C150150 Market Report

• Contract/PO #: C150150
• Contractor Name: Lower Arkansas Water Management Association
• Contract Type: Loan
• Water District: 67
• County: Bent
• Loan Projects - Doc Type: Feasibility Study

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FB-l, Page 2

COMMENTS:

This property was purchased by the City of Lamar for the
2,520.60 shares of Bent Fort Ditch stock. The City of Lamar
uses this canal company as a source of augmentation water for its
municipal wells. This purchase is intended to assure the City of
Lamar of a source of augmentation water through at least 2040.

F or the foreseeable future, the land will be leased out and
continued to be farmed. The City of Lamar already owns a
signifIcant portion of the Fort Bent Ditch and has been buying
shares as they became available. This sale was broken out as
both an irrigated farm sale and as a water sale as shown below.

SOILS:

The irrigated land involved sale has 21 different soils. Lc - Las
clay loam comprises the largest portion with 788.60 acres. The
production factor is 80.00 percent.

W ATERRIGHTS:

2,520.6 shares of capital stock in the Fort Bent Ditch Company,
seven adjudicated irrigation wells, and two membership
certificates in Prosperity Lane Water Association. As of the date
of the contract negotiations, only three of the irrigation wells were
functioning and all are included in the Lower Arkansas Water
Management Association. One share in the Fort Bent Ditch
yields, on average, O. 73 acre-foot of consumptive use.

TERMS:

The Seller was paid in cash.

UNIT PRICE:

$817.44 per acre

BREAKDOWN:

Water Sale:
2,520.60 shares Fort Bent
1,835.00 acres land
Improvement Value:
Total Purchase Price:

$1,260,300
$ 100,000
$ 139.700
$1,500,000

@ $500 =
@ $ 55 =

Page 40 of 66