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HELTON &WILLIAMSEN, P.C. <br /> CONSULTING ENGINEERS IN WATER RESOURCES <br /> 384 INVERNESS PARKWAY, SUITE 144 <br /> ENGLEWOOD, COLORADO 80112-5822 <br /> PHONE(303)792-2161 <br /> FAX(303)792-2165 <br /> February 19, 2007 <br /> Mr. Mike Gibson <br /> San Luis Valley Water Conservancy District <br /> 415 San Juan Avenue <br /> Alamosa, Colorado 81101 <br /> Subject: Appraisal of Water Rights—Anaconda Ditch <br /> Dear Mike: ' �____. <br /> As you requested, this letter was prepared to summarize the results of our December 14, <br /> 2006 appraisal of the fair market value of approximately 58 percent of the water rights associated <br /> with the Anaconda Ditch.The Anaconda Ditch diverts from the northerly bank of the Rio Grande <br /> about 2 miles east of the town of South Fork. For the description and historical use of the <br /> Anaconda Ditch, we relied on the August 2006 report by HRS Water Consultants, Inc. for Rio <br /> Grande Ranch, LLC entitled "Historical Consumptive Use Analysis for the Anaconda Ditch and <br /> Pfeiffer Ditch Water Rights Used on the River Island Ranch". <br /> Ten water rights for the Anaconda Ditch totaling 38.76 cfs were decreed by the Rio Grande <br /> County District Court on May 1, 1896 for irrigation purposes with appropriation dates ranging from <br /> March 16, 1876 to December 31, 1893. Our appraisal deals with 22.375 cfs or 58 percent of these <br /> water rights which were associated with the River Island Ranch and owned by Rio Grande Ranch, <br /> LLC. HRS estimated that the historical consumptive use of the water from diversions under 58 <br /> percent of the water rights averaged 306 acre-feet annually and ranged from 151 acre-feet in 2002 <br /> to 394 acre-feet in 1977. <br /> We used the market data approach to appraise the value of the subject water rights which <br /> uses comparable sales to establish value. We collected information from water rights transactions <br /> in the Rio Grande basin, but due to the scarcity of transactions, we also collected information on <br /> transactions in the Arkansas River basin. Using the comparable sales, we appraised the value of <br /> the subject water rights at $2,918 per acre-foot of historical consumptive use or $892,900 in total <br /> based on the average annual yield of 306 acre-feet of historical consumptive use ($2,918 x 306 <br /> acre-feet=$892,900). <br /> Please let me know if you have any questions. <br /> Sincerely yours, <br /> HELTON &WILLIAMSEN, P.C. <br /> Thomas A.Williamsen <br /> TAW/mic <br /> cc: Tod Smith <br /> C_1S27011021907.TAW <br />