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<br />appropriated a million dollars for this purpose. <br />We already have some good ideas of what water <br />rights would be applicable for this purpose. <br />We have drafteq up a contract which has been <br />approved by the Game, Fish and Parks Commission I <br />and submitted to the Governor for approval which <br />would authorize the purchase of the Las Animas <br />Ditch Company to be utilized for a permanent <br />pool in John Martin Reservoir. <br /> <br />The Las Animas Ditch is about the last <br />ditch on the Arkansas River above John Martin <br />Reservoir with fairly good water rights. <br />Actually, the total water right is for 38 second <br />feet. We have offered $550.00 a share for the <br />stock of that company. A share is issued on <br />the basis of a share of stock per acre of <br />irrigated land. So in essence what it means <br />is that we are offering to purchase the land at <br />$550.00 an acre without taking the land or any <br />of the improvements. We think this offer is <br />in excess of the fair market value of the land. <br />There is not much land in the Arkansas valley <br />worth $550.00 an acre - not for farming purposes. <br />The ditch company made a counter offer of $700.00 <br />per share which we cannot meet. Our offer ,is <br />final and firm. If we can't secure that water <br />then we will e~lore other avenues. If we can <br />secure that right then, assuming we can get the <br />approval of the Arkansas Compact Administration, <br />we will convert that into the John Martin pool. <br />That is about the amount of water that would be <br />required to maintain that permanent pool. <br /> <br />We have offered to take options on this <br />stock for six months with an option to renew <br />for another six months depending, of course, <br />upon favorable consideration by the Arkansas <br />Compact Administration. Our deadline on ,those <br />options is June lst, at which time we said we <br />must have options for at least 1200 shares out <br />of a total of about 1800 in order for us to <br />proceed with the transaction. We have agreed <br />with the farmers that if we do take options this <br />year that they can continue to use the water <br />through this irrigation season." <br /> <br />I <br /> <br />~ <br />