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San Juan Water Conservancy District Agenda Item 27b <br /> May 17-18, 2017 Board Meeting(Updated May 19, 2017) <br /> Page 3 of 5 <br /> alternatives and cost estimates. Financial statements were provided by Clark, White, Ft Associates, Inc. <br /> An appraisal of the Laverty and USFS property was performed by Ace Appraisal, LLC. <br /> Borrower-San Juan Water Conservancy District <br /> The District was formed in 1987 and is a quasi-municipal entity and a political subdivision of the state <br /> of Colorado, organized under the Water Conservancy Act, C.R.S. 37-45-101, et seq. The District was <br /> created by decree of the Archuleta County District Court, dated October 22, 1987. All powers, <br /> privileges and duties of the District are exercised and performed by a 5 to 9 member Board of Directors <br /> appointed by the District Court. <br /> The District is subject to Article X, Section 20 of the Colorado Constitution (TABOR). The District was <br /> "de-Bruced" in the November 2006 election, removing revenue and spending increase limitations of <br /> TABOR. However, the approved ballot language contained a provision requiring voter approval for any <br /> property tax mill levy increase. Revenues are provided by a mill levy that is certified on or before <br /> December 15`h of each year. At its formation, the District mill levy was 1.0 mill. Due to the ratchet- <br /> down effect of TABOR, the mill levy has since been reduced to 0.31 mills. <br /> Water Rights <br /> The District has a portfolio of conditional water rights. The water rights impacted by this Project are <br /> shown in Table 1. <br /> TABLE 1: IMPACTED WATER RIGHTS <br /> Name Amount Appropriation Adjudication Water Court Case No. <br /> Date Date <br /> Dry Gulch 6,300 AF 7/22/1967 12/19/1968 CA0308-D <br /> Reservoir (Conditional) (Diligence Due 1012022) <br /> Dry Gulch 4,700 AF 12/20/2004 12/31/2004 04CW85 <br /> Reservoir (Conditional) (Diligence Due 1012017) <br /> Project Description <br /> The purpose of the Project is to take steps and actions to move the Dry Gulch Reservoir project <br /> forward by acquiring the remaining land needed for the proposed Reservoir, per the District's <br /> requirement as Project lead under the 3-Way Restructure Agreement. The site selection alternative <br /> analysis was completed in the 1989 and 2003 reports and presented in past Board memos. <br /> Alternative 1 -No Action: This alternative was not selected because the District views the Reservoir <br /> construction as a key element to the area's future water supply. Further delay in purchasing the land <br /> could lead to higher land costs or to the abandonment of the Reservoir project. <br /> Alternative 2-Acquire Land Necessary for Dry Gulch Reservoir: This alternative would complete <br /> the goals of the original PAWSD Dry Gulch loan which was to acquire the Weber and Laverty property. <br /> Through the past PAWSD loan and District grant, PAWSD and the District now jointly own the Weber <br /> property but the Laverty property was not purchased. This new District loan will go to the purchase of <br /> the Laverty property, an access easement over a portion of the remaining Laverty ranch, as well as <br /> other off-site property as necessary to facilitate an exchange with the USFS for the portion of its land <br /> needed for the future Reservoir pool. <br /> The District is working towards a direct purchase of the Laverty parcel and the Laverty easement. The <br /> District and Lavertys have agreed on most of the issues pertinent to the transaction, with the exception <br />