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Owl Creek Reservoir Company Agenda Item 26b Loan Increase March 17, 2004 granular material that over the years suffered structural damage due to seepage. In 1983 sand boils appeared along the toe of the dam giving evidence that piping was occurring along the dam embankment. Given the condition of the dam embankment and the potential for failure, the dam was intentionally breached in 1983. FEASIBILITY STUDIES In November of 2001, the Company provided a feasibility report to the Colorado Water Conservation Board, prepared by Applegate Group and CWCB staff, to rehabilitate the existing reservoir to a capacity of 1,200 acre-feet and to reconstruct the dam embankment and spillway. The feasibility study has been updated to reflect a revised storage capacity of 1,750 acre-feet, design modifications, construction cost based on actual bid results, and a revised financial analysis. WATER RIGHTS Runoff generated from the upper Owl Creek 160 square mile basin is the source of water for the Owl Creek Reservoir. Currently, Owl Creek Reservoir Company owns 30,010 shazes of water rights on Owl Creek, under two separate decrees, as summarized below in Table 1. Table 1. - Water Rights 5ummary Priority Date Priority No. Amount (Acre-feet) November 21, 1895 9 643 Refill Ri ts) January 15, 1914 (Enlar ement) 15 1,107 Total: 1, 750 Acre- eet These water rights allow the Owl Creek Reservoir Company to capture all surface, flood, waste, storm, seepage, and percolation water that originate in the upper basin that flows directly into Owl Creek Reservoir. The Owl Creek Reservoir Company does have sufficient water rights to fill the reservoir on an annual basis. PROJECT DESCRIPTION The original project, as approved by the CWCB in November of 2001, was formally bid in May of 2003. The bid packet was developed to obtain a base bid for construction of the dam embankxnent, outlet structure, spillway, and other miscellaneous items, and to require the Contractors to submit alternate bids for dredging, spillway modifications, and grading. The alternate bid for dredging involved the removal of 1,666,500 cubic yards to achieve the full 1,750 acre-feet of storage. It was the intent of the owner to review the bids received and determine what level of proj ect was most beneficial for the Company to undertake. The Company received bids from four qualified Contractors, the low bidder being R.E. Monk, from Colorado Springs, Colorado at $2,499,923. Based on the bids received, the Company was left with three possible alternatives, described as follows: Reconstruct existing dam embankment, construct new outlet structure and spillway and keep reservoir at existing capacity of 800 acre-feet.