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PROJ02136
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PROJ02136
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Last modified
11/19/2009 11:17:49 AM
Creation date
7/17/2007 12:24:51 PM
Metadata
Fields
Template:
Loan Projects
Contract/PO #
C150139
Contractor Name
Coal Creek, Town of
Contract Type
Loan
Water District
0
County
Fremont
Loan Projects - Doc Type
Approval Letter
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<br />Town of Coal Creek <br />March 24-2625, 2001 <br /> <br />Agenda Item 24f. <br />(Updated March 28, 2003) <br /> <br />Page 2 <br /> <br />Water Riahts <br />Coal Creek owns a 1 CFS water right out of the "Coal Creek Pipe", with a priority date of 1884. The <br />average annual total diversions for this water right have been 90 acre-feet, for the period 1971-1994. <br />This water right was out of priority for portions of 1977, 1978, and 2002. <br /> <br />The Town of Coal Creek <br />The Town of Coal Creek is a Colorado municipal corporation with the authority to set water rates, <br />issue debt, and provide services in accordance with the laws of the State of Colorado. The Town is <br />subject to the provisions of TABOR and plans to repay the CWCB loan using revenues from its water <br />enterprise fund. <br /> <br />Proiect Description <br />Three alternatives were analyzed in the feasibility study: <br /> <br />1. The no-action alternative. <br />2. Purchase sufficient Union Ditch and Fremont County Ditch shares to satisfy the Town's <br />existing water need' of 34 acre-feet consumptive use. <br />3. Purchase sufficient Union Ditch shares to satisfy the Town's existing water need of 34 acre- <br />feet consumptive use. <br /> <br />Alternative 2, Purchase sufficient Union Ditch and Fremont County Ditch shares to satisfy the Town's <br />existing water need of 34 acre-feet consumptive use, was ruled out because the consumptive use <br />per share from the Fremont County Ditch has not been established in water court. It could take up to <br />10 years to obtain such a ruling, with uncertain outcome. Alternative 3, Purchase sufficient Union <br />Ditch shares to satisfy the Town's existing water need of 34 acre-feet consumptive use, is the <br />preferred alternative. Union shares have been transferred to municipal use in the past. Each share <br />produces approximately 1.25 acre-feet, of which 27% is allowable consumptive use. The no-action <br />alternative is unacceptable since it means the Town's water rights will be out of priority during dry <br />years, most likely including the present year. <br /> <br />Selected Alternative 3 involves purchase of up to 100 shares of the Union Ditch Company. 100 <br />shares equates to approximately 125 acre-feet, of which 27%, or 34 acre-feet is allowable <br />consumptive use. Coal Creek's current annual water need is 34 acre-feet, consumptive use. <br /> <br />The cost of Union Ditch shares is in the range of $600 to $750 per share such that the cost of 100 <br />shares would be in the range of $60,000 to $75,000. <br /> <br />Financial Analvsis <br />The high estimated cost of the water rights purchase is $75,000. Staff recommends a Small Project <br />loan from the Construction Fund in amount of $67,500, which is 90 percent of the total cost. The <br />Town will fund its 10% from existing cash reserves. <br /> <br />Water is used for municipal purposes and the Town of Coal Creek has a Median Household income <br />that is less than 80% of the statewide average. The CWCB municipal "low income" rate of 3.75% for <br />30 years would apply to this loan. <br /> <br />Table 1 is a summary of the financial aspects of the project. A CWCB loan of $67,500 would have an <br />annual payment of $4,165 (including the 10% reserve requirement.) This payment would be made <br />from current net income so that the monthly water bill would not increase. <br /> <br />2 <br />
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