %
Ground Source Heat Pump
Closed loop only. Must meet Energy Star: EER >14.1, COP > =3.3. Installer must be
IGSPHA certified.
Programmable Thermostats
installed per manufacturer's specifications
Evaporative Cooling
On- Demand ankless
Fixtures ballasts
installed per manufacturer's specifications
Energy Factor of 0.82 or higher (Energy Star listed)
Hard wired electronic ballasts only
Timers & Sensors
Must be hardwired to electrical service
Home Energy Monitor
Must be hardwired to electrical service
Window Repair
Reglazing and repair of historic, old growth windows, does not include coatings or
finishes.
Exterior windows and glass doors
Replacements. U .30 maximum
Storm windows
Window Film
Insulating shutters or blinds
Weatherstripping required. Total window assembly of U <0.30
Must meet Energy Star criteria
R -5 minimum for shutters, R -3 for blinds, proper installation required
Insulating exterior doors
U -32 minimum
Solar Hot Water
Sky li hts
Renewable
Replacements only. U.32 minimum
Energy Measures
Must be rated by the Solar Rating and Certification Corportation. R -4 minimum
for insulation on collector pipes. NABCEP /COSEIA certified installer.
Solar Photovoltaics
NABCEP/COSEIA certified installer.
Small Wind
Pellet Stoves /Boilers
Pellet Stoves Boilers
Minimum 75% efficiency, 2 rams /hr or less particulate rating
All eligible measures are subject to all applicable existing regulations and permitting processes. Payment will be made to the contractor upon
final inspection by the relevant local authority, based upon exisitng building department practices. Contractors in compliance with relevant
professional regulations are eligible to provide services in the Energy Smart Loan Program. The listing of eligible members does not constitute a
warranty of any kind, nor does the Energy Smart Loan Program guarantee energy or cost savings associated with these measures.
Boiler or Furnace
Cost
Source Gas Re
Initial Out of P
Investment Tax
Total Cost
r $ 5,500.00
bate _ $ (300.00)
Po
Improvement Cost Loan Terms
Cost Savings
Net Present Value
NPV - Cost Savings Only _ S% $ 7,716.73
NPV - with Loan Payments 5% $ 4,159.98
Interest Rate 5.00%
Amortization 15
Requested Loan Amount 1 $ 3,700.00
Annual Payment $ 356.47
Income Tax Bracket 25%
Year 1 Cost Savings
$ 350.00
Savings Escalator
4.00%
Loss of Efficiency
0.02%
Cost
3.98%
$ 5,200.00
Credit
30%
($1,500)
$ 3,700.00
Net Present Value
NPV - Cost Savings Only _ S% $ 7,716.73
NPV - with Loan Payments 5% $ 4,159.98
Interest Rate 5.00%
Amortization 15
Requested Loan Amount 1 $ 3,700.00
Annual Payment $ 356.47
Income Tax Bracket 25%
Year 1 Cost Savings
$ 350.00
Savings Escalator
4.00%
Loss of Efficiency
0.02%
Year Increase Cost Savings
1
$ 350.00
2
4.00%
$ 364.00
3
3.98%
$ 378.50
4
3.97%
$ 393.52
5
3.95%
$ 409.07
6
3.94%
$ 425.17
7
3.92%
$ 441.84
8
3.90%
$ 459.09
9
3.89%
$ 476.94
10
3.87%
$ 495.41
11
3.86%
$ 514.51
12
3.84%
$ 534.27
13
3.82%
$ 554.70
14
3.81%
$ 575.82
15
3.79%
$ 597.65
16
3.78%
$ 620.22
17
3.76%
$ 643.54
18
3.74%
$ 667.64
19
3.73%
$ 692.53
20
3.71%
$ 718.23
21
3.70%
$ 744.78
22
3.68%
$ 772.19
23
3.66%
$ 800.48
24
3.65%
$ 829.68
25
3.63%
$ 859.82
• • 40
Payback Model
Beg Loan Interest Income Tax
Balance Loan Pmt Amount Savings Cash Flow
$
$
I $
$
$
$
$
$__2,303.92
3,70_0.0_0
3,528.53
3,348.49_
3,159.45
2,960.96
2,752.54
2,533.70
$
$
$_
I $
$
_ (356.47)
(356.47)
(356.47)1
(356.47)
(356.47)
$
185.00
$
46.25
$
39.78
$ 176.43
$ 44.11
$
51.64
$ 167.42
1 $ 41.86
$
63.89
$ 157.97
$ 39.49
$
76.55
$ 148.05
$ 37.01
$
89.62
$ _ (356.47)1
$ (356.47)
$ (356.47)
$ 137.63
$ 34.41
$
103.11
$ 126.69
$ 31.67
$
117.05
$ 115.20
$ 28.80
$
131.42
$ _
$
$
$
$ _
$
$
$ -
$
_2,062.65
1,809.31
1,543.3_1
11264.01
970.75
662.82
339.49
-
-
$ ___
$
$
$
II $
(356.47)
_ (356.47)
(356.47)
(356.47)
(3_56.47)
$
103.13
$
25.78
$
146.26
$ 90.47
$ 22.62
$
161.56
$ 77.17
$ 19.29
$
177.33
$ 63.20
$ 15.80
$
193.60
$ 48.54
$ 12.13
$
210.36
_
t $ (356.47)
$ (356.47)
-$ -- -
$ -
$ 33.14
$ 8.29
$
227.64
$ 16.97
$ 4.24
$
245.43
$ -
$ -
$
620.22
$ -
$ -
$
643.54
$
$
-
$
-
$
667.64
$
$
--
- -- -
$
-
$
$
_
$
692.53
$ - -
$ -
$ -
$
718.23
$
-
$
-
$
-
$
-
$
744.78
$
-
$
$
-
$
-
$
772.19
$
$-
$- -
$ --
-
- --
$
-
$
-
$
800.48
$ -
$ -
$
829.68
$ --
-- -
$
-
$
-
$
-
$
859.82