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Riverside Reservoir and Land Company Agenda Item 17g May 12, 2009 (UPDATED May 22, 2009) Page 2 of 6 Riverside Reservoir was constructed in stages beginning in 1900. The original reservoir was constructed by the South Platte Land, Reservoir and Irrigation Company and was known as Sanborn Draw Reservoir. Initially an outlet structure was constructed at the reservoir site and minor fill dams were built to form Sanborn Draw Reservoir, which held approximately 16,000 acre-feet (AF). It first received water in about 1902. Shortly thereafter, the Riverside Reservoir and Land Company was formed and purchased Sanborn Draw Reservoir and the associated inlet canal. Riverside Irrigation District was formed at that time to purchase 1,200 of the rights in the Riverside Reservoir and Land Company. Based upon the Riverside Irrigation District contract, the Company enlarged Sanborn Draw Reservoir to the present capacity of approximately 64,000 AF and changed its name to Riverside Reservoir. The Reservoir has been classified by the Colorado Division of Water Resources as a Large Size, High Hazard structure. This classification denotes that failure of the dam would cause extensive property damage and probable loss of human life. The Reservoir currently is not equipped with an emergency spillway, which is required by the DWR's Rules and Regulations for Dam Safety and Dam Construction. Construction of a spillway on the dam will reduce the risk of dam failure by over-topping during an extreme flood event, thereby enhancing the safety of downstream residents and property. The SEO has issued a nominal storage restriction on the Reservoir of 0.05-feet (200 AF of storage loss) and has required the construction of a spillway on the dam. For this reason, the Company is undertaking this proj ect to enhance the safety of the Reservoir. Feasibility Studies The Loan Feasibility Study titled "Feasibility of the Construction of the Riverside Reservoir Emergency Spillway, March 2009" was prepared by James Ferentchak, P.E., of W.W. Wheeler and Associates, Inc. The study was prepared in accordance with the CWCB guidelines and includes an alternative analysis, engineering design and cost estimates. Riverside Reservoir and Land Company The Company is a non-profit corporation formed under the laws of the State of Colorado. It was formed in April 1902 to construct and operate Riverside Reservoir and the Riverside Canal for the benefit of the shareholders. The Company diverts approximately 105,000 AF annually and releases roughly 39,000 AF of water from the Reservoir. There are 10,020 shares of stock in the Company. For practical purposes of levying assessments and allotting water, the Company uses rights. One right in the Company represents four shares of stock. There are 2,505 rights in total. The Company is managed by a five - member board of directors elected on an annual basis. The Company officers include a president and vice president elected by the board of directors. The secretary treasurer is hired by the board. The board also retains a superintendent to conduct the normal day-to-day operations of the Company.