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RESOLUTION 14-145 <br /> WHEREAS, Centennial Water and Sanitation District (hereinafter referred to as the <br /> "District"), Douglas County, Colorado, is a political subdivision of the State, a body corporate <br /> and politic, and a quasi-municipal corporation under the laws of the State of Colorado; and <br /> WHEREAS, the District applied for a loan from the of The Department of Natural <br /> Resources, Colorado Water Conservation Board (hereinafter referred to as the "CWCB") for its <br /> participation in the Chatfield Reallocation Project (hereinafter referred to as the "Chatfield <br /> Reallocation Project"); and <br /> WHEREAS, the CWCB approved a loan to the District in an amount not to exceed <br /> $44,440,000 ($44,000,000 for the Chatfield Reallocation Project costs and $440,000 for the 1% <br /> Loan Service Fee); and <br /> WHEREAS, the District maintains a vast water rights portfolio. Its surface water rights <br /> include shares in several irrigation ditches and rights allowing diversion directly through existing <br /> pipes and ditches at the Chatfield Outlet Manifold and through a well field in the South Platte <br /> River alluvium. Its non-tributary groundwater rights include 51 active wells throughout <br /> Highlands Ranch that supplement surface water and provide drought protection. Its existing <br /> storage rights combine for a total storage capacity of 10,695 AF between three reservoirs. The <br /> District holds 12,600 AF of conditional storage rights in Chatfield in Case Nos. 83CW184, <br /> 84CW411 and 85CW314; and <br /> WHEREAS, the District is participating in the Chatfield Reallocation Project with a goal <br /> of increasing the permanence and reliability of its water supply. On average, about 85% of the <br /> District's water supply comes from surface water and non-guaranteed short term leases. The <br /> successful completion of the Chatfield Reallocation Project will decrease the District's <br /> dependence upon non-tributary groundwater and surface water leases. Additionally, the new <br /> storage space in Chatfield will increase the District's storage space from 55% to 90% of its <br /> projected maximum demand. No additional water right acquisitions or infrastructure <br /> improvements will be needed for the District to utilize storage in Chatfield; and <br /> WHEREAS, of the 20,600 acre-feet of storage to be reallocated, the District will directly <br /> receive 6,434.9 acre-feet and, through the South Metro Water Supply Authority, indirectly <br /> receive 487.2 acre-feet, for a total storage space of 6,922.1 acre-feet. This represents 33.60% of <br /> the total reallocation. Therefore, the District's Chatfield Reallocation Project cost is <br /> approximately $48,888,000 ($145,500,000 x 33.60%). The Chatfield Reallocation Project is <br /> expected to develop an average yield of 2,800 acre-feet per year for the District from junior water <br /> rights. Successful completion of the Chatfield Reallocation Project would result in the District <br /> securing renewable water rights that on average would supply 16% of its average annual water <br /> demand and 14% of its projected maximum annual water demand; and <br /> WHEREAS, On May 22, 2014, the CWCB approved a total loan amount not to exceed <br /> $44,440,000, for the total Chatfield Reallocation Project; and <br /> -3- <br />