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WRCC, Inc. Agenda Item 26a November 10, 2009 (UPDATED November 19, 2009) Page 2 of 5 Cobb Lake (Reservoir) is the focus of this loan request. It is a 22,300 acre-feet (AF) storage reservoir located northeast of Fort Collins in Larimer County. The Reservoir is supplied by the Poudre Valley Canal that diverts water directly from the Cache la Poudre River. The existing inlet ditch is approximately 2,200 feet long and has cast-in-place concrete structures that were constructed in the early 1900s. The inlet structures and ditch are located approximately 60 feet above the normal Reservoir water surface level. The ditch has been badly eroded over time and vertical degradation has resulted in very steep ditch side slopes that are a safety concern. The inlet structures have been patched over the years; however, they are to the point where they could be subject to sudden catastrophic failure. If the inlet failed, the Reservoir could not be filled. Loan Feasibility Study Mayo Sommermeyer of The Dow Law Firm, LLC, prepared the Loan Feasibility Study titled "Feasibility of Cobb Lake Inlet Structure Project, September 21, 2009." The study was prepared in accordance with the CWCB guidelines. John Andrew, Ph.D., P.E., contributed the engineering and technical support portion of the Feasibility Study. WRCC, Inc. The Company is registered as a Colorado non-profit mutual ditch company located in Eaton, Colorado. It was established in 2002 as the result of a corporate reorganization. There are 1,000 shares of stock and 256 shareholders. The Company is managed by a five-member Board of Directors. The Board has the power to levy annual assessments, cease delivery of water to shareholders whose assessments are not paid in full, sell stock of delinquent shareholders, and enter into loan agreements. The Company's predecessor, Windsor Reservoir and Canal Company, was incorporated in 1890. In 2006, the Windsor Reservoir and Canal Company sold its stock in the Tunnel Water Company. As a result of of this transaction, WRCC, Inc. was created with the remaining assets of the original Windsor Reservoir and Canal Company less the Tunnel Water Company stock. Water Rights The Company has water rights decreed for irrigation use in Big Windsor Reservoir, Cobb Lake, Douglas Reservoir, Elder Reservoir, Reservoir #8, and Annex Reservoir. Annually the Company diverts approximately 35,000 AF through the system. Table 1 lists only the Project relevant, Cobb La.ke, storage rights owned by the Company.