C150235 Approval letter - Laserfiche WebLink

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Platte Valley Irrigation Company November 13-15, 2006 Agenda Item 10e PVIC had a cash balance of $2,168,527 as of November 30, 2005. The cash balance includes $50,709 in a money market and $2,105,751 in a certificate of deposit yielding a rate of 5%. The large amount of cash assets is due to an equity contribution of $10,000 per share (special assessment) or partial share in 2004 and 2005 to set up a separate Capital Improvement Account. This money is set aside to be spent to improve ditch flow, to reduce seepage loss, and otherwise keep the facilities in good repair. Prior to the special assessment in 2004, the PVIC was carrying a significant cash balance equal to approximately 40% of their operations and maintenance expenses in one year. Water Riahts The decree for the Evans NO.2 Ditch is known as Priority No. 25 (10/5/1871 appropriation date and 4/28/1883 adjudication date), in the amount of 177.07 cfs. (PVIC was also decreed Priority No. 40, which was later transferred to FRICO as part of a settlement agreement, and later declared abandoned.) PVIC has successfully applied in the Water Court for a junior direct flow recharge right and junior storage right to fill and refill the new Platte Valley Reservoir NO.1 which involves the use of the Platte Valley Canal as well as the Evans NO.2 Ditch for delivery of water and for recharge, as well as provide some storage for irrigation. The application included two future recharge sites, a junior water storage right, and recharge by seepage from sections of the ditch using diversions from the junior priority. The decree was approved July 21, 2006 with an October 29,2002 appropriation date. Water stored in the reservoir may be delivered into recharge sites or the Evans NO.2 Ditch, to be recharged back to the river. The recharge sites have not been constructed yet. PVIC also currently owns 6,568 units of CST water. The PVIC has part ownership in Sandhills Reservoir (also known as Coal Ridge Dam) and can store up to 400 acre-feet of CST water in this reservoir. The company has no water decree associated with this reservoir. Average delivery over the past 10 years has been 52,401 acre-feet, with a high of 72,184 acre- feet in 1997, and a low of 15,044 acre-feet in 2002. An analysis of the firm yield of the PVIC water rights has not been conducted for this study, but it is believed that a good indication of the firm yield is the water available to the PVIC in 2002. The water records for the diversions to the PVIC for the years of 1950 through 2004 were examined. For the year 2002 the water diverted was 15,044 acre-feet whereas the average for 1995 to 2004 was over 40,000 acre-feet with a maximum diversion of 72,184 acre-feet in 1997. The diversions for all years from 1995 to 2004 were in excess of 40,000 acre-feet except for the year 2002. The lowest diversion of record, from 1950 to 2004, was in 1954 where only 3,304 acre-feet of water was diverted at the PVIC headgate. This however was prior to the company's ownership of CST water. Proiect Description To add an equalizer on the ditch for more efficient management of the water diverted, and to some storage capacity, PVIC studied four alternatives for Platte Valley Reservoir NO.1: 1. No-action alternative 2. Use an Existing Reservoir to act as an Equalizer 3. Construct Platte Valley Reservoir No. 1 ($2,628,600) 4. Construct an Enlarged Platte Valley Reservoir No. 1 ($3,723,603) Alternative 1, No-action alternative - This option considered not constructing the reservoir and maintaining the current method of operating the ditch. The ditch has been operated in its current state for a very long time and can be operated this way in the future. However, the need 30f7