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North Poudre Irrigation Company October 18, 2013 (Updated October 21, 2013) Page 2 of 5 Agenda Item 8i Background The North Poudre Irrigation Company serves approximately 28,000 irrigated acres in Larimer County north of Fort Collins near Wellington. The Company owns Fossil Creek Reservoir located in South Fort Collins. There are 5,656 acre -feet of water diverted through the Fossil Creek Reservoir Inlet headgates annually. This water is used by shareholders of 149 preferred water rights to irrigate approximately 2,200 acres of farmland. During the unprecedented flood of September 2013 in the tributaries to the South Platte River, a significant number of diversion structures and dams along the river corridor were damaged, including the Company's river diversion for Fossil Creek Reservoir. The Fossil Creek Reservoir Diversion Structure consists of a concrete check structure that spans the Cache la Poudre River and contains a 10 -foot wide radial gate at the right abutment. The check structure checks the river approximately two feet in elevation to permit delivery to the Fossil Creek Reservoir Canal immediately upstream of the check structure on the right abutment. The check structure ties into the right abutment headgate structure with two eight foot -wide by three -foot high radial gates that control discharge into the Fossil Creek Reservoir Canal which flows to Fossil Creek Reservoir approximately 5 miles downstream. Prior to the 2013, flood the check structure was fully functional and in place. Since point elevations of the structure were surveyed for an unrelated floodplain study in 2013, pre -flood conditions are recorded. During the 2013 flood, the river scoured material beneath the structure leaving a void underneath. The check structure broke near the center of the river and collapsed into the void. The check structure was not attached to the left abutment structure and was only attached to the right abutment structure by way of the radial gate. The concrete check appears to have only broken in the center so that when the center collapsed into the void, the two abutment ends became elevated. Elevation of the left abutment end of the check, combined with scouring and rapid drawdown of water, damaged the left abutment structure. Elevation of the right abutment end of the check damaged the radial gate, but there appears to be no damage to the right abutment headgate structure. Loan Feasibility Study Ron Slosson, P.E. 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 — North Poudre Irrigation Company, Inc. The Company is a Mutual Ditch Company that was established in 1901. The Company's office is located in Wellington. It operates as a nonprofit corporation and is in good standing with the Colorado Secretary of State. The Company has issued 10,000 shares of stock. The Company's revenues are primarily derived from assessments charged on shares of stock owned by the stockholders but the Company also receives revenues from recreational leases and notes payable. The Company's by -laws (198 8) allow the Board of Directors to borrow money on the credit or responsibility of the Company for the uses, needs, and demands of the Company and to set assessments accordingly. The Board has the power to take measures to enforce assessments