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<br />- <br /> <br />Kern Reservoir and Ditch Company <br />September 11.12, 2002 <br /> <br />Agenda Ilem 12a. <br />(Updated September 18, 2002) <br /> <br />Feasibilitv Studies <br />Colby Hayden, P.E., of Rock Mountain Consultants, Inc. has completed the feasibility study in <br />accordance with cwes guidelines. The study includes an assessment of alternatives available for <br />rehabilitation of the Kern Reservoir. <br /> <br />The Kern Reservoir and Ditch Companv <br />The KRDC is a mutual ditch and reservoir company and a non-profit corporation registered in <br />the State of Coiorado. There are 2 shareholders and 100 shares of stock. The KDRC has the <br />power to set annual assessments to be paid by the shareholders, the power to cut off water <br />deliveries to shareholders that fail to pay their assessments, and the power to acquire and sell <br />the shares of delinq uent shareholders. <br /> <br />Water Riahts <br />The KDRC owns water storage rights in the Kern Reservoir in amount of 1,800 ac-ft. State <br />Engineer Records indicate the reservoir has been used to capacity each year during the periOd <br />1998 through 2000, and that the reservoir has a phYSical capacity of about 1,100 acre-feet. The <br />Company has consistently used the Kern Reservoir for storage of water for use, or as an <br />equalized basin for the Greeley number 2 Ditch. <br /> <br />Proiect Description <br />Three alternatives were analyzed in the feasibility study: <br /> <br />1. No Action <br />2. Increase the dam height. <br />3. Dredge out the reservoir ($5.1 million) <br /> <br />Alternative 2, Increase the dam height, was ruled out, because it was not technically feasible. <br />Due to the flat terrain, the dam height would need to be increased 14 feet around the entire <br />reservoir. It would be necessary to pump into the reservoir, and the reservoir could not function <br />as a flood detention facility. Alternative 3, Dredge out the reseNoir ($5. 1 million) will regain full <br />reservoir storage and is considered the preferred alternative. The no-action alternative was <br />considered unacceptable since it would mean that the reservoir could not be used to capacity. <br /> <br />Selected Alternative 3 consists of draining the reservoir and removing approximately 2.5 <br />million cubic yards of material (approximately 1,500 acre-fee!.) 700 acre-feet of this reclaimed <br />storage will be designated to restore the historical reservoir storage capacity to 1,800 acre-feet, <br />and the remaining 800 acre-feet will be designated as storage for the 1 OO-year flood under the <br />Town of Windsor's Storm Water Drainage Plan. The excavated reservoir will be lined with clay <br />to prevent seepage, and modifications will be made to the Greeley Ditch Number 2 outlet/inlet <br />to increase efficiency. <br /> <br />The implementation schedule calls for completion of financing arrangements and final <br />engineering design in fall 2002. Construction will start in winter 200212003 and will take about 3 <br />years to complete. <br /> <br />Financial Analvsis <br />The total estimated cost of the project is $5,100,000 and two primary shareholders consisting of <br />the Town of Windsor, and the Hall-Irwin Corporation own shares in the KRDC. Hall-Irwin is <br />headquartered in Greeley and has participated in the construction of more than 1,500 <br />commercial and residential subdivisions along the front-range, as well as many cross-country <br />transmission projects. Hall-Irwin is a commercial borrower, and the CWCS commercial lending <br />rate of 6% (30 year term) would apply to their portion of stock in the KRDC. The Town of <br /> <br />2 <br />