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<br />.. <br /> <br />Water Project Construction Loan Program. Project Data <br /> <br />Borrower: Riverside Irrigation District (RID) <br /> <br />County: Morgan & Weld <br /> <br />Project Name: RID Water Rights Purchase <br /> <br />Project Type: Water Rights Purchase <br /> <br />Drainage Basin: South Platte <br /> <br />Water Source: Riverside Reservoir <br /> <br />Total Project Cost: $1,638,000 <br /> <br />Funding Sources: CWCS, RID <br /> <br />Type of Borrower: Agricultural <br /> <br />Aver. Delivery: 736 acre-feet <br /> <br />CWCB Construction Fund Loan: $1,464,500 Interest Rate: 2.50% Term: 30 years <br />(incl. 1 % loan fee) <br /> <br />RID was formed in 1907 and operates under the Irrigation District Law of 1905. The service area is <br />located primarily in Morgan County, and water is tied to 22,494 acres of specific irrigated lands in <br />the District, owned by 147 different farms. The water is typically used to irrigate corn, alfalfa, <br />beans, and sugar beets. RID owns and operates the 90-mile long Riverside Service Canal. RID <br />has a direct flow water right, but relies primarily on storage water in Riverside Reservoir, owned by <br />RID's "sister" company Riverside Reservoir & Land Company (RRLC). RID farms also use alluvial <br />wells (about 100) for additional water. RID has numerous recharge decrees, and is obtaining a <br />court decreed augmentation plan. RID is able to deliver 41,500 acre feet to users. RID receives <br />about 75% of its water through its controlling interest in RRLC's Riverside Reservoir. There are a <br />total of 2505 Private Rights in RRLC. For over 20 years, RID was able to use 62 Private Rights <br />owned by Groundwater Appropriators of the South Platte (GASP) for irrigation within the RID <br />system, in exchange for allowing GASP to use excess RID augmentation credits. In 2005, GASP <br />announced that they were dissolving and that all assets would be sold off, including their Riverside <br />water. RID is dependent upon the continued use of the GASP's Riverside water rights as a <br />supplemental source. RID was able to purchase 46 out of the available 65.5 Private Rights at the <br />GASP auction in February 2006, using interim financing. That loan would be extinguished using the <br />proceeds of the CWCS loan. Prior to the acquisition of the subject 46 Rights, RID owned 1954 <br />Rights (78.0%). With the acquisition, RID now owns 2,000 Rights (79.8%). <br /> <br /> <br />Location Map <br />