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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />$441,525). The combined value for six shares ofLLDC is $2,016,525. <br /> <br />In addition to the water rights acquisition, LLRC has recently implemented a flow measuring and <br />monitoring system to facilitate the operation of the Lower Latham ditch and reservoir system and to <br />facilitate the operation and administration of the plan for augmentation. The system includes a total <br />of 10 measurement sites, two of which are located at the Lower Latham Reservoir inlet and outlet <br />channels, two of which are located at delivery points for delivering augmentation water to the river, <br />and six of which are located at various locations on the main channel of the Lower Latham Ditch. <br />Each site includes a measurement sensor, datalogger, and radio transmitter for transmitting data to a <br />base station located at the superintendent's house. LLRC has incurred a total expense of $87,168 for <br />the implementation of the measuring and monitoring system. <br /> <br />I <br />I <br />I <br /> <br />VIII. IMPLEMENTATION <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />LLRC intends to utilize the water rights subject to this CWCB loan application for augmentation <br />beginning in April 2008. Until that time, the water rights will continue to be utilized for irrigation <br />uses on the properties historically irrigated. However, LLRC anticipates amending its water court <br />application for the plan for augmentation by adding the subject water rights immediately. <br />Implementation of the flow measuring and monitoring system has been completed recently. <br /> <br />VIllI. PERMITTING <br /> <br />No easements, rights of ways or other permits are required. <br /> <br />X. INSTITUTIONAL CONSIDERATIONS <br /> <br />Entities that are involved in the design, construction, and filnancing of the project include: <br />Lower Latham Reservoir Company; financing and project management <br />Lower Latham Asset Management Company; project management <br />. New Frontier Bank; providing bridge loan financing for the project <br />Colorado Deferred Exchanges, Inc.; I.R.S. Code 1031 qualified intermediary for the Rothe <br />Farm purchase <br />Colorado Water Conservation Board; financing. <br /> <br />- 6- <br />