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Loan Feasibility Study for <br />Raw Water Acquisition and Utilization <br />Page 4 <br />As of the 2000 census, the population of Penrose was 4,070. The population of the District's service <br />area is slightly less than that of Penrose proper. The 2000 median household income for Penrose is <br />$35,638, which is 76% of the state wide average median household income ($46,738). Penrose <br />qualifies as a low income municipality per CWCB's classification. In Fremont County, the <br />unemployment rate as of 2005 is 6.2 percent, which is up from 3.8 percent in 2000. <br />4. PREVIOUS STUDIES <br />To evaluate the need for an alternative supply of raw water and the feasibility of a system to utilize <br />that alternative supply, various studies were conducted. <br />In July 1999, Clyde B. Young & Company prepared the Beaver Creek Water Availability Study for <br />BPW and the District. Among other things, this report analyzed the firm yield of the BPW water <br />rights on Beaver Creek. It was concluded that the firm yield of the BPW decreed water rights is 4.8 <br />cubic feet per second (cfs), based on the historical low flow period from July through October 1978. <br />This report was prepared in 1999 and therefore did not include the drought of 2002. Review of the <br />Beaver Park Ditch diversion records for 2002 found an average monthly diversion for the month of <br />August of 1.03 cfs. In addition, diversions less than 1 cfs were recorded for much of the months of <br />August and September 2002. Based on the findings of the July 1999 report and the 2002 diversion <br />records for Beaver Park Ditch, the District concluded that Beaver Creek is not a reliable source of <br />raw water supply and that diversification in the system through alternate raw water supplies is vital. <br />In 2003, a water demand study was conducted by the District. This study concluded that the <br />District's demand for water would exceed the BPW leased contract table amount of 1,000 acre feet <br />per year (af/year) in the year 2023. The study also concluded that the build out demand for the 3,240 <br />projected taps would be approximately 1,200 of /year, reached in about 2034. As a result of this <br />study, the District began actively reviewing options for water purchase. This study was completed <br />in March 2003, before the full impact of the 2002 drought was realized. The impact of the drought <br />of 2002 on the District's future water demand is explained in more detail in Section 5.1 of this <br />report. <br />Prior to the preparation of this CWCB loan feasibility study, a reconnaissance level study was <br />performed to identify various options for utilization of the Goodwin Ranch Pleasant Valley Ditch <br />water rights. A range of projects and project alternatives were considered. Projects were compared <br />based on the ability of the project to satisfy the base (in- building) raw water demand of the District, <br />to provide a reliable supply, to provide diversity through inclusion of a source other than Beaver <br />Creek, to allow the District to operate independently with minimal reliance on other entities, and <br />cost. Those projects meeting the preliminary evaluation criteria were retained for further <br />consideration. <br />Leonard Rice Engineers, Inc. August 2006 — 1018PEN05 <br />GMS, Inc. <br />