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In the late 1880's, an increasing demand for water in the Greeley No. 2 Ditch prompted <br />discussion among the stockholders of the Cache la Poudre Irrigating Company about the need for <br />reservoir storage. The stockholders were split on the subj ect between those that wanted a <br />reservoir project and were willing to pay for it, and those that did not want a reservoir project. <br />Eventually, those stockholders wanting the reservoir project organized a separate company to <br />build the reservoir. <br />This new company, Cache la Poudre Reservoir Company, acquired the site of Homer's Lake in <br />1892 for the subsequent construction of Timnath Reservoir (aka Cache la Poudre Reservoir). <br />Stockholders of Cache la Poudre Reservoir Company stock, of which there are 3,000 shares, <br />receive diversions from water stored under those water rights associated with Timnath Reservoir <br />and delivered through the Cache la Poudre Irrigating Company system. Cache la Poudre <br />Reservoir Company owns approximately 90 percent of Timnath Reservoir, the remainder of <br />which is owned by stockholders of the Lake Canal Company. Of the Cache La Poudre Reservoir <br />Company stockholders, 90 percent are also stockholders of New Cache La Poudre Irrigating <br />Company. <br />Through the years, the New Cache Company came to manage the six remaining affiliated <br />companies identified previously. Under the New Cache System, operation of the affiliated <br />companies is integrated such that reservoir water can be used to supplement the direct flow water <br />available from the irrigating company. Therefore, a maj ority of farmers under the New Cache <br />System own shares in the Cache la Poudre Reservoir Company as well as direct flow shares in <br />one or more of the other affiliated companies. <br />Some stockholders under the New Cache System also own water other than System share water. <br />Sources of other water in the New Cache System include shares in Fossil Creek Reservoir and <br />Big Windsor Reservoir and approximately 5,000 units of Colorado -Big Thompson (C-BT) <br />water. <br />The New Cache System is located between lands irrigated under the Larimer and Weld Irrigation <br />District and the Cache la Poudre River. The System includes Timnath Reservoir (aka Cache la <br />Poudre Reservoir), the associated Timnath Reservoir Inlet and Outlet canals, and Greeley No. 2 <br />Ditch (aka New Cache la Poudre Company Ditch). The North Side Lateral and North Side <br />Extension Ditch are extensions of the Greeley No. 2 Ditch and Cooke and Union are large <br />laterals off the main ditch. <br />Under the New Cache System, stockholders in the New Cache la Poudre Irrigating Company are <br />entitled to water diverted from the associated direct flow water rights on the Cache la Poudre <br />River delivered through the Greeley No. 2 Ditch. Stockholders in the Cache la Poudre Reservoir <br />Company are entitled to water stored in Timnath Reservoir and delivered through Greeley No. 2 <br />Ditch. Stockholders of Cooke Irrigation Company have carriage rights in the Greeley No. 2 <br />Ditch and receive direct flow water from water delivered into the New Cache System through <br />Lone Tree Creek. Stockholders of Union Lateral Irrigating Company have carriage rights in the <br />Greeley No. 2 Ditch. <br />NewCacheMemo.doc 3 of 14 <br />