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Supply Irrigating Ditch Company -Knouth Reservoir Agenda Item 18c March 11, 2008 Page 2 of 5 Reservoir. Beaver Park Reservoir is located 25 miles west of the start of the Supply Ditch near the continental divide and is owned by St. Vrain Reservoir and Fish Company. The Supply Irrigating Ditch Company owns 51% interest in St. Vrain Reservoir and Fish Company and Highland Ditch Company owns the remaining 49% interest. The Company is in the process of acquiring a storage decree within Knouth Reservoir (Reservoir) in exchange for the rehabilitation of the Reservoir. This Reservoir will give the Company some system flexibility as this storage is significantly closer to users than Beaver Park Reservoir. The Reservoir is located in Boulder County about 4 miles northwest of Longmont. The Reservoir has not held water since the 1970s when some construction was completed and upon a trial fill the Reservoir dam seeped. The Reservoir was consequently drained due to safety concerns. The repairs were never completed to meet State Engineer's Office (SEO) standards so the Reservoir has been restricted to zero storage ever since. The Reservoir underwent a test refill in the summer of 2007 under the observation of engineering consulting firm URS and the SEO. Those results were used in the alternative analysis for the technical portion of the loan feasibility study. Currently the Reservoir is owned by the Brand family. The family is in the process of transferring decrees of reservoir storage rights into a new corporation called the Knouth Reservoir Corporation (Corporation). The Knouth Reservoir Corporation will be comprised of the Brand family (40% ownership), the Company (40% ownership), and Little Thompson Water District (20% ownership). The water right transfer will give the Company 40% of the storage decree for Knouth Reservoir. The current capacity of the Reservoir is 220 AF. This additional storage is important to the Company because its current storage in Beaver Park Reservoir is located a significant distance away from all the water users in the system. The new storage location will work as an equalizer reservoir for the system. Loan Feasibility Study The Loan Feasibility Study was prepared by Ed Toms, P.E. of URS with support from Dan Grant, Secretary/Treasurer of the Company. The study was prepared in accordance with the CWCB guidelines and includes engineering design and cost estimates along with an assessment of alternatives to address the rehabilitation options. Supply Irrigating Ditch Company The Company is a mutual ditch company and anon-profit corporation registered in the State of Colorado. There are 164 shareholders and 400 shares of stock. The Company shareholders have the power to set annual assessments to be paid by the shareholders. The Company Directors, of which there are 5, have the power to cut off water deliveries to shareholders that fail to pay their assessments, and the power to offer stock for sale to pay back assessments. Water Rights The source of water for the Company's water rights is the St. Vrain Creek. The Company has a direct flow decree for 92.2 cfs. They also own 51% interest in Beaver Park Reservoir which provides approximately 800 AF of storage. The Knouth Reservoir has an original storage decree of 37.5 AF and two conditional decrees for 73.2 AF and 541.25 AF for a total of 652 AF. The original capacity of the Reservoir was 220 AF.