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Storage in the reservoir is from local runoff upstream of the dam and water is released � from storage to the Big Thompson River as needed in the latter part of the irrigation season. Shareholders divert their entitlements from the Big Thompson. Irrigated lands are generally located east of Loveland. The Company owns about 90 acres of land in the reservoir basin. Water Ri�hts The Company has a 1904 storage decree allowing it to fill the reservoir to a capacity of 730 acre-feet each year. During times of excess runoff, as determined by the Water Commissioner, the Company may store an additiona1246 acre-feet for a total amount of 946 acre-feet. The average annual yield of the reservoir is approximately 800 acre-feet per year without storage restrictions. Pronosed Proiect The dam is presently considered a Class II structure by the SEO, which means the spillway must be capable of passing 50 percent of the Probable Maximum Precipitation (PMP} likely to occur in the drainage basin above the dam. Ed Toms, P.E., has conducted a hydrologic analysis and an incremental damage assessment for the reservoir; the Company is requesting that the SEO classify the dam as a Class III structure based on that analysis. A Class III structure is required to pass the 100-year flood event, which is considerably less than one-half of the PMP. � The ro'ect involves the construction of a new s illwa on th 1 p� p y e eft abutment of the dam with adequate capacity to pass the 100-year inflow design flood. The spillway configuration will be an 800-foot long, riprap-lined trapezoidal channel. The total estimated cost for planning, design and construction is $428,500. Construction is expected to commence in October of this year and to be completed by January 2000. The land on which the project would be located, downstream of the dam a�s, is owned by a member of the board of the Company. The company is presently negotiating with this individual for use of the land. A Nationwide 404 Permit is required from the Corps of Engineers; no dif�iculties are anticipated in obtaining the permit. Financial Summarv The Company has no existing debt and its financial condition is sound. Cash reserves currently amount to somewhat less than $80,000. The Company will attempt to maintain a cash reserve of about $10,000 following completion of the project. Table 1 summarizes the Company's revenues and expenditures for the years 1995 to 1997 as estimated by staff from financial data provided by the Company. r1 ►_J