C150245 Feasibility Study - Laserfiche WebLink

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Project Sponsor The Project Sponsor is the Lower Poudre Augmentation Company. 'Appendix A contains copies of the Articles of Incorporation and the Bylaws. The Lower Poudre Augmentation Company is a non - profit augmentation company that was incorporated in December of 2004. The New Cache La Poudre Reservoir Company and the New Cache La Poudre Irrigating Company are members of the Lower Poudre Augmentation Company. The Company is comprised of approximately 100 well users spanning the New Cache Irrigating System and Larimer Weld Water District service areas. There are 35 customers within the system. Approximately 3500 acre feet of augmentation was required in 2006. This amount will decrease in 2007, since it is anticipated that the number of wells associated with the Company will drop from 119 in 2006 to 84 in 2007. Company revenue is derived from assessments. Assessments are based upon the amount of depletions per well. Last years total assessment was $485,570, approximately $4080 per well. Attached in Appendix B are the fiscal statements for 2005 and through October 2006 for the Lower Poudre Augmentation Company. The Lower Poudre Augmentation Company will use the purchased land and associated water rights as collateral for the loan. Water 2 Water Supply Demands Currently the Lower Poudre Augmentation Company system)" ryes agricultural users and one municipal well. The Augmentation Company is currently �esponsible for approximately 3,500 acre -feet of augmentation water per year. The Timnath Fla 'fon Reservoir would be one part of the portfolio that comprises the augmentation company's h Idin s. It is anticipated that in the future well depletions will decrease. One of the goals of the torf pany is to educates well users about efficient well use and encourage it for supplemental use only. Water Rights The Lower Poudre Augmentation Company would purchase 4.5 shares of the Boxelder Ditch. The shares would be purchased from Flatiron Company. 1 share is from the Weiderspon farm and has a historic consumptive use of 41.7 AF per share. The other 3.5 shares are from the three firms that are located in the current area of the East Rigdon gravel pit. These farms were historically irrigated with Box Elder shares and have a historic consumptive use of 38.8 AF per share. The Consumptive Use Evaluation is attached in Appendix C. The Boxelder Ditch has 64 outstanding shares. The Boxelder Ditch was decreed for irrigation in Civil Action No. 320 on April 11, 1882 with appropriation dates of March 1, 1866 for 32.50 cfs, May 25, 1867 for 8.33 cfs, and July 1, 1868 for 11.93 cfs from the Cache La Poudre River. The right is the number :15 priority on the Poudre River. The two later enlargements of 8.3 cfs and 11.9 cfs have priority numbers 23 and 30, respectively. The capacity of the ditch is approximately 53 cfs. This ditch has only been called out during the late summer of the extreme drought years of 1954 and 2002. The purchase price for the Boxelder Ditch shares is listed in the purchase agreement at $200,000 per share. This seems reasonable compared to the value of other shares on the Boxelder and other northern Colorado ditches. An opinion of value letter is attached in Appendix D. a]