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County is the largest corn-producing county in the state, with production in 2006 of <br />46,500,000 bushels, or almost 37% of the statewide total. In some years, Yuma County <br />produces more corn than any other county in the country, including counties in the corn- <br />belt states of Iowa and Nebraska. <br />The North Fork Lease will prolong the life of the regional aquifer in the area of the <br />Compact Compliance Wells by reducing the amount that will need to be pumped during <br />the term of the lease, thereby reducing pumping costs and prolonging the life of the <br />ground water rights that will be acquired for the Compact Compliance Pipeline project. <br />The conversion of approximately 1,200 acres of land irrigated by the surface water <br />rights included in the North Fork Lease to nonirrigated rangeland will reduce tax <br />revenues of Yuma County slightly; however, the retirement of these irrigated acres will <br />prevent the curtailment of a much irrigated acreage in Yuma County in the proposed <br />Curtailment Zone under the proposed Compact Rules and will prevent the curtailment of <br />all well pumping in the basin if Colorado continues to exceed its compact allocations. <br />No use fee is imposed on the diversions by the surface water rights; thus, the North <br />Fork Lease will have no impact on use fee revenues of the RRWCD WAE, although it <br />will remove the threat of a lawsuit that could result in some wells being excluded from <br />the Northern High Plains Basin, which could reduce use fees that will be pledged to <br />repay the CWCB loan for the Compact Compliance Pipeline. <br />The North Fork Lease will not disturb any land. Thus, there will be no long-term impact <br />from the lease, other than the reduction of irrigated acreage. The North Fork Lease will <br />result in water being left in the North Fork and will enhance streamflow in the reach of <br />the river upstream from the headgate of the Pioneer Ditch, which is also the diversion <br />point for the Pioneer Irrigation District -Nebraska. Whether the water is left in the river <br />to flow to the Colorado-Nebraska state line or diverted at the Pioneer Ditch headgate for <br />use in Nebraska, the water is included in the RRCA's compact accounting and Colorado <br />will no longer be charged for the consumptive use that occurred when the water was <br />diverted for irrigation use in Colorado. The river channel is adequate to carry additional <br />water and the additional streamflow will benefit riparian habitat along the river. <br />10.0 FINANCIAL FEASIBILITY ANALYSIS <br />The total cost of the North Fork Lease is $5 million for the lease payment. The RRWCD <br />WAE is seeking a loan from the Colorado Water Conservation Board Construction Fund <br />for $4.545 million to finance the lease payment (including the 1 % loan origination fee). <br />The RRWCD WAE will pay for the remaining amount of the lease payment from existing <br />funds or through a private loan. The RRWCD WAE will repay the CWCB loan through <br />future use fees. <br />10.1. Financial Repayment <br />The RRWCD WAE is applying for a loan amount of $4.545 million from the Colorado <br />Water Conservation Board Construction Fund with a 10-year repayment period and an <br />interest rate of not more than 2.25%. The financial feasibility analysis for this Study is <br />10 <br />