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Highland Ditch Company October 18, 2013 (Updated October 21, 2013) Page 2 of 4 Agenda Item 8a Background The Company diverts water off of the St. Vrain. Its main diversion structure was old but in very good and working condition before the September 2013 flood. The flood event destroyed the Company's main diversion, automatic headgate, SCADA system, house, nine acres of property and the inlet and outlet of the Foothills Reservoir. Additionally, miles of silt and debris were deposited within the Company's system. The Company's main diversion is a concrete dam extending across the St. Vrain River, near the Town of Lyons. During water delivery season, and on a daily basis, the Company can divert up to 347.6 cfs. The ditch is a significant irrigation ditch as it provides water to approximately 300 farm headgates and 12 major laterals, servicing 35,000 acres. Loan Feasibility Study Jill Baty, the Company Secretary, along with Tara Schutter, P.E., Tessara Water LLC, prepared the Loan Feasibility Study titled "Emergency Loan Application and Feasibility Study," dated October 2013. The study includes an alternative analysis and preliminary engineering design and cost estimates. The study was prepared in accordance with the CWCB guidelines. Borrower — Highland Ditch Company The Company is a mutual ditch and reservoir company, established in 1874. It is in good standing with the Colorado Secretary of State. There are 363 shareholders that own 725.5 shares of stock. The Company's revenues are generated by assessments charged on shares of stock owned by the stockholders, reservoir leases, and royalties. The Company's by -laws state that the Board has the power to contract for indebtedness and to set annual assessments. The Board can also sell shares for failure to pay assessments. Water Rights The water rights impacted by this project include: TABLE 1: IMPACTED WATER RIGHTS The Company reports that average annual diversion into the Company's system is 38,000 AF. Project Description The Company hired a professional engineer to help with assessments and design services. The damage assessment is currently ongoing. Alternatives considered were: Water Court Appropriation Adjudication Name Case Date Date Amount Highland Ditch Company's 1645 11/30/1871 6/2/1882 205.46 cfs Original Appropriation Highland Ditch Company's 4th 1645 6/1/1878 6/2/1882 23.57 AF Enlargement Highland Ditch Company's 5 1645 9/20/1902 3/13/1907 95.0 AF Enlargement Highland Ditch Company's 6th 1645 6/1/1878 6/2/1882 23.57 AF Enlargement The Company reports that average annual diversion into the Company's system is 38,000 AF. Project Description The Company hired a professional engineer to help with assessments and design services. The damage assessment is currently ongoing. Alternatives considered were: