Laserfiche WebLink
<br />, Upper Platte and Beaver Canal Company <br />May 19-20, 2003 <br /> <br />Agenda Item 18e <br />(Updated May 27, 2003) <br /> <br />Water Riahts <br />The UPBCC has a 234 cfs direct flow right out of the South Platte River consisting of a 20 cfs <br />right (1868/1869), a 50 cfs right (1882), and a 164 cfs right (1888). In addition, the UPBCC has <br />a 1972 augmentation decree allowing diversion of up to 12,000 acre-feet per year, According to <br />State Engineer records UPBCC annual diversions have averaged 30,000 acre feet for irrigation <br />and approximately 2,500 acre feet for augmentation. The Company can use its augmentation <br />decree (dated 1972) to supply water to this new project. <br /> <br />Proiect DescriDtion <br />Three alternatives were analyzed in the feasibility study: <br /> <br />1 . The no-action alternative <br />2. Purchase a senior water right and use it for augmentation ($1 million) <br />3. Construct two recharge ponds ($75,000) <br /> <br />Alternative 2, Purchase a senior water right and use it for augmentation ($1 million), <br />was ruled out due to cost. Alternative 3, Construct two recharge ponds ($75,000), was the <br />preferred alternative, since it was the least overall cost to provide the augmentation water <br />needed to offset well depletions. The no-action alternative was considered unacceptable since it <br />provides no firm source of augmentation water for 93 irrigation wells, and could result in the <br />loss of up to 12,000 acre feet of water per year, if drought conditions persist. <br /> <br />Selected Alternative 3 involves construction of two recharge ponds on Badger Creek, <br />immediately north of the Upper Platte and Beaver Canal. The ponds will be in series and <br />formed by constructing 2 non-jurisdictional dams. Each dam will be equipped with an <br />emergency spillway and a gated outlet to control augmentation releCll:)es. An exlstingJurnouton <br />the Upper Platte and Beaver Canal will be modified and equipped with a measuring device for <br />releases into the upper pond. Four measuring weirs will also be constructed at the ends of the <br />UPBCC system to properly track water leaving the canal system. <br /> <br />The implementation schedule calls for completion of financing arrangements and final <br />engineering design in April 2003. Construction will be completed in May 2003. <br /> <br />Financial Analvsis <br />The total estimated cost of the project is $75,000, and the shareholders use the water for <br />agricultural purposes. The Company has requested a1 O-year Small Project loan in maximum <br />amount of $67,500 (90% of estimated project cost.) <br /> <br />Table 1 is a summary of the financial aspects of the project. A eWCB Loan of $67,500 would <br />have an annual payment of $8.374 (including the 10% reserve requirement) at the loan terms of <br />2.25% for 10 years. This represents $0.26 per acre-foot, based on average canal diversions of <br />32,500 acre-feet. <br /> <br />Table 1. Financial ummary <br />Project Cost $75,000 <br />Number of Shareholders 100 <br />Number of Shares of Stock 1187 <br />CWCB Loan Amount $67,500 <br />CWCB Loan PavmentOncludes 10% reserve) $8,374 <br />Current Assessment per share $75.00 <br />New Assessments oer share (estimate) $82.00 <br />Annual Loan Cost p~r acre-foot(AveraQe diversions: 32,500 acre-feet.) $0.26 <br /> <br />s <br /> <br />2 <br />