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Louden Irrigating Canal & Reservoir Company July 15,2008 Page 2 of6 Agenda Item 16a Background Rist Benson Reservoir (Reservoir) is located on the west side of Loveland, Colorado in Larimer County. It is situated below the Louden Canal is owned and operated by the Borrower as an exchange reservoir. The Reservoir's dam was constructed in the early 1900's. The dam is approximately 1,450 feet in length, has 2:1 upstream and downstream slopes with a crest width of 16 feet and a maximum structural height of approximately 20 feet. The dam is located on the south and west sides of the reservoir with the outlet located on the south side. The dam embankment has experienced seepage problems since it was raised in 1932. Two sections of the dam have already been repaired through excavation and re-compaction. The first phase, completed in 1993, repaired 675 linear feet of the dam. The second phase, completed in 2001, repaired another 355 feet. Loan Feasibility Study The Loan Feasibility Study titled "Feasibility Study for Rist-Benson Reservoir Dam Repair, May 2008" was prepared by Duane Smith, P .E., Smith Geotechnical. The study was prepared in accordance with the CWCB guidelines and includes preliminary engineering design and cost estimates. Dale Leach, Board President, and Robert Dickenson, Board Secretary/Treasurer, also assisted in the feasibility study/application process. Louden Irrigating Canal and Reservoir Company The Borrower is a Mutual Ditch Corporation and was incorporated in 1878. It has 600 shares and 180 stockholders. The stockholders include private individuals and the Cities of Loveland, Fort Collins, Windsor, and Greeley. The service area is approximately 40,000 acres, of which 4,000 acres are irrigated by the Borrower's water. Lands irrigated in the service area include private farms, ranches, public parks, and golf courses. The Borrower is governed by a 5 member Board of Directors. A majority vote by stockholders is required to increase assessments. The vote can take place at the Borrower's annual meeting or at a special meeting called for such purpose. The Borrower's facilities consist of a portion of Rist Benson Reservoir (capacity 491 AF), Donath Reservoir (capacity 1148 AF), 16 rights in Lake Loveland (approximately 640 AF), and approximately 34 miles of unlined ditch and associated structures.