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The Pueblo Chieftain Online <br />to its development value. <br />Page 3 of 5 <br />The appraisal process has proven a stumbling block. In its early stages, it <br />raised questions about standardizing appraisal procedures and determining the <br />true value of the water. <br />"In our hearts, we know it's right, but how do you show that to the tax people ?" <br />said Otero County Administrator Barry Shioshita, noting that some appraised <br />values were deemed too high. <br />In due time, the county accepted appraised values submitted by the nine <br />shareholders and last fall forwarded those to GOCO for review. That is standard <br />procedure, according to Swartout. <br />"We're bound by what we have to do," he said. "We have a due diligence <br />process, the same requirement for all of our grants. We have to make sure they <br />meet the requirements of the (Internal Revenue Service), the (U.S.) Treasury <br />and the state Department of Revenue." <br />Review appraisers told GOCO the submitted appraisals did not meet those <br />standards. <br />Bob Bauserman <br />Jake Klein <br />"Their concerns were mostly with the methodology," said GOCO board member <br />Gerald Faust of Las Animas. <br />Consequently, GOCO could not pay. Landowners, who expected to receive <br />payment sometime last year, have seen no money. GOCO agreed to pay for a <br />new round of appraisals, and given several choices, all the landowners selected <br />Tim Walters of Alamosa. <br />"We're trying to find a way to do this," Swartout said. "And he was a good <br />choice because his valley (the San Luis) has some of the same problems as the <br />Arkansas valley." <br />Completion of the latest appraisals is expected around Aug. 1, and GOCO likely <br />http : / /www.chieftain.com/print.php ?article= /metro /1090735200/2 7/28/2004 <br />