C150155 Approval Letter - Laserfiche WebLink

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. ,""',<; Rio Grande end Piedra Vailey Ditch Co. Agenda Item 5a. September 22-23. 2003 (Updeted September 25, 2003) Water Riahts The source of water for the Company is direct flow water rights out of the Rio Grande River. Water diverted at the Rio Grande and Piedra Valley headgate consists of 11 rights with dates of appropriation ranging from 1877 to 1901 and totaling 94.48 cfs. Records of the State Engineer's Office indicate that total average annual diversions are 17,381 acre-feet, based on record years 1950 through 2002, and that the maximum diversion rate was 123.0 cfs for the record year 1987. Proiect Description The following alternatives were evaluated: 1. The no-action alternative. 2. Reconstruct the check structures using concrete only ($103,333). 3. Reconstruct the check structures using steel sheet piling and concrete ($69,333). Alternative No. 1 was considered unacceptable since it means the Company could not deliver water to its shareholders. A/ternative No. 2 was ruled out due to cost. Alternative No.3 was selected since it is considered to be the least costly reliable approach. The selected alternative, Alternative No.3, involves construction of a combination steel sheet piling and concrete check structure. The structures will have steel walls and cutoffs, sheet metal piling wing walls and a reinforced concrete floor. The old wooden structures will be removed as part of the cost of this alternative. Site preparation and dressing the site after construction are' also included in the cost of this alternative. The NRCS has prepared engineering designs and cost estimates for the project The irnp/ementation schedule calls for completion of financing arrangements in September 2003. The NRCS completed the final design in mid-August 2003. Construction is expected to begin in September 2003 and to be completed by November 2003. Financial Analvsis The total estimated cost of the project is $69,333 and the Company has requested a Small Project Loan of $52,000 for 30 years. The RGPVDC serves agricultural users and the standard ewes agricultural loan rate of 2.5% wquld apply. Table 1 is a summary of the financial aspects of the project. Annual assessments would increase from $95 up to $108 per share with a CWCB loan payment of $2,732 (including the 10% reserve requirement.) This $13 assessment increase represents only $0.16 per acre-foot, based on average annual diversions of 17,381 acre-feet. able 1. Financial Summary PrOlect Cost $69,333 Loan Amount . $52,000 ewes Loan Pavment Amount, includina 10% loan reserve $2,732 Number of Shareholders 31 Number of Shares of Stock 204.32 Current Assessmentoer Share $95 Future Assessment ner Share $108 Annual Loan Cost per acre-foot $0.16 . IAveraoe annual diversions: 17,381 acre-feet) T 2