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. . . i. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . VI. WATER FOR RECREATIONAL USES The Colorado Geneml Assembly has authorized the creation of the "Great Plains State Park." This recreation area will include one or more of the Great Plains Reservoirs owned by the Amity Mutual Irrigation Company ("Amity"). Amity historically used those reservoirs for the winter storage of water. In 1976, the Administration granted Amity the right to store water in John Martin Reservoir. That right was renewed each year, except 1978, until 1980 when Amity was granted an account in John Martin Reservoir under the 1980 Operating Plan. Amity has stored water in John Martin Reservoir each year since 1976. In order to provide a water supply for the Great Plains State Park, the Colorado Division of Wildlife ("DOW") has begun acquiring land and water rights. Its objective is to acquire sufficient water to provide a permanent recreational and wildlife water supply to the Great Plains State Park. The initial purchases have been ofland and water under the Amity Canal. The DOW's future water acquisition plans are unknown. VII. VALUATION TECHNIOUES A. Highest and Best Use In determining market value, it is necessary to determine the "highest and best" use of the property. Highest and best use can be defined as: The reasonably probable and legal uses of the property found to be physically possible, appropriately supported, and financially feasible, that result in the highest present value. Making a determination ofhighest and best use entails a four-step analysis. First, uses permitted by law must be determined. Second, the legal uses that are physically'possible must be determined. Third, of the legally and physically possible uses, a determination must be made as to which ones are financially feasible. Finally, in view of the preceding analyses, and the consideration of any other relevant information, a determination is made as to which use is the most probable with the most profIt. B. Legal Feasibility The owner of a water right is entitled to change the water use if the change can be accomplished without injury to other vested water rights. A change of water right can include a change in type, place, or time of use, a change in point of diversion, a change from a fixed point of diversion to alternate or supplemental points of diversion, a change in means of diversion, a change in place of storage, a change from direct application to storage and subsequent use, a change from storage and subsequent use to direct application, a change from a fIxed place of storage to alternative place of storage, or any combination of such changes. Page 19 of 66