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<br />Collateral: As security for the CWCB loan LSCRC can pledge assessment income, the <br />reservoir, and the lien power against the shareholders stock in the company. In Article VIII, <br />paragraph D ofthe LSCRC By-Laws, (See Appendix A) the Plan For Augmentation may be <br />suspended and the Division Engineer of Water Division 1 notified of such. They then can <br />potentially order the suspension of any diversion of water from the individual lots. The LSCRC <br />shareholders hold a combined 2.38 cubic feet per second ofthe Guiraud 3T Ditch which yields <br />51.9 af of consumptive use water. See Table 4. The combined market value of this water and <br />the storage space ofLSCR is $1,600,000. <br /> <br />Table 4. Guiraud 3T Ditch Interest <br /> <br />Shareholder <br />Valley Of The Sun Property Owners Association <br />Sun Mountain Property Owners Association <br />Foxtail Pines Property Owners Association <br />FC Spruce Hill, LLC <br />Venture 73 Owners Association <br />Widdowfield Property Owners Association <br />Mountain Mutual Reservoir/North Fork Associates <br />Total <br /> <br />CFS <br />0.60 <br />0.13 <br />0.64 <br />0.25 <br />0.25 <br />0.17 <br />0.34 <br />2.38 <br /> <br />Economic Analysis <br /> <br />AF <br />13.1 0 <br />2.84 <br />13.97 <br />5.46 <br />5.46 <br />3.71 <br />7.42 <br />51.94 <br /> <br />The economic benefit of the project is considerable. The value ofthe 200 improved lots is <br />estimated to be $50,000,000 and the 755 vacant lots is estimated to be $28,000,000. The short <br />term damage would not be significant as long as the annual precipitation was near normal. With <br />the build out of the subdivision approximately 21 % the reservoir would hold sufficient water to <br />make non-irrigation season replacements. However, if a drought such as in 2002 were extended <br />for two consecutive years there would not be sufficient replacement water. This would probably <br />result in the State ordering a curtailment of diversion. A short term fix under this scenario would <br />be to truck water to the injured water right if a source of water were located during a drought. <br />This cost could be as much as $500 per improved lot per year. As the reservoir continued to <br />deteriorate this could eventually become a near arumal scenario. If the deficiency of the <br />reservoir were not corrected the Office of the State Engineer could suspend the issuance of well <br />permits. The value of the vacant lots would then revert to raw land value estimated to be <br />$9,000,000. <br /> <br />Social and Physical Impacts <br /> <br />Ifthe project is completed there would be no significant social or physical impact, in that the <br />projected build-out has already been determined through the county zoning and platting process. <br />There would be an impact on the county's revenue ifthe subject lots were devalued to vacant <br />land. <br /> <br />9 <br />