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located 2,030 feet North and 1,400 feet East of the SW corner of Section 24, <br /> Township 7 North, Range 68 West, the "Middle Drainage" located 1,350 feet North <br /> and 3,290 feet East of said SW corner, and the "East Drainage" located 1,340 feet <br /> South and 60 feet West of the NE corner of Section 25, same Township and Range. <br /> Dry-up. The Subject NCLPIC Shares have historically irrigated lands on the Cornish <br /> Plains farm identified in Appendix B. The former Cornish Plains farm is where the <br /> §d),gdas Cornish Plains Reservoir is now located. The approximately 660 acre Cornish Plains <br /> pal farm shall not be irrigated in the future except with trans-mountain or other non- it be kz <br /> tributary water, water from a municipal provider, water changed in this Court for use fz,,� <br /> on the Cornish Plains Farm, or from a well or wells augmented pursuant to a plan <br /> approved by this Court or under a substitute water supply plan approved by the State <br /> Engineer pursuant to §37-92-308(4) or successor statutes. <br /> Water Share Yields. Appendix C provides the yields for the subject shares. The 10 <br /> year cumulative total delivery on the 34.5 shares of NCLPIC is 4154.66 acre-feet. The <br /> maximum annual delivery of the NCLPIC shares is 656.39 acre-feet. The 10 year <br /> cumulative delivery limit on the 4.0 shares of CLPRC is 95.5 acre-feet. So on average, <br /> the yield to the LPAC well augmentation plan would be approximately 425 acre-feet. <br /> Water Rights Opinion of Value <br /> The NCLPIC shares are being offered at $35,000 per share. The CLPRC shares are <br /> being offered at $18,000 per share. <br /> It is our understanding that the current market value for CLPRC shares for which a <br /> change has already been decreed in Water Court exceeds this per share amount. <br /> A. Bruce Johnson and Associates is providing an appraisal of the value of the subject <br /> NCLPIC and CLPRC shares and is (will be) attached as Appendix D. <br /> Analysis of Alternatives <br /> Three alternatives have been considered for providing the water supply to the LPAC <br /> augmentation plan described above. They include: <br /> 1.) Do nothing; <br /> 2.) Purchase the 34.5 shares of the The New Cache La Poudre Irrigating <br /> Company and the 4.0 shares of Cache La Poudre Reservoir Company or <br /> 3.) Locate and purchase other water rights and if necessary file a change of <br /> use water rights application for the shares. <br /> 8 <br />