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<br />;" ~,~ <br /> <br />reservoir with a potential storage capacity of about 3,000 acre-feet. Rehabilitation is expected <br />to be completed in the spring or summer of 1996. <br /> <br />It is the understanding of the CWCB staff that rehabilitation work will be certified by the <br />Colorado Division of Minerals and Geology and that the purchase agreement with Cyprus <br />Climax will include some type of guarantee with respect to the quality of water released from <br />the reservoir. <br /> <br />Potential sources of water supply are listed on the attached project summary and might be <br />obtained from one or more of the following sources: <br /> <br />1. A 1992 water rights filing by the Authority, the District, Vail Associates <br />and Climax Molybdenum Company for the reservoir in Case No. 92CW340 <br />in Water Division 5, <br /> <br />2. From the exchange of senior consumptive use credits owned by the <br />Authority and the District, <br /> <br />3. By exchange from existing Green Mountain Reservoir contract water, <br /> <br />4. From snowmaking return flow credits, <br /> <br />5. From the Arkansas Well and Arkansas River exchanges, and <br /> <br />6. By obtaining certain senior water rights owned by Cyprus Climax. <br /> <br />The actual source(s) of water and the amount obtained from each source will depend upon the <br />outcome of water rights acquisition activities currently in progress. The engineering <br />consultant for the applicants, Helton & Williamsen of Englewood, has estimated that the <br />potential firm yield of the reservoir from water sources in the Eagle River Basin might range. <br />from 2,060 to 2,600 acre-feet per year depending on whether the water is taken in priority or <br />with exchanges. <br /> <br />As discussed at the November 1995 Board meeting, the Authority and Vail Associates have <br />filed a Statement of Opposition to the Board's instream flow filing, Case No. 92CW286, on <br />. the IS-mile reach of the Colorado River based upon their filing for the Eagle Park Reservoir <br />site. <br /> <br />The applicants have estimated that the total cost of the project may be as much as $12.5 <br />million based upon the terms of an existing agreement between Vail Associates and Cyprus <br />Climax. The actual cost will depend upon a number of factors including the extent to which <br />the four participants make use of or purchase facilities and water rights owned by Cyprus <br />Climax. Expenditures to date include $3.0 million advanced by Vail Associates for the first <br />500 acre-feet of project yield. <br />i <br />/ <br /> <br />2 <br />