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Greeley 4 Loveland Irrigation Company Agenda Item 30b September 13, 2013 (Updated September 30, 2013) Page 2 of The Co pany's service area includes approximately 14,000 acres of farm land in Larimer and Weld Counti s extending from Loveland east to the cities of Greeley and Evans. The Company has an extensi re irrigation system consisting of two diversions from the Big Thompson River (Big Barnes Ditch d version and Greeley and Loveland Canal diversion), canals, and a total of nine reservoirs. Of thes reservoirs, the Company owns four and the Seven Lakes Reservoir Company (Seven Lakes) wns five. Seven Lakes is a reservoir company that uses the Company's irrigation system and opc Fates in conjunction with the Company to afford greater use of the water. Boyd L ike, owned by the Company, is the largest reservoir in the irrigation system and has a surface area of 1,750 acres with a storage capacity of 48,740 acre -feet. The reservoir was constru ted around 1905 and has a Class 1 embankment dam with a dam height of 40 ft and a crest length f 10,729. The spillway was recently upgraded from a natural Swale to a labyrinth spillway and dis harges into the Greeley and Loveland Canal. Boyd Lake has a low -level outlet and a high - level o let. The high -level outlet is believed to be the original outlet structure. Horses e Lake, owned by Seven Lakes, has a surface area of 650 acres and a storage capacity of 8,051 a re -feet. The reservoir was constructed around 1902 and has two dams. Horseshoe No. 1 Dam is he southernmost dam and has a low -level outlet that discharges into Heinricy Lake. HorseSh De No. 2 Dam is north of No. 1 Dam and has a low -level outlet and a spillway that discharges into Boyd Lake. Loan Fi asibility Study Ed Tom,, P.E. with URS Corporation, prepared the Loan Feasibility Study titled "Greeley and Lovelan I Irrigation System Improvement Project," dated August 2013. The study includes an alternate ve analysis and preliminary engineering design and cost estimates. The study was prepared in accor ance with the CWCB guidelines. Borrow r — Greeley and Loveland Irrigation Company The Co pany is a mutual ditch company that was established in 1900, though the original irrigation compan (Loveland and Greeley Irrigation and Land Company) formed in 1881. The Company's office is located in Greeley. It operates as a nonprofit corporation and is in good standing with the Colorad Secretary of State. Together with Seven Lakes, they own and operate nine reservoirs, and control t ie Greeley and Loveland Canal. The Company's revenues are derived principally from assessm nts charged on shares of stock owned by the stockholders with a small percentage of revenue oming from leasing rights for recreational use of several reservoirs. The Con pany is made up of 1,648 shares of which 34% are agricultural owners, 53% are low - income i iunicipal owners, 12% are mid - income municipal owners, less than 1% are high- income municip 1 owners, and less than I% are commercial owners. The two largest shareholders by ownersh p are the City of Greeley (51 %) and the Town of Evans (9 %) although approximately 70% of those hares are currently leased for agricultural production. The Con pany's by -laws (2008) allow the Board of Directors to borrow money for the purposes of the core ration and to pledge corporation property to secure loan repayment. Should the stockhol 4 [ers fail to authorize an assessment for any given year, the Board has the power to make any such assessment and take measures to enforce assessments including the suspension of water deliveriet and the eventual sale or forfeiture of shares for failure to pay assessments.