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memorandum of agreement was executed with DOW, Craig, and the River District addressing DOW's retained interests and allowing the expansion. Colorado Division of Parks and Outdoor Recreation Parks currently operates and is responsible for recreational activities at the reservoir. Craig subsidizes Parks' operation under terms of a year-to-year agreement. Craig, the River District, and Parks have begun discussions about entering into along-term agreement for Parks to operate the recreational facilities at the reservoir. Colorado State Land Board The Land Board owns in fee roughly 720 acres of the reservoir property. Craig owns aright-of--way from the Land Board for the reservoir. An expanded right-of--way must be obtained for the enlargement. Alternatively, the River District is pursuing a land exchange of certain lands it owns in Juniper Canyon for the Land Board's fee ownership at Elkhead. The Land Board is currently obtaining appraisals of the subject properties. Colorado Water Conservation Board/Recovery Program/Bureau of Reclamation Last, but certainly not least, we need to put in place agreements with the CWCB, Recovery Program, and the Bureau of Reclamation. Among others, the agreements will: • Provide for a financing mechanism for the River District share and a portion of the Recovery Program's share of the project. This portion, $2MM, will be reflected as part of Colorado's overall financial obligation to the Recovery Program. • Provide for the balance of the Recovery Program's cost share to be funded by the Recovery Program Capital Fund. • Secure the funding and obligation of the parties sufficient to allow the River District to bid, contract, and construct the project. • Provide that the CWCB will own the fish pool on behalf of the Recovery Program and call for its use. • Address present or future need and obligation for a facility such as a fish net to contain non-native sport fish. Colorado River Water Conservation District The River District was created by state statute in 1937 for the conservation, use, safeguard, and development of the water resources of the Colorado River and its tributaries to which the State is Page -4-