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Center of Colorado Water Conservancy District Agenda Item 29d May 9,2014(Updated May 23,2014) Page 3 of 7 Background The District, with a service area that encompasses all of Park County, co-owns and manages a blanket augmentation plan with the Upper South Platte Water Conservancy District through the Headwater Authority of the South Platte. The District is dedicated to buying senior water rights within Park County, changing and finding storage for those rights, and providing augmentation water to bring out-of-compliance subdivisions,businesses,public institutions and households into compliance with Colorado water law. Loan Feasibility Study James Culichia, Attorney for the District,prepared the Loan Feasibility Study titled"Loan Feasibility Report- Chatfield Reservoir Reallocation," dated March 13, 2014. The study was prepared in accordance with CWCB guidelines and includes an alternative analysis, cost estimates, and financial statements. The feasibility study relies on the FR/EIS prepared by the Corps, and the Fish, Wildlife and Recreation Mitigation Plan(FWRMP)prepared by the Reallocation Participants in accordance with C.R.S. 37-60-122.2. Borrower—Center of Colorado Water Conservancy District The District is a Colorado Title 37 Special District established in 1997 with the purpose of preserving and developing the water resources of Park County. Revenues come from a 1.0 mill levy assessed on all taxable real property located in Park County. The District"de-Bruced" in 2000. This allows it to retain all excess collected tax revenues. The District is governed by a five-member Board of Directors, appointed by the Park County District Court. In November 2010, voters authorized the District to incur debt for its participation in the Reallocation. Water Rights The District owns water rights related to its augmentation plan adjudicated in Case No. 02CW389. Water rights capable of use in Chatfield include changed senior water rights on Tarryall Creek, Michigan Creek, and Deer Creek(Case Nos. 05CW111 and 06CW270). The average annual yield of the District's changed senior water rights exceeds 700 AF. The District has pending rights in Case No. 12CW50 that would include Chatfield as a storage location for augmentation water for the District's regional augmentation plan. The CWCB has filed a statement of opposition to 12CW50 in order to ensure terms and conditions in the final decree are sufficient to prevent injury to its instream flow water rights. In December 2013, the District applied for a junior water storage right for the District's reallocated portion of Chatfield in Case No. 13CW3148. CHATFIELD REALLOCATION DESCRIPTION THE GOAL OF THE REALLOCATION IS TO HELP ENABLE WATER PROVIDERS SUPPLY WATER TO LOCAL USERS IN RESPONSE TO RAPIDLY INCREASING DEMAND. THE STATEWIDE WATER SUPPLY INITIATIVE 2010 REPORT(SWSI 2010)HAS IDENTIFIED THE PROJECTED GAP IN MUNICIPAL&INDUSTRIAL(M&I) AND SELF-SUPPLIED INDUSTRIAL(SSI)USE IN THE METRO BASIN ALONE WILL BE BETWEEN 180,000 AND 280,000 AF PER YEAR BY THE YEAR 2050. THE CHATFIELD REALLOCATION PROJECT IS IDENTIFIED IN SWSI 2010 AS AN IDENTIFIED PROJECT AND PROCESS(IPP)FOR THE METRO AND SOUTH PLATTE BASINS. WITH THE COMPLETION OF ALL METRO BASIN IPPs,THE M&I AND SSI GAP IS EXPECTED TO BE REDUCED BY 140,000 AF PER YEAR. THE REALLOCATION IS EXPECTED TO PROVIDE AN AVERAGE YEAR YIELD OF 8,539 AF OF NEW WATER SUPPLY.