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Dan: The project in itself is not a storage project, it is a flood control project. Able to store in Chatfield because the storage pool space belongs to CWCB. The additional amount of space will be available. We will contract for others to use that space. Tom: There will be ongoing maintenance, the O&M part of it. Rod: Communication, if this group had been able to discuss this before, there would be less gnashing of teeth. We understand where you are at, and how water users would respond, have a seat at the table, need to make a decision whether we want to form an organization to operate the storage space. (?) Next to Rod: Next item is the formation of the entity. We are exploring many possibilities, and what our responsibilities would be. Can't tell you what it will look like and what it can do, so don't know whether we should give our support to legislation now without having had that discussion. Maybe we should move one and then revisit when people understand what the entity looks like. Dan: Without this authority to contract with the Corps, will have to relay on our implied authority and the state fiscal rules, it was really designed to provide us with the broad authority to do what we think to do. If water users don't want that, then you got to let us know pretty fast. Rick: In light of Dan's leaving, amend the agenda, Austin give the presentation, go right to this. And a memo you need to get. (?) Next to Rod: We didn't know you were coming to say this. Tom: Up to recently, the idea of this entity was not new, coming into play was the rethinking the CWCB becoming the sole authority. (Austin?) (next to Rod): Only come up in the last couple of months. Thinking about a non-profit organization. Ability to hire consultants, defined decision making process for participants, and make decisions. Started talking about it, thought might be another way to come at it. Corporation that works with CWCB during NEPA phase, but once there is a contact, this corporation could be like a mutual irrigation company. Thinking CWCB would be a member or shareholder, but then thought it might make more sense a reservoir company separate from CWCB, and contract with the CWCB for the storage space. Your share would represent the amount of storage. If someone wanted to sell their shares they could transfer it. Corporate entity also makes a mechanism to share the cost. The point, $200M is not just the amount the state appropriates, that is the money the water users would have to come up with up, a mechanism to collect that money from storage interests. We may still need the financing capability, contracting with CWCB for that, some mechanism to collect those funds. Whole levels of cooperation. It creates a mechanism to collect those funds and get the bills paid.