PROJ01947 ‎(3)‎

• Contract/PO #: FS0076FX
• Contractor Name: Poudre Tech Metropolitan District
• Contract Type: Loan
• Water District: 0
• County: Weld
• Loan Projects - Doc Type: Feasibility Study

LOMA ENTERPRISES
13125 E. COUNTY LINE ROAD
LONGMONT, CO 80504

November 13, 2003

WATER EVALUATION

B. H. EATON DITCH

Water Rights owned by Martin Lind and intended for the use of Water Valley South
include 100 shares of the B. H. Eaton Ditch. There are a total of 192 shares of the B. H.
Eaton and total ayerage head gate deliyery of water during the years 1950 through 1996
was 5354 acre feet, or an ayerage of 27.89 acre feet per share. These water rights are
now before water court for change of use adjudication, and there is no question that the
change will be granted. The ultimate yield granted by the court is immaterial since this
eyaluation is based on ditch head gate deliyeries.

There haye been no recent sales of B. H. Eaton water, but sales from other ditches have
included the following, on the same deliyered a. f1. basis at the ditch head gate:

1. Greeley-Loyeland -------------------------------------- $4,000.00 per a. f1.

2. Greeley #3 (current offer by City of Greeley) ------ $3,000.00 per a. f1.

3. Home Supply -------------------------------------------- $4,650.00 per a. f1.

4. C.B.T. water (weighted ayerage of 5 sales during July, 2003), $11,293.00 per
unit with a typical deliyery of 0.7 a. f1. per unit and reducing by one third
because of the difference in transferability,
(11,293.00/0.70 X 0.667) ---,.------------------------$10,760.00 per a. f1.

The ayerage of these four is $5,603.00 per a.f1. 100 shares of B. H. Eaton by 27.89
a. f1. per share at $5,603.00 places the yalue of this water at $156,267.00 per share, or a
total of $15,626,700.00.

Prepared and certified by:

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61. J. von Bernuth, P.E.