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I I I I I I I I I I I I I I I I I I I shareholders to continue to utilize reliable senior water rights. This alternative involves work on three separate, existing reservoirs. CONCEPTUAL PLANS and FEASIBILITY LEVEL COST ESTIMATES Conceptual plans and Feasibility Level Cost Estimates have been prepared by Water Resource Consultants, LLC. They are included in Appendix D. The estimated cost of the project is $570,000. This is summarized in Table 2. Table 2 Cost Estimate for Rehabilitation and Enlargement of Bull Creek Reservoirs Nos. 1, 2 and 4 Reservoir Construction Permitting Engineering Estimated Costs Costs Costs Total Bull Creek No. 1 30,000 15,000 15,000 60,000 Bull Creek NO.2 50,000 15,000 15,000 80,000 - Bull Creek NO.4 350,000 30,000 50,000 430,000 Total 430,000 60,000 80,000 570,000 Work is required on three separate reservoirs. The three reservoirs are combined as one project under the Stipulation and Agreement between the Reservoir Company and the Colorado Attorney General's Office. Also, there will be savings that occur by working on all three reservoirs simultaneously. These include: Access to the site. The location of the reservoirs makes it slow and costly to get equipment and manpower into the site. Working on all three sites in succession will minimize mobilization costs. Permitting. Much of the permitting cost is associated with providing documentation to the US Forest Service so they can in turn can be in compliance with the National Environmental Policy Act. Much of this work is redundant and boilerplate, but is required by the USFS to be regenerated on a project by project basis, in a format that complies with USFS policies. By doing all three reservoirs simultaneously, the cost of Bull Creek Reservoir, Canal and Power Company Bull Creek Reservoirs Nos. 1,2 and 4, Feasibility Study May 31, 2004 Page 6 of 12