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<br />Glenwood Irrigation COIT)pany <br />May 20-21, 2002 <br /> <br />Agenda Item 12b. <br />(Updated May 23, 2002) <br /> <br />The Glenwood IrriQation Companv <br />The GIC is a mutual ditch company and a non-profit corporation registered in the State of <br />Colorado. There are 69 shareholders and 1500 shares of stock. The GIC has the power to set <br />annual assessments to be paid by the shareholders, the power to cut off water deliveries to <br />shareholders that fail to pay their assessments, and the power to acquire and sell the shares of <br />delinquent shareholders. <br /> <br />Water RiQhts <br />The source of water for the GIC a 48 cfs direct flow right out of the Roaring Fork River, and a 2 <br />cfs right out of Cattle Creek with appropriation dates of July 25, 1885. Total diversions were <br />6600 AF in year 2000. Diversions have averaged 15,200 AF for the period 1975 through 1998. <br /> <br />Proiect Description <br />Three alternatives were analyzed in the feasibility study: <br /> <br />1. Rehabilitate the entire length of the older siphon, 2,000 feet ($514K). <br />2. Rehabilitate only the aboveground portion of the older siphon, 1,200 feet ($283K). <br />3. The no-action alternative. <br /> <br />Alternative 2, Rehabilitate only the above ground portion of the older siphon, 1,200 feet <br />($283K), was ruled out because of the uncertain condition of the remaining 800 feet. If, during <br />construction, the below ground portion was found to be unsafe for use, the project could not be <br />completed due to lack of financing. Alternative 1, Rehabilitate the entire length of the older <br />siphon, 2,000 feet ($514K) was the preferred alternative, since it was the least overall cost that <br />would provide a reliable delivery system for the Company's water rights. The no-action <br />alternative was considered unacceptable since it leaves the siphon subject to failure so that the <br />GIC could not deliver water to its shareholders. <br /> <br />Selected Alternative 1 involves construction in 2 phases. Phase 1 includes demolition and <br />removal of the downstream 1,200 feet of existing siphon, and replacement with new HDPE <br />pipeline of the same length. The new pipeline will have a capacity of 48 cfs, and be rated <br />watertight at pressure heads up to 23 feet. The new pipeline will tie to the existing concrete <br />headwall at the outlet, and to the existing steel pipe at the upstream end. Phase 2 includes <br />demolition and removal of the center 800 feet of existing siphon, and replacement with new <br />HDPE as in Phase 1. Both pipeline phases will incorporate access ports, turnouts, and blowoffs <br />as needed, as well as several drainage crossings. The decision to proceed with Phase 2 will <br />depend on conditions observed while completing Phase 1 work to tie in the new pipeline. <br /> <br />The implementation schedule calls for completion of financing arrangements and final <br />engineering design in spring-summer 2002. Construction of Phase 1 will be completed in fall <br />2002. Construction of Phase 2 is scheduled to start in fall 2002, or later, if conditions allow. <br /> <br />Financial Analvsis <br />The total estimated cost of the project is $514,250, and the water is used by the shareholders <br />for a combination of agricultural and domestic purposes. Staff is recommending a 30-year loan <br />from the Small Project Account in maximum amount of $386,000 (approximately 75% of <br />estimated project cost.) <br /> <br />582.5 of the GIC shares are owned and used for agricultural purposes, with this use expected <br />to continue for the foreseeable future. 917.5 of the GIC shares are currently, or will soon be, <br />used for residential domestic purposes. Table 1 shows the calculation of the blended interest <br />rate for this project: <br /> <br />2 <br />