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Loan Feasibility Study for Raw Water Acquisition and Utilization Page 10 The contract table amounts listed in Table 1 assume an average or wet year delivery for BPW. During a dry year or at such time when the water supply physically or legally available under BPW's water rights becomes inadequate to enable BPW to fully meet the District's water service commitment, the water allocation to the District may be reduced. Such a reduction occurred in 2002, 2003, and in years proceeding the 2002 drought. The contract table amount in 2003 was 694 af. Due to limited water availability, the District allocation was reduced to 508 af. In response to the reduced allocation, the District instituted severe watering restrictions and did not allow any outside watering in parts of 2002 and 2003. The maximum amount of water available from BPW, per the terms of the 1990 water service agreement, is 1,000 af. The District's understanding is that if a new water service contract past 2020 were negotiated with BPW, the maximum amount of water available to the District would remain at 1,000 af. The maximum amount of water available from BPW is not sufficient or reliable enough to provide an adequate supply of raw water at the eventual build out of the District. If a contract for the maximum amount available was extended past 2020, the District's projected demand would meet the contract table amount of 1,000 of in 2029, as shown on Figure 2. Although BPW expresses to the District that 1,000 of could be available, the drought and reduced supply of 2002, the reduced supply in 2003, and the reduced supply in years prior to the 2002 drought show otherwise. The BPW supply is solely dependent on the availability of snow and rain in the Pike's Peak watershed. Diversion records for Beaver Park Ditch for the 2002 irrigation season show an average monthly diversion for the month of August of 1.03 cfs and diversions less than 1 cfs for much of the months of August and September. The District's normal water demand in August would be approximately 0.75 cfs. A municipal supply system completely reliant on Beaver Creek and the yield of the BPW water rights is not prudent. 6. ANALYSIS OF PROJECT ALTERNATIVES 6.1 EVALUATION FACTORS There are two components to the project for which the District is requesting a loan from CWCB; a water right purchase and the facilities to utilize the water. These two components were evaluated independently. The following section describes the evaluation process used to determine the selected water right purchase and the project to utilize the selected purchase. 6.1.1 Evaluation Factors Used for Water Right Purchase To evaluate the feasibility of the purchase of 10 /12`h ownership in the Pleasant Valley Ditch offered to the District by Mr. Denzel Goodwin, the District evaluated a variety of water right purchase alternatives. The water right purchase alternatives were compared based on average annual consumptive use, purchase price, and potential obstacles for the District. Leonard Rice Engineers, Inc. August 2006 — 1018PEN05 GMS, Inc.