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Wadley Farms No.3 residents range from young families with small children to older retirees. Residents have a very wide range of occupations, including constriction workers, realtors, teachers, attorneys, occupational therapists, engineers, clerical workers, mechanics, musicians, accountants and medical workers. Although diverse in age and occupation, they share a desire to live in a relatively rural setting near the metropolitan area, often due to having come from a more rural or agricultural background. Previous Studies In 2003, the HOA commissioned a study by Bishop - Brogden Associates to evaluate the yield of the HOA's existing water supply, compare the yield to Wadley Farms No. 3 irrigation demand and to identify potential options for improving water supplies. The study looked at alternatives to acquiring additional FHL shares, such as an effluent exchange, an alluvial well near Big Dry Creek, purchase of shares in other ditch companies. The study recommended that the HOA take steps to assure that its full entitlement to water through the FHL Canal and Signal Ditch are being delivered. The HOA has rebuilt its headgate from the Signal Ditch to improve delivery capability and continues to work with the ditchriders of the two companies to assure that all water to which the HOA is entitled is being delivered. The study suggested options that involve infrastructure construction to pump water up from Big Dry Creek through a pipeline to the Wadley Reservoirs. After preliminary discussions with the City of Thornton regarding use of 144th Avenue as a pipeline route and consideration of the project costs and complexity, the HOA does not believe these options are feasible. The Bishop- Brogden study is attached as Appendix A. Project Sponsor The Wadley Farms Filing No. 3 Homeowners' Association is an incorporated HOA that serves the needs of its homeowners for operation and maintenance of the community raw water irrigation system, management of HOA property and enforcement of covenants that maintain the character of the community as a pleasant rural enclave near the metropolitan area. The subdivision has 109 lots of which 104 are currently developed with single - family homes and outbuildings. No additional lots will be added to the subdivision in the future, and no additional water supply needs other than the irrigation and fire protection needs for the existing 109 lots are expected. The HOA's main sources of revenue are homeowners assessments and oil and gas royalty payments for HOA -owned mineral rights. The "Declaration of Liens, Easements, Covenants, Conditions and Restrictions" (the Covenants) was executed on February 12, 1979 and declared the formation of the HOA. However, the HOA's Articles of Incorporation were not signed until February 22, 1982. (See Appendix B for the Articles of Incorporation. Bylaws and Covenants of the HOA.) Wadley Farms No. 3 Water Supply CWCB Loan Feasibility Study Page 5