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<br />Water Supply Reserve Account - Grant Application Form - ([l)c \!t)iJcrlUItl:J 1.Ditcl) ,,\: 3Rc5criJoir <!Co. <br /> <br />Form Revised Octo her 2006 <br /> <br />3. Continued. <br /> <br />The option of transferring the storage right to another existing or potential reservoir location has been <br />considered. In 2002 and 2003 the North Fork Water Conservancy District commissioned studies for potential <br />storage sites in the Leroux Creek drainage basin including both the expansion of existing facilities and <br />constructing new facilities. <br /> <br />The studies showed the least cost alternative to store nearly 1,000 acre-feet of water was in 2003 dollars <br />about $5,500 per acre-foot. With the Overland Reservoir restoration project, the costs come in at about <br />$1,292 per acre-foot in 2003 dollars. Therefore, expanding the Overland Reservoir became the obvious and <br />selected option. <br /> <br />Although project planning has spanned over several years, actual work on the project was begun at The <br />Overland shareholder expense in 2005 with the initiation of the flood hydrology and geotechnical reports <br />being prepared by Western Engineers, Inc. out of Grand Junction, Colorado and application to the CWCB for <br />loan funds to complete the project. The feasibility report was completed in 2005; also the PMP Feasibility <br />Study and the PMP Final Study have been completed at shareholder expense. With an elevation of nearly <br />10,000 feet, the construction season for restoring the Overland Reservoir will necessarily occur between May <br />and November. The current project construction completion date is scheduled for November, 2008. <br /> <br />5 <br />