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<br />Buffalo Farms Water Development, LLC <br />November 16-17, 2004 <br /> <br />Agenda Item 14b . <br /> <br />The 11 wells are currently augmented under the Logan Well Users (LWU) plan of operation, and <br />produce approximately 800 acre-feet of depletions per year, with approximately 560 acre-feet of <br />summer time depletions and approximately 240 acre-feet of winter time depletions. The Company <br />members have been very dependent on LWU to cover their depletions and want to develop a <br />recharge system that will generate augmentation water to be used to offset the depletions caused <br />by their 11 wells. The Company members would continue to be covered in LWU's Plan for <br />Augmentation, but by generating additional augmentation credits they can strengthen their own <br />coverage and help strengthen the LWU. <br /> <br />There is an existing recharge area on the property owned by the Merino Properties Group, <br />constructed in Fall 2003, covering an area of 22 acres. The proposed project will add a new <br />recharge well at the river, 6000 lineal feet of pipe, and two new recharge areas located on land <br />owned by Michael Goss. Four existing wells will be connected to the pipeline as augmentation <br />wells to return water to the river when necessary. <br /> <br />Feasibilitv Studies <br /> <br />Brent M. Nation, P.E. of Fort Morgan has completed the feasibility study in accordance with CWCB <br />guidelines. The study includes an assessment of alternatives to generate augmentation water for <br />the Company. <br /> <br />Buffalo Farms Water Development, LLC <br /> <br />The Company is a Limited Liability Company, formed and registered with the State of Colorado on <br />September 27,2004, with the primary purpose of undertaking the proposed project. The <br />operations of the Company are set forth inan Operating Agreement signed by all members of the <br />Company, dated September 27,2004. The Operating Agreement identifies three Managers, who <br />will manage the business affairs of the Company: D. Kevin Vollmer, Michael Goss, and Mark A. <br />Kross. A member's interest in the Company is evidenced by their "Sharing Ratio", as listed below: <br /> <br />1. Sharing Ratio: <br />2. Sharing Ratio: <br />3. Sharing Ratio: <br /> <br />D. Kevin Vollmer <br />Mike Goss <br />Merino Property Owners: <br /> <br />33.33% <br />33.33% <br />33.33% <br /> <br />BCK Heath Property, LLC (15.5%) <br />AP Springer Farms LLC (6.0%) <br />JGMAC Investments Group LLC (4.0%) <br />Mark A. Kross (4.0%) <br />Stephanie Mokler (3.84%) <br /> <br />Water Riahts <br /> <br />The Company members have decrees on the 11 wells used for irrigating their farms, augmented <br />through the LWU plan for augmentation. Not all of the members own surface water rights. <br />Company members, as individuals, have interest in the water rights listed below. The proposed <br />recharge well is listed in the LWU plan for augmentation. <br /> <br />Pawnee Ditch Company: Vollmer -12.9 shares <br />South Platte Ditch Company: Vollmer - 21.6 shares <br />Acre-Rights Prewitt Reservoir - Logan District: Vollmer - 203 acre rights, Kross - 8 acre <br />rights, Vollmer & Kross - 53 acre rights. <br /> <br />Page 2 of 6 <br />