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<br />Jan-~o-ga 01:4BP IDEAL VALLEY REALTY LTD <br /> <br />719 462 5755 <br /> <br />P.03 <br /> <br />.. <br /> <br />SUMMARY OF CONCLUSIONS <br />1. Title to the Excelsior Ditch Company shares were assumed to be good and marketable, <br />and are valued as if free and clear of any of all liens or encwnbrances. <br />2. The water right decrees for the Excelsior Ditch Company are assumed to be valid and <br />enforceable and the water rights have not been abandoned, in whole or in part. <br />3. The ongoing litigation in Kan~as v ColOTsdn will have a diminous effect on the <br />surface water rights of the Excelsior Ditch. <br />4. It is our opinion that the historic consumptive use of irrigation water for the 1,007 <br />shares proposed for sale to AGUA is best represented by the historic consumptive use of the <br />1908 through 1938 time period. It has been estimated that the historic consumptive use of <br />irrigation water for the Excelsior Ditch averaged 4,512 acre-feet per year resulting in the subject <br />share's yielding a historic consumptive use of irrigation water on an average of 826 a..cre-fe~ per <br />year. <br /> <br />s. The estimated market value of the consumptive use ofiIrigation water based on <br />comparable sales of water rights decreed from the Arkansas River is between $6'30 and $800 or <br />an average of$715 per acre-foot of historic consumptive use. <br />6. The subject 1,007 shares of Excelsior Ditch was valued as of January 16, 1998, at an <br />estimated fair market value of $590,590.00. <br /> <br />AREA DESCRIPTION <br /> <br />The Excelsior Ditch is located in former Water District 14 in Water Division 2. It diverts <br />from the north bank of the Arkansas River in Section 36, Township 20 Sou~ Range 64 West, <br />6th. P. M., Pueblo County, Colorado. The headgate is approximately four miles east and <br />downstream of the City of Pueblo. The ditch now diverts from the Arkansas River through a <br />rehabilitated headgate structure and flows to the water users on the north bank of the Arkansas <br />River as sho'Wll on Figure 1. The area served by the .Excelsior Ditch has been historically <br />agriculture but commercial enterprises are slowly approaching the area. The Excelsior Ditch <br />irrigated area is located over the Arkansas River valley fill aquifer which hydrologically <br />supports the Arkansas River. One intermittent stream, Chico Creek flowing from the north, <br /> <br />2 <br />