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COST ESTIMATE The estimated cost to reconstruct the dam is shown in Table 3, summarized from the PRC report. The costs were indexed up by 15~, approximately 2.5$ per year from 1986. PRC used an amount of 20$ for contingencies and 15$ for engineering and administration. FINANCING The construction of this project will require financing. The Grand Mesa WCD would need to finance the entire cost of the project. The financial analysis herein assumes that Cactus Park Reservoir will be constructed with a loan from the CWCB. The construction would yield about 11,300 acre-feet of additional water annually, with the assumption that the water users would pay the same annual cost regardless of whether the water is available in dry years. Repayment options are shown in Table 3, assuming a 100$ loan; if the District can include some cash the loan amount would be reduced. RECOMMENDATIONS The cost for construction of Cactus Park Dam and Reservoir is greater than the irrigators ability to repay using any of the financing scenarios shown in Table 3. The project would require $30 to $35 million dollars in non-reimbursable funds to allow repayment by the local water users. Simply stated grant funds are not available from the CWCB nor any other existing source. The Grand Mesa Water Conservancy District may want to coordinate with the San Miguel Water Conservancy District, represented by Bill Bray and Senator Dan Noble, who have a similar problem with the San Miguel Project; but have a long range plan to obtain Colorado River Storage Project (CRSP) funds. This project is not recommended for further consideration, unless a source of non-reimbursable funds is available. Cactus Park Dam 7