C150299 Fesability Study

• Contract/PO #: C150299
• Contractor Name: Lake Canal Reservoir Company
• Contract Type: Loan
• Water District: 0
• County: Larimer
• County: Weld
• Loan Projects - Doc Type: Feasibility Study

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Feasibility Study
for the Rehabilitation of
South Gray Reservoir and Gray Reservoir No. 3
PROJECT SPONSOR
The Lake Canal Reservoir Company (LCRC) is a Colorado Mutual Ditch Company and a Non-
profit Corporation. Articles of Incorporation and Bylaws are included in Appendix E.
The company's facilities consist of the storage reservoirs known as North Gray Reservoir, South
Gray Reservoir, and Gray Reservoir No.3located in Sections 34 and 35, Township 8 North, Range
68 West of the 6`h Prime meridian. Their facilities include the reservoirs and the associated diversion
structure into North Gray and the diversion structure into the Lake Canal Ditch. The diversion
structure into North Gray is located in Section 27, Township 8 North, Range 68 West which fills all
three reservoirs through North Gray.
Storage in the Gray Reservoirs is released into Box Elder Creek which is diverted into the Lake
' Canal Ditch by a structure located in Section 16, Township 7 North, Range 68 West. The Lake
Canal Ditch serves approximately 5,200 acres of irrigated farm and pasture land.
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The Company was incorporated in January 1902 and has been in operation continuously since that
time and has delivered water and applied assessments since its inception. Assessments during the
year 2008 were $150 per share of stock and aze $150 per share for 2009.
Financial statements for 2007 and 2008 a.re included in Appendix A of this study. For the year 2008
the Company had revenue of approximately $88,827; a cash balance from the previous year of
$13,702; expenses of approximately $81,785; and, a cash balance of $13,748. The Company lists
total assets of $63,256, no long term liabilities, and stockholder equity of $63,164.
The company has minimal equity in buildings and equipment. Normal maintenance and repair of
the ditches and reservoirs is handled by the New Cache La Poudre Irrigating Company through an
operating agreement included in Appendix F. Assets listed include their cash account, accounts
receivable, and the ditches and reservoirs.
PROJECT SERVICE AREA
The service area of for the Lake Canal Reservoir Company includes approximately 5,200 acres of
irrigated fann land in Larimer and Weld Counties in Colorado. The approximate service area
boundaries are shown on the map in Figure 1. Gray Reservoir No. 3 which is the object of this study
is located in Larimer County, Section 34, Township 8 North, Range 68 West.
Gray Reservoirs-Feasibility Study Page 1
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