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' <br />' <br />' 6.0 POTENTIAL REPLACEMENT SOURCES <br />J <br />' <br />In order to evaluate the feasibility of the purchase of the 785 Excelsior Ditch shares offered to AGUA by <br />Mr. Dick Evans, we have reviewed the two feasibility studies previously prepared for AGUA and <br />MAGUA and an appraisal recently prepared by Blatchley Associates. We have also updated our review <br />of the Excelsior Ditch water rights in Section 6.2. <br />, 6.1 Summarv of Yield and Costs for Renlacement Source Alternatives <br />, <br />, <br />' <br />' <br />' <br />� <br />' <br />u <br />Table 2 is taken from AGUA's 1997 Feasibility Study and summarizes average annual yields, cost <br />components, total cost, and cost per acre-foot for each of the six water right purchase alternatives <br />investigated. Table 3 is taken from MAGUA's 2000 Draft Feasibility Study and summarizes average <br />annual yields, cost components, total cost and cost per acre-foot for each of the twelve water right <br />purchase alternatives investigated. Of the six water rights in AGUA's 1997 report, Fountain Mutual <br />Irrigation Company, Lock Ditch, Liston and Love Ditch and Robinson Ditch are re-evaluated in the <br />MAGUA report in 2000. The Excelsior Ditch is re-evaluated in this report and the Keesee Ditch was not <br />considered due to its location on the Arkansas. Therefore, we have used the information provided in <br />MAGUA's report as the most current data available for our comparison analysis. <br />As shown in Table 3, the cost per acre-foot of consumptive use water ranged from $3,240 for DF Ranch <br />water rights to $45,480 for municipal water including consideration of operation, maintenance and <br />augmentation station expenses and engineering and legal fees for change of use. The cost per average <br />annual consumptive use yield ranged from $1,760 for the DF Ranch water rights ($436,650 / 248 acre- <br />feet) to $45,480 for municipal water ($227,400 / 5 acre-feet) per consumptive use credit. <br />, 6.2 Excelsior Ditch <br />, <br />, <br />' <br />' <br />AGUA currently owns 1,007 Excelsior Ditch shares. Mr. Dick Evans has offered to sell an additional <br />785 shares of the Excelsior Ditch to AGUA for $1,100 per share or a total of $863,500. Purchase of an <br />additional 785 Excelsior Ditch share would give AGUA ownership of 1,792 shares of the total 3,333 <br />outstanding shares in the ditch, or a 53.77 percent interest. We estimate that 1,792 shares of Excelsior <br />AGUA — 2003 Feasibility Study - 13 - August 15, 2003 <br />