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Center of Colorado Water Conservancy District Agenda Item 26a November 10, 2008 Page 2 of 4 augmentation for the p lan in Case No. 05CW111. The case adjudicated 706AF of average annual consumptive use from the two ditches. The first 20 0AF of water is the District s with the remaining 506AF used by Centennial through two 50 y ear lease contracts with the District. The construction of the Reservoir is a joint effort between the District and Centennial in order to maintain historical retu rn flows to Michigan Creek right s on Michigan and Tarryall Creeks) . The design and construction of the Reservoir is funded b y th th the District and Centennial thro ugh a cost share of 1 /7 and 6 /7 respectively. The 40 0AF Reservoir is located adjacent to Michigan Creek in Park County near the town of Jefferson. Of the 400AF Reservoir capacity , 195 AF is allocated to the District and 205 AF is allocated to Centennial. n flow obligation and 30AF is excess capacity for use by the District for storage and augmentation purposes in its service area. Loan Feasibility Study The Loan Feasibility Study , Feasibility Study for James Tingle Reservoir , June 20, 2008 , was prepared by James W. Culichia of Felt, Monson, & Culichia, LLC. The study includes: an ownership/lease agreement between District and Centennial, SEO approved construction plans prepared by Deere & Ault Engineering , permits, an executed construction contr act with Cat Lake, Inc., and the water rights decree in Case No. 05CW111. The study was prepared in accordance with the CWCB guidelines and includes engineering design and cost estimates. Center of Colorado Water Conservancy District The District was c reated in 1997 by election , to preserve and develop the water resources of Park County. The District is a Title 37 Special District with its office loca ted in Fairplay , Colorado . The District is funded by a 1.0 mil ad valorem tax on real property in Park C ounty. The District was De - Bruced in 2000 and is authorized to retain all excess collected revenues. The District held a successful election on November 4, 2008 , request ing permission from Park County taxpayers to incur a multi - year debt for the purpose of financing the Project as required by TABOR . Water Rights The District owns the Randall Ditch and the Sessions Ditch. These ditch water rights have been changed from agricultural irrigation to municipal, industrial and augmentation in C ase No. 05 CW 111. The source of water for the ditches are senior right s historical ly diverted from Michigan Creek (Randall Ditch : 1878 : 11.75cfs & 1881 : 11.75 cfs ) and (Session Ditch : 1880 : 1.15cfs) . When in priority , the District will store Randall and Session Ditch water in the new Reservoir as allowed in the decree . The Ditches were adjudicated for an average annual consumptive use yield of 706AF, of which the District controls the first 200AF. The remaining water is controlled by Centennial through two 50 year lease agre ements. A ddition al water rights owned by the District include the joint ownership of 3 7 AF of augmentation water in the Parmalee No. 2 & No. 3 Ditches and Flume Ditch on Deer Creek adjudicated in Case No. 02CW231. The District also is sole owner of Smelte r Pipeline Reservoir on Mosquito Creek. The District is also a participant in t he Chatfield Reservoir Reallocation Project.