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water rights "opinion of value" is also documented in the TZA report as are the <br />edures used in making the determination of value. In summary: <br />'he Fulton Ditch shares are being offered at $10,000 /share (w /out a dry-up covenant) and <br />18,000 /share (w/ a dry-up covenant). In TZA's opinion, the market value of the Fulton <br />Tares without a dry- covenant is in the range of $11,000415,000 per share and the <br />iarket value of the Fulton shares with a dry-up covenant is in the range of $16,500- <br />22,500 per share. <br />NCLPIC shares are being offered at $30,000 per share. In TZA's opinion, the <br />ket value of the NCLPIC shares is in the range of $30,000 435,000 per share. <br />LPRC shares are being offered at $15,000 per share. In TZA's opinion, the market <br />of the CLPRC shares is in the range of $15,000418,000 per share. <br />shown in the Water Rights section above, Petrocco Farms is water short when it <br />mes to providing enough water, whether leased, owned or rented, to irrigate their 2,600 <br />re farming operation. Over the past several years, municipalities along the U.S. <br />ghway 85 corridor, and the South Platte basin in general, have been purchasing water <br />ares from ditch companies, changing the use of the water rights from agriculture to <br />.micipal/industrial, and drying up farmland. The Petrocco Farms are interested in <br />iintaining their long term family business goals and want to provide a more reliable <br />iter supply for their future farming operations. Petrocco Farms has therefore initiated a <br />agram of purchasing land and water shares, when available, from ditch and irrigation <br />mpanies adjacent to their owned and leased farms in order to achieve those goals. <br />the subject water purchase, Petrocco Farms has identified 5 farm fields within their <br />i system with available water shares currently on the market. Petrocco Farms is <br />)osing to purchase Fulton Ditch Company water shares to provide water to their <br />tki North and Sasaki South farms north of Brighton, and the Palombo farm south of <br />;hton. They are also proposing to purchase New Cache La Poudre Irrigating <br />npany / Cache La Poudre Reservoir Company water shares providing water to their <br />son 47 and Williams 48 farms east of Lucerne. See Appendix C for the maps of the <br />;ific Project Farms. <br />ree alternatives have been considered for providing a more reliable water supply to the <br />trocco Farms operation described above. They include: 1.) Do nothing; 2.) Purchase <br />many shares as possible on the current water market that are adjacent to their existing <br />4 <br />