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<br />~,' <br /> <br />"I <br /> <br />COLORADO WATER CONSERVATION BOA~Q <br /> <br />Terrace Irrigation Company <br />Terrace Irrigation System <br />January, 1991 <br /> <br />Introduction <br /> <br />The Terrace Irrigation Company (Company) was formed in 1941 <br />to serve its stockholders in their farming operations. Today <br />the Company serves 26 owners who farm a total of 10,150 acres <br />in south-central Rio Grande County and north-central Conejos <br />County. The largest acreage crop grown by these farmers is <br />barley, with alfalfa, potatoes, wheat and vegetables following <br />in descending order. The major features of the Company's <br />irrigation system are the Terrace Reservoir. the Alamosa Creek <br />Canal and the Terrace Main Canal. <br /> <br />Problem <br /> <br />The Company, with the assistance of the Soil Conservation <br />Service, (SCS) has determined that the conveyance losses <br />through its canals average about 11,100 acre-feet per year. <br />Due to these excessive losses most of the farmers under these <br />canals have had to rely more and more on underground pumping to <br />supply the supplemental water nneoed to produce profitable <br />yieloR from their crops. <br /> <br />Proposed Proiect <br /> <br />The SCS, with the assistance of the Company. has completed <br />a feasibility study which shows that the current losses of <br />ll,100 acre-feet per year in the existing canals could be <br />reduced to about 1,650 acre-feet if both canals were concrete <br />lined for their entire length. The SCS recommendation is to <br />install a concrete lining for the entire 44,650 foot length of <br />the Terrace Main Canal and the entire 33.200 foot length of the <br />Alamosa Creek Canal each of which would have a planned carrying <br />capacity of 50 C.F.S. The SCS would prepare all plans and <br />specifications for the project and provide all inspection and <br />field engineering during construction. The company would <br />acquire any necessary rights-of-way. The estimated cost of <br />construction for this project is $1,650,000. <br /> <br />Proposed Financing <br /> <br />The Company is requesting a 100 percent construction cost <br />loan in the amount of $1,650,000 at 5 percent for 40 years. <br />Even with this type of loan the annual assessment to the <br />stockholders will increase by over 150 percent, however, they <br />have unanimously voted their approval for the loan because the <br />increased assessments would be more than compensated by the <br /> <br />3637E* <br />