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Total Requests $10,475,700.63 . 90% Reimbursement $ 9,428,130.57 Central is paying down the 2-year bond by approximately $1.8 million in June 2006, so that our total debt (CWCB loan and the 2-year bond) will be at $16.6 million. Changes to the Current Proiect The most significant change that has occurred since the project proposal was submitted to the CWCB in October, 2004, is the skyrocketing price of senior water rights. We had anticipated acquisition of 4,066 acre-feet of senior water rights at a cost of approximately $3,000 per acre-foot of consumptive use water. Since 2004, the price of senior water ri~!>.ts in th~ Greeley area is in the neighborhood of $8,000 per acre-foot, and around Brighton that cost is closer to $10,000 - $12,000 per acre-foot. This three-fold increase in water values has severely diminished our purchasing power for senior water rights. Due to the drastic increase in the cost of senior water rights, Central has already begun pursuing an aggressive groundwater banking (recharge) program. To date, we constructed approximately 15 facilities to store water during excess river flows. These sites range in cost of roughly $10,000 - $75,000, and we have already expended $500,000 on recharge projects this spring. In addition, we've developed a large-scale recharge project near Orchard, Colorado, with a cost of approximately $1.9 million. These groundwater . projects are the most economical methods available to provide a fairly reliable source of augmentation water for member's wells. Formal Request Central respectfully asks that we be able to submit receipts for groundwater recharge projects that will be used to augment member's wells in the Well Augmentation Subdistrict. This would include $500,000 for the various smaller recharge projects completed this spring, as well as the Orchard Groundwater Banking (recharge) project d~~/e!oped ,~ince Dee:et11ber 2005_ The "t:~i\.S pe.rtiOi1 i)ftll~.t fj{'ujc~t .is apprGj~in.latclj~ $900,000, as it is jointly owned with the Groundwater Management Subdistrict, and that portion cannot be reimbursed by the CWCB. We anticipate the development of an additional $2M-$4M of groundwater recharge projects in the next year. Some limited senior water rights may also be purchased if prices can be held low (in the $5,000 per acre-foot range. We certainly appreciate your consideration of this request. Sincerely, T~ Tom Cech Executive Director .