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<br />. <br /> <br />. <br /> <br />. <br /> <br />Consolidated Water District (VVCWD), and Vail Associates. On July 1, 1996, the VVCWD <br />merged with the Upper Eagle Sanitation District to form the Eagle River Water & Sanitation <br />District (ERWSD) which will participate in the project to essentially the same extent as originally <br />proposed by VVCWD. In addition, Eagle County has entered into a memorandum of <br />understanding with the Colorado River Water Conservation District for joint CountylRiver <br />District participation in the County's share of the project. <br /> <br />Vail Associates acquired the first 500 acre-feet of firm yield from the project under a 1993 <br />purchase agreement with Climax Molybdenum. It is expected that the remaining 1,500 acre-feet <br />will be acquired by the participants according to the distribution in Table 1. The table also <br />indicates the percentage of participation by each and the extent of financial participation in the <br />$8.5 million loan which is being requested. The last column of the table gives estimated annual <br />debt service for each participant based on several assumptions which are discussed below in the <br />Financial Analyses. <br /> <br />TABLE 1. Eagle Park Reservoir Co. - Distribution of Yield and Costs <br /> <br /> <br /> <br />Ie <br />Ac-Ft <br />200 <br />330 <br />370 <br />600 <br />1500 <br /> <br />ercen <br />Partici atiolll <br />13.33% <br />22.00% <br />24.67% <br />40.00% <br />100.00% <br /> <br />mancla <br />Partici ation <br />$1,150,000 <br />$1,897,500 <br />$2,127,500 <br />. $3,325,000 <br />$8500,000 <br /> <br />Imae <br />Annual D.S. <br />$77 437 <br />$127772 <br />$143,259 <br />$232,312 <br />$580 780 . <br /> <br />WATER RIGHTS <br /> <br />An application for water rights in Eagle Park Reservoir was filed by the Authority, Vail <br />Associates, VVCWD and Climax Molybdenum in Case No. 92CW340 and for the enlargement of <br />the project in Case No. 93CW301. The water rights exchanges, as discussed above under Project <br />Description, have been fIled for in Case No. 95CW348 by the Authority, the Eagle River Water <br />and Sanitation District, and Vail Associates. An analysis conducted by the participants' <br />consulting engineer, Helton & Williamsen, in July 1995 indicates a project yield of from 2,060 to <br />2,600 acre-feet per year from these fIlings. <br /> <br />It should also be noted that the participants' water rights claims will require a comprehensive <br />agreement with several major holders of conditional water rights in the Eagle River Basin and that <br />subordinations must still be obtained from Aurora and Colorado Springs. <br /> <br />Based on their Eagle Park Reservoir filing, the Authority and Vail Associates filed a Statement of <br />Opposition to the Board's instream flow filing on th~ IS-Mile Reach of the Colorado River, Case <br />No. 92CW286. A Settlement Agreement between the CWCB and the Authority and Vail <br /> <br />3 <br />