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Platte Valley Irrigation Company November 13-15, 2006 Agenda Item 1 De , have no other storage or equalizer reservoirs in their system. Average annual diversions are 52,401 acre-feet. The PVIC has need for an equalizer on the ditch to allow for more efficient management of the water diverted. At the present time they have to balance the diversions with the demand or lose a portion of the diverted flow. Their only option at the present time, if there is an excess of water in the system, is to divert water into Lake Christina and the Gilmore Ditch, neither being owned by PVIC. This water is lost to them with no return for any excess. The proposed changes to their system will help alleviate these problems and losses. The PVIC plans to construct a new reservoir, Platte Valley Reservoir No.1, and add additional measurement and control structures on their main ditch to better estimate losses. The proposed equalizer reservoir location is 2 miles east and 2 miles north of Plattevill.e in Weld County. In February 2006, the PVIC has purchased an 80 acre property to construct a reservoir for $309,360. The reservoir will have several purposes. In addition to an equalizer, the reservoir will store some additional water for irrigation of PVIC lands. Also, in the future the reservoir may store water for delivery to two future recharge sites, for later release for seepage credit or recharge. PVIC also has a need, based on the requirements of the Water Court, to improve the flow measuring capability of various reaches in the ditch. The Court has mandated this improvement if PVIC is to claim recharge credits in their system. These structures are separate from the reservoir project but have been included as part the overall ditch modernization and improvement. In an average year the reservoir is expected to store 300 acre feet, with a 300 acre feet refill. The value of this reservoir can not be stated only in terms of the water storage as it is not truly a storage reservoir. The main goal of the project is to save water that currently is lost at the end of the system by balancing water demand and deliveries. A 10% savings in water may be expected with the equalizer and additional control on their system. This would amount to 4,000 acre-feet saved based on the average deliveries. With the Fill and Refill decree and the water saved in the system, the net is expected to exceed the 600 acre-feet assumed above as reservoir storage. Feasibility Studies PVIC, through their engineer Smith Geotechnical of Fort Collins, has completed the feasibility study in accordance with CWCB guidelines. The study includes an assessment of alternatives to add some storage capacity and provide an equalizer on the ditch for more efficient management of the water. Platte VaHey Irriaation Company PVIC is a Colorado mutual ditch company and a non-profit corporation registered in the State of Colorado, in good standing. The Company was incorporated in 1883 and there are currently 99 shareholders and 344 shares of stock. The Company is governed by a 5-member Board of Directors. Per their Bylaws, PVIC has the authorization to set annual assessments, the authority to shut off water delivery to shareholders that fail to pay assessments, and the authority to rescind shareholder stock for resakle. The Board of Directors has the power and authority to borrow money on the company's behalf and enter into contracts. Excluding capital contributions, for the year 2005 the PVIC had income of approximately $342,000 with expenses of approximately $335,000. Assessments for the year 2006 were set at the annual board meeting at $400 per share of stock. 20f7