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

.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

COMPARABLE SALE NO. FLC-5

LAND AND WATER OPTION CONTRACT

OPTION DATE:

May 16, 2003

OPTIONOR:

Ullom Family et aI., Wiley, Colorado

OPTIONEE: .

Lower Arkansas Valley Water Conservancy District

OPTION DATE:

May 16, 2003

TOTAL PRICE:

$8,446,000.00 based upon $4,000.00 per acre for 2,111.50
acres of irrigated crop land or $4,550.65 per share based upon
1,856 shares of Fort Lyon Canal Company stock.

OPTION PAYMENT:

$85.00 per share or $157.760 for fIve payments with a total
option payment of $788,800, payments due 5/15/03, 5/16/04,
5/16/05,5/16/06, and 5/16/07.

EXPIRATION DATE:

May 16, 2008

ANALYSIS:

The following analysis is based upon the Brown and Caldwell
Appraisal Report for the Fort Lyon Canal Company Shares
prepared for the Otero County Water Works Committee and is
dated July 31, 2001, updated to March 12,2003. It should be
pointed out that this water rights appraisal may be used for
purposes of acohservation easement. Accordingly, whether it is
valid for that purpose is unknown. The current agricultural land
value was estimated at $500 per acre for this analysis and the
developed land value was the remainder of the Fully Developed
Value less the estimated value of the water rights.

FULLY DEVELOPED VALUE ON A HIGHEST AND BEST USE BASIS:

Water Rights:
Land:

1,856.00 shares @ $3,111.00
2,111.50 acres @ $1,265.44

=

$5,774,016
$2.671.984

=

Total Development Value:

$8,446,000

Page 46 of 66