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Owl Creek Reservoir Company Agenda Item 22E <br />November 20, 2001 <br />over the years suffered structural damage due to seepage. In 1983 sand boils appeared <br />along the toe of the dam giving evidence that piping was occurring along the <br />dam embankment. Given the condition of the dam embankment and the potential for <br />failure, the daxn was intentionally breached in 1983. <br />The proposed proj ect involves rehabilitating the existing facility to meet the State of <br />Colorado's "Rules and Regulations for Dam Safety and Dam Ct�nstruction", therefore <br />permitting the storage of approximately 1,200 acre-feet of water. A Dam Hazaxd <br />Classification Study was performed by the Applegate Group, Inc., dated September 2001, <br />indicating that the new reservoir configuration would be classified as a Class III dam per <br />the State Engineer's Office guidelines, with a jurisdictional height of 12-feet, impounding <br />approximately 730 acre-feet of water. <br />Feasibility Studies <br />Staff has completed the feasibility study for the proj ect. The completed study addresses <br />water rights, alternative analysis, selected alternative description, permitting, institutional <br />considerations, and a complete fmancial analysis. <br />Owl Creek Reservoir Companv <br />The Owl Creek Reservoir Company is a nori-profit corporation registered in the State of <br />Colorado. There are currently 100,000 shares of common stock, currently owned by <br />two shareholders, J. Gale Moody and Valerie A Moody. Shares of common stock issued <br />axe non-assessable and the private property of the shaxeholder that shall not be liable for <br />the Corporation debts. The requested loan would be made to the Owl Creek Reservoir <br />Company and J. Gale and Valeria A. Moody. <br />Water Rights <br />Runoff generated from the upper Owl Creek 160 square mile basin is the source of water <br />for the Owl Creek Reservoir. Currently, Owl Creek Reservoir Company owns 30,010 <br />shares of water rights on Owl Creek under two separate decrees, as su.mmarized below: <br />Table 1. - Water Rights Summary <br />Priority Date Priority No. Amount (Acre-feet) <br />November 21, 1$95 � 9 643 efill Ri hts <br />Januar 15, 1914 nlar ement 15 1,107 <br />Total: 1, 750 Acre- eet <br />These water rights a11ow the Owl Creek Reservoir Company to capture all surface, flood, <br />waste, storm, seepage, and percolation water that originates in the upper basin that flows <br />