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<br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Mr. John R. Fetcher <br /> <br />-2- <br /> <br />December 29, 1982 <br /> <br />forth such concepts. Assuming the Upper Yampa District is <br />prepared and willing to proceed forthwith with the funding and <br />constructlon of the Stagecoach Reservoir, Colorado-Ute will <br />agree: <br /> <br />1. To se.1.1 and convey to the Upper Yampa District the actual <br />land needed for the Reservoir, approximately 980 acres, <br />for the sum of $l,OOO,OOO--payable upon closing. The <br />land to be so sold is described in Exhibit A attached <br />hereto. <br /> <br />2. 'fa sell and convey to the Upper Yampa District the water <br />rights appurtenant to such Reservoir for the sum of <br />$2,200,000--payable without interest on July 15 of the <br />first year the reservoir is filled, but no later than <br />July 15, 1988. The water rights to be sold and conveyed <br />are described in Exhibit B attached hereto. <br /> <br />3. On July 15 of the first year the reservoir is filled, to <br />convey title to the remaining acreage acquired by <br />Colorado-Ute contiguous to the actual reservoir site, <br />consisting of approximately 1000 acres, to a joint <br />venture consisting of Colorado-Ute and the District. It <br />is assumed tnat the value of this land will increase <br />substantially upon completion of the construction of the <br />reservoir. Colorado-Ute and the Upper Yampa District <br />will, at that time, jointly sell such remaining <br />land--with Colorado-Ute to first receive the sum of <br />$570,000 from the proceeds, and the remaining balance to <br />be civir'.led eqP3J.ly hetween the Upper Yampa District and <br />Colorado-Ute. <br /> <br />4. To purchase annually, for a period of 30 years commencing <br />on July 15 of the first year the reservoir is filled, <br />10,000 acre feet of project water at a price per acre <br />foot of ~35. At the end of such 30 years, Colorado-Ute <br />shall have the perpetual right for the life of the <br />Project to 10,000 acre feet of water annually from such <br />project--at a price per acre foot to be determined at <br />tnat time based on project costs. In view of the fact <br />that Colorado-Ute has no present need for such water, the <br />