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<br />L.."' <br />.-4 <br />~ <br /> <br />Agenda Item 7 <br />May 3, 1989 <br /> <br />c <br /> <br />has concurred in this approach by way of a <br />telephone conference call among themselves <br />on March 14. The net effect is that the <br />CWCB and Authority will each provide $2.8 <br />million for Ridges Basin Dam, assuming that <br />$2.8 million is forthcoming to the <br />Authority under section 37-60-121(6), CRS. <br />If the Authority never receives any money <br />(i.e., 37-60-121(6) is repealed), then the <br />entire $5.6 million will have come out of <br />the CWCB construction fund. <br /> <br />I assume that the Authority'S board of directors will take the <br />necessary action to confirm this arrangement at one of its <br />meetings in the near future. <br /> <br />Discussion <br /> <br />The Board needs to commence negotiations with the Bureau of <br />Reclamation to enter into the necessary cost-sharing agreement <br />for the $5.6 million. I will have met informally with the <br />Durango Projects Office in this regard on May 10 and will <br />report my conversations to you at the Board meeting. <br /> <br />Tentatively, I am of the mind that the Board should propose <br />two separate agreements concerning the $5.6 million; <br /> <br />(1) Negotiate an initial agreement which covers only such <br />portion of the $5.6 million as may be needed to <br />acquire The Nature Conservancy's reverter interest in <br />the land which is needed for the reservoir for the <br />Ridges Basin Dam (explained below), and <br /> <br />(2) Thereafter, and as a separate contract, negotiate an <br />agreement covering the balance of the $5.6 million. <br /> <br />I propose this procedure because of problems which have been <br />encountered in gaining access to the property needed for the <br />reservoir basin. <br /> <br />The Nature Conservancv's Interests <br /> <br />The bulk of the reservoir site for the Ridges Basin Dam is <br />owned by the Division of Wildlife (DOW). It is referred to as <br />the Bodo property. It was acquired by DOW from The Nature <br />Conservancy in 1974. <br /> <br />The Conservancy had purchased the property from its <br />original owners with its own funds and held the property until <br /> <br />-3- <br />