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<br />Headgate 135 Lateral, Inc. <br />July 15,2008 (Revised July 25,2008) <br />Page 3 of 5 <br /> <br />Agenda Item 16b <br /> <br />Water Rights <br /> <br />The members ofthe Corporation own shares in the GVIC. The water shares are conveyed through <br />Headgate 135 and to the member's land via the Lateral. The source ofthe irrigation water is the <br />Colorado River. GVIC has a diversion structure on the north bank of the river near Highway 6 in <br />Palisade. The Lateral is currently an open ditch and carries 3.0 cfs and is used to irrigate residential <br />lawns and gardens. <br /> <br />Project Description <br /> <br />Three alternatives were analyzed in the feasibility study: <br /> <br />1) No action alternative <br />2) Individual members construct pipeline to meet their own needs <br />3) Participate in the NRCS Colorado River Basin Salinity Control Program <br /> <br />The Corporation chose to participate in the Salinity Control Program primarily due to the available <br />NRCS funding assistance. The selected alternative includes 4,800 feet of new 15 inch PVC pipe to <br />replace open ditch, flow measurement devices, metered delivery points to each member, valves, <br />drains and vents to improve delivery of the water to the diversion structure. Design will begin this <br />summer and construction is expected to begin in the fall of2008. <br /> <br />Financial Analysis <br /> <br />Table 1 shows a summary of the funding sources for the project. The total estimated cost of the <br />project is $260,000. An initial loan phase (during construction) amount is based on 100% of the <br />estimated total Project cost (allowed per Policy #11). The loan will be reduced to $134,000 after the <br />Project is complete and the Corporation receives funds from NRCS and others assisting in the <br />Project funding. <br /> <br />Table 1. Project Funding Sources <br /> <br />Funding Source Grant/Other Loan <br /> Initial Loan Phase <br />CWCB Loan $260,000 <br />Total ($260,000) $0 $260,000 <br /> Post Construction Phase <br />Lateral 135 Inc. $0 <br />Mesa Conservation District (NRCS-Cost Share) * $71,000 <br />Grand Valley Drainage District** $13,000 <br />Bishop of Pueblo $34,000 <br />3P Development, LLC $8,000 <br />CWCB Loan $134,000 <br />Total ($260,000) $126,000 $134,000 <br /> <br />* Received after construction is complete from NRCS <br />** To be in-kind services <br />