Elkhead Reservoir Final Acquisition Agreement

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Reservoir Enlargement project will involve the replacement of the existing Elkhead Reservoir dam and outlet structure wTith new structures that will store approximately 24,887 acre-feet of storage. E. Upon completion of the Reservoir Enlargement, the water stored therein will be used for various purposes by the Parties. Generally, the Yampa Participants will continue to have available for their use pursuant to this Amended and Restated Agreement approximately 8, 7~4 acre-feet of water storage capacity, subject to the confirmation process established in Section I.A. herein. In addition, ~vater stored in the Reservoir Enlargement will be used by Craig for municipal and other beneficial purposes, by the River District for release for in-channel recreational and fish habitat purposes within the Yampa River in the State of Colorado, by other contractors and,%or citizens of the River District for all beneficial uses within the Yampa River basin in Colorado; and by the River District and/or Craig for in-reservoir recreational and piscatorial purposes. The River District intends to transfer the ownership of a portion of its capacit;~ in and related Storage ~~later Right associated with the Reservoir Enlargement to the Colorado ~'Vater Conservation Board and/or agencies of the United States Department of the Interior for their use in supplying water to the Yampa River for in-river flow maintenance and enhancement. F. The Yampa Participants have entered into an Agreement dated December 2, 2003 ("Construction Agreement"} with the River District by which they have consented to the enlargement of Elkhead Reservoir based on compliance with certain terms and conditions, This Amended and Restated Agreement fulfills the requirements of paragraph 6 of the Construction Agreement. Ci. The River District has entered into agreements with Craig providing for the enlargement of Elkhead Reservoir based upon compliance with certain terms and conditions: the Intergovernmental Agreement between Craig and the River District dated 3anuary 24, 2002 ("Craig I"), and the Intergovernmental Agreement between Craig and the River District dated August 5, 2003 ("Craig II"}. AGREEMENT ~'~~HEREFORE, in consideration of the foregoing recitals and the Parties' rights and obligations provided herein, the Parties agree as set forth below. I. PARTIES' STORAGE POOL RIGHTS A. lnitial Determination of Storage Pool Rights. Each Party is assigned a storage pool for storage of its "Stored Water" available under each Party's individual storage water rights ("Storage Pool"). For purposes of this Amended and Restated Agreement, the Yampa Participants' Storage Pool shall be considered collective_ "Stored V6'ater" is that w ater held within each Party's individual Storage Pool in the Elkhead Reservoir Enlargement pursuant to the Parties' decreed storage water rights (with the Parties' storage rights being set forth on Exhibit A and referred to 2