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C <br />C� <br />, <br />' <br />' <br />C <br />' <br />i � <br />and three percent discount rate, is about $11,300. <br />The total cost of purchasing Excelsior Ditch water would be approximately $1,080,800 and is broken <br />down as follows: <br />TABLE 6 <br />Cost of Purchasing Excelsior Ditch Shares <br />Present Value <br />Purchase Price $863,500 <br />Assessments $106,000 <br />Leased Winter Return Flow Water $11,300 <br />Engineering and Legal Fees for Change of Use $100,000 <br />Total $1,080,800 <br />' <br />The total present worth cost per acre-foot of average consumptive use yield is approximately $1,537 <br />' ($1,080,800 / 703 acre-feet). <br />' 7.0 RECOMMENDATIONS FOR PURCHASE OF POTENTIAL REPLACEMENT SOURCES <br />' <br />' <br />��I <br />�� <br />l <br />' <br />' <br />� <br />We estimate that AGUA currently leases approximately 92 to 95 percent of its augmentation replacement <br />water. The lease agreements are negotiated on a year-to-year basis, and therefore are subject to the terms <br />and conditions imposed by the lessors. Due to the uncertainty of availability and prices of leased water, <br />AGUA has begun purchasing water rights for use in its augmentation plan. It is AGUA's goal to slowly <br />phase-in the purchase 50 to 60 percent of its annual well depletion replacement requirements in the next <br />20 to 25 years to minimize the incremental increases in cost to its members. In light of the recent drought <br />and lack of available replacement water for lease, this is an important goal for AGUA to achieve. <br />As shown on Table 3 from the MAGUA draft feasibility study, the average annual cost per acre-foot for <br />replacement water of the twelve alternatives ranged from $3,240 for DF Ranch water to $45,480 for <br />municipal water. Our analysis of the average annual cost per acre-foot of Excelsior Ditch water is <br />$1,537, much less than the least expensive alternative. <br />' AGUA — 2003 Feasibility Study - 17 - August 15, 2003 <br />