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I I I I I I I I I I I I I I I I I I I WETPACK FEASIBILITY STUDY CHAPTER I - STUDY OBJECTIVE AND STUDY PLAN The Dolores Project (Project) is a multiple purpose water resource project constructed by the US Bureau of Reclamation (USBR) and operated by the Dolores Water Conservancy District (DISTRICT). The primary facility of the Project is McPhee Reservoir which stores flows of the Dolores River for use by Project water users. Pr~ject construction has been completed and the water supply from McPhee Reservoir has been fully allocated through contractual arrangements with existing water users. The DISTRICT entered into Contract No. C150058 (Contract #1) with the CWCB on December 10,2002 for a loan of$5,461,200 at 3.5% for 30 years. The loan was secured by an annuity with MBIA, Inc. which will provide $296,333 per year beginning in December of2008. The loan was to purchase Montezuma Valley Irrigation Company (MVIC) Class B Shares and construct pipelines and pumping plants to irrigate approximately 3,000 acres. The MVIC Class B shares will provide 6,000 acre-feet per year. ~ The qtSTRICT is requesting that Contract #1 be closed with a total loan of $2,530,000; $2,05&000 for the MVIC Class B Shares (cost of $2,281,000) and $477,000 to irrigate 440 acres in Sandstone West (construction cost of $530,000). The annual debt service for Contract #1, at 3.5% for 30 years, is $137,559. The DISTRICT is also requesting a second contract (Contract #2) to implement a new loan to construct the facilities necessary to utilize the remaining water from the 1,500 MVIC Class B Share 3. This Feasibility Study is to describe the facilities necessary to irrigate approximately 2,200 acres, using approximately 4,400 acre-feet of the MVIC Class B Shares, in the Yellow Jacket East and Pleasant View East areas with an estimated construction cost of $3,692,000. The requested CWCB loan is for 90% of the construction cost or $3,323,180 with annual debt service of$158,774 at 2.5% for 30 years. The lands to be served by the 1,500 MVIC Class B Shares with CWCB loans from Contracts #1 and #2 are: Lands Along Canal Sandstone West Pleasant View East Yellow Jacket East 252 acres 440 acres 1,189 acres 1,011 acres Total 2,892 acres Required Water Supply 5,780 acre-feet The water supply of 5,770 acre-feet per year is slightly less than the 6,000 acre-feet available, allowing a small amount of additional storage carryover each year or water for the water bank.