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� <br />� <br />� <br />� <br />Mr. Alan Wick�i <br />Mr. Cnegory Timm <br />December 3, 2009 <br />Page 2 <br />1. Buyer and seller are typically motivated. <br />2. Both parties are well informed or wetl advised, and acting in what they <br />consider ta be their own best interests. <br />3. A reasonable time is a.11owed for exposure to the apen market. <br />4. Payment zs rr►ade in terms of cash in U. S. dallars or in terms of financial <br />arrangements comparable thereto; and <br />5. The price represents a normal consideratian for the property soid unaffected <br />by speciat or creative financing or sales cancessions granted by anyone <br />associated with the sale. <br />Our evaluation has included a review af various water rights, lease and water use recc�rds <br />� documents provided by Mr. Gene Riordan, water rights and diversian records obtained <br />from the Colorado Division of Water Resources (DWR), and online research and <br />tetephone calls with water consultants, water attorneys, water brakers, water providers <br /> ', � and DWR staff involved in the operation and administration of water rights in Summit <br />County and nearby areas. <br />VVater Rights Information <br />� The water rights being evaluated include 10 acre-feet of Vidler Tunnel ("Vidler") rights <br />used far augmentation under the decree in Case No. 84CW716, water rights for Swans <br />Nest Well Nos. 1-5 and the water right for the proposed Swans Nest Reservoir No. 1. In <br />� addition, the au�gmentation plan, as amended in Case No. 87CW216, also includes 6 acre- <br />feet of storage in Diilan Reservoir, as per a 1990 agreement with Denver Water <br />Department {"Denver"). <br />The water rights are to be used ta supply the customers of the Swan's Nest Metro District <br />(the in-District pmperties and the out-of-District Tiger Run RV Resort} all of which are <br />tocated in the vicinity ofthe confluence af the Btue River and the Swan River in Summit <br />County. A first-use portian of the water rights are also obligated to provide water service <br />to the Tiger Run RV Resort, lacated adjacent to the District, under two 50-year lease <br />agreements (37 years remaining). <br />Vidler Watet Rights <br />The Vidler Rights include portions of senior rights in the Rice Ditch, the 5oda. Creek <br />Ditch and the Phillips Ditch rvhich were histarically used within the Snake River and <br />tributary drainages near Keystone. These rights have previous[y been changed for <br />augmentation and other uses, including transmountain diversion, in Case Nos. W-217 and <br />W-2114. A tota] historical use credit of 36l acre-feet is available to these rights, of <br />which 10 acre-feet is included in the Swan's Nest plan for augmentation and is the <br />subject afthis evaluation. <br />Based upon discussions with variaus individuals familiar with water rights 'tn Summit <br />County, the Vidler rights aze considered to be a reliable and acceptable source of <br />