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Ogilvy Augmentation Company Agenda Item 23a September 9, 2008 Page 3 of 7 The Project is necessary to es tablish a permanent augmentation plan. The annual SWSP operations have been operated solely on annual leased wate r supplies. A long-term replacement water supply is necessary in order to develop a permanent augmentation plan. The pumping of Augmentation Company wells results in stream depletions that occur throughout the year. The water rights that the Augmentation Company is acquiring yield irri gation season water; however, this does not provide for the Augmentation Company’s delayed deplet ions that hit the river in winter. Therefore, recharge facilities and/or reservoir storage is required in conjuncti on with the water rights acquisition to provide full augmentation. The 2008 SWSP provides augmentation water from 2.0 leased shares in the Greeley Irrigation Company (GIC) and return flow credits from the City of Longmont. Current replacement water supplies are provided by means of annual lease agr eements and are not available for a permanent augmentation plan. Loan Feasibility Study The Loan Feasibility Study titled “ Feasibility Study of the Ogil vy Augmentation Company Well Augmentation Project, August 2008 ” was prepared by Doug Seely, P. E., Water Resources Engineer and Duane Smith, P.E., Smith Geotechnical. The study was prepared in accordance with the CWCB guidelines and includes prelimin ary engineering design and cost estimates. Dennis Hoshiko, President, also assisted in the f easibility study/application process. Ogilvy Augmentation Company The Augmentation Company is a non-profit corpor ation registered in the State of Colorado established in 2005. There are currently 10 individual members and 17 wells. Each member of the Augmentation Company ha s entered into a Well Augmentation Agreement which provides the Board authority to set annual asse ssments to be paid by the members; the power to curtail pumping of wells owned by members that fail to pay their assessments; the power to place a lien on members Ogilvy Ditch shares and propert y owned by members that fail to pay their assessments. Water Rights As previously mentioned, the Augmentation Comp any currently does not own water rights but has been leasing water for its temporary SWSP. As a part of this Project, it inte nds to purchase shares of GIC. The historical consumptive use of GIC shares has been established by means of a system- wide analysis, including all outsta nding shares. Several changes of use of GIC have been decreed based upon this system-wide analysis. This prior wo rk establishes a historical consumptive use for all GIC shares and facilitates future changes of shares. Table 1 summarizes the 6.0 shares of GIC fo r which the Augmentation Company is seeking financial assistance.