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<br />Eagle Park Reservoir Company - Eagle Park Reservoir Rehabilitation <br /> <br />The Eagle Park Reservoir Company was formed by the following public and private entities: <br />Eagle County, the Upper Eagle Regional Water Authority (the Authority), Vail Valley <br />Consolidated Water District (the District), and Vail Associates. Their project is the acquisition <br />of the Eagle Park Reservoir in the headwaters of the East Fork of the Eagle River near the Climax <br />Mine. The owner of the reservoir site, Cyprus Climax Metals Company, is in the process of <br />removing material from the former tailings pond and rehabilitating the site as a fresh water <br />reservoir with a potential storage capacity of about 3,000 acre-feet. The company will use the <br />reservoir to augment winter water supplies in the area, provide additional water for snowmaking, <br />and enhance stream flows in the upper portion of the Eagle River basin. <br /> <br />The water will be obtained from one or more of the following: (1) a 1992 water rights filing by <br />the Authority, the District, Vail Associates and Climax Molybdenum Company for the reservoir <br />in Case No. 92CW340; (2) by exchange of senior consumptive use credits owned by the Authority <br />and the District; (3) by exchange from existing Green Mountain Reservoir contract water; (4) <br />from snowmaking return flow credits; (5) from the Arkansas Well and Arkansas River exchanges; <br />and (6) by purchasing certain senior water rights owned by Cyprus Climax. <br /> <br />The total cost of the project is estimated at $12.5 million, but depends upon the extent to which <br />the company can develop firm yield through new water rights and exchanges among the <br />participants (at about $5,000 per acre-foot) and the cost to purchase the facilities and water rights <br />owned by Cyprus Climax (at about $7,000 per acre-foot), The $12.5 million cost figure is a <br />maximum amount based upon the terms of an existing agreement between Vail Associates and <br />Cyprus Climax. The applicant has indicated they will request funding from CWCB over the next <br />four years. <br /> <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />