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' <br />, <br />' <br />C <br />L_J <br />, <br />' <br />l� <br />' <br />' <br />� <br />�I <br />' <br />' <br />' <br />' <br />� <br />' <br />• 177 Shares of the Fountain Mutual Irrigation Company <br />• 3 /a Interest in the Lock Ditch <br />• 3 /a Interest in the Liston and Love Ditch <br />• 100 Percent Interest in the Robinson Ditch <br />• 1007 Shares of the Excelsior Ditch Company <br />• All or a Portion of the Keesee Ditch <br />Twelve water right purchase or lease alternatives were examined in the 2000 MAGUA feasibility study. <br />Four of the water rights previously examined for AGUA in 1997 were included. The owners were <br />contacted and indicated a continued interest to sell in 2000. Other potential water right acquisitions were <br />discovered by perfornung a limited search through water brokers and others familiar with water rights <br />within the basin. The twelve alternatives investigated were: <br />• 286 Shares of the Fountain Mutual Irrigation Company <br />• 3 /a Interest in the Lock Ditch <br />� 3 /a Interest in the Liston and Love Ditch <br />• 100 Percent Interest in the Robinson Ditch <br />• 100 Percent Interest in the Miller Ditch <br />• 100 Percent Interest in the Greenview Ditch <br />• The DF Ranch Water Rights <br />• Grisenti Water Rights <br />• Purchase of Cherokee Wastewater Return Flows <br />• Shares of Twin Lakes Reservoir and Canal Company <br />• Lease of Water From the Board of Water Works of Pueblo <br />� Use of Municipal Water <br />Similar analyses were completed for both the 1997 and 2000 studies which consisted of a preliminary <br />screening of each of the water rights to: 1) estimate average annual replacement credits associated with <br />the water rights; 2) determine if the timing and location of the replacement credits corresponds to the <br />timing and location of augmentation requirements from well depletions; 3) determine preliminary <br />purchase costs and other associated costs of using the water rights for augmentation purposes; and 4) <br />recommend purchase of a water right based on reliability, cost and usefulness in each association's <br />proposed augmentation plan. <br />This feasibility study investigates an additional potential purchase of 785 Excelsior Ditch shares offered <br />to AGUA by Mr. Dick Evans and provides our recommendation and opinion regarding the subject water <br />rights in relation to other potential replacement sources. We have used the two previous feasibility <br />studies and information provided in an independent water rights appraisal completed August 11, 2003 by <br />' AGUA — 2003 Feasibility Study - 4- August 15, 2003 <br />