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<br />members of the PRill and pay assessments to both the Company and the District Average annual <br />diversions for the Pine River Canal are 71,400 acre-feet and the canal has a capacity of200 cfs. Water <br />rights consist of the following: <br /> <br />.. <br /> <br />S.E.O. ill Priority Description CFS <br /># <br />665 P-26, 1934 Spring Creek Ditch 142 <br />665 1991 Spring Creek Ditch 30 <br />509 P~I . Ute Indian right 81 <br /> <br />. <br /> <br />Proiect Description <br />Four alternatives were analyzed in the feasibility study: <br />I. Relining the existing tunnel ($500,000) <br />2, Opening up the tunnel by removing the overburden ($360,000) <br />3, Relocating the canal and laying 6 foot diameter reinforced concrete pipe ($325,550) <br />4. No action <br /> <br />Alternative 3, relocating the canal approximately 150 feet west of the existing tunnel, has the least cost <br />of alternatives 1-3, and it is considered to be the most reliable long-term approach. The no-action <br />alternative was considered unacceptable since it would eventually result in partial or total failure of the <br />tunnel and inability of the PRCC to deliver water. <br /> <br />Selected Alternative 3 involves construction of a 6- foot diameter reinforced concrete pipeline that will <br />bypass and completely replace the tunnel. The pipeline will be 700 feet in length, and will incorporate <br />concrete inlet and outlet structures designed to carry 200 cfs, with extra capacity for the 25-year storm. <br />The pipe will be designed for open channel flow and will have a trash rack at the entrance, <br /> <br />The implementation schedule calls for completion of financing arrangements in early 1999, with formal <br />approval and resolution by the PRCC shareholders in February 1999. Engineering design will be <br />finalized in early 1999, and construction will begin in June 1999 and be completed by November 1999. <br /> <br />. <br /> <br />Financial Analvsis <br />The total estimated cost of the project is $325,550. Staff is requesting that the Board consider a loan of <br />$243,700 (approximately 75 percent of the estimated cost) The PRCC has $56,282 in cash and will <br />establish a one-time assessment of shareholders to raise approximately $25,000 (to make up their 25% <br />cost share of$81,850). The PRCC will also establish a non-revocable assessment to retire the CWCB <br />loan in $17,147 annual installments (20-year term at 3.5%), That assessment will be $1.30 per share for <br />the 20-year duration of the loan. Operation and maintenance expenses for the tunnel project are expected <br />to be small, and can be funded out of current assessments, <br /> <br />Table I is a summary of the financial aspects of the project Annual PRCC assessments are currently <br />$3,15 per share, and include an assessment of $0.50 for the tunnel project fund. PRCC assessments will <br />increase to $3.95 per share ($1.36 for the tunnel project fund) with a Construction Fund loan of <br />$243,700. This represents an annual assessment increase of $0.80 per share. The total tunnel project fund <br />assessment ($1.30 per share) will represent $0.25 per acre-foot of water diverted. <br /> <br />PRCC shareholders also pay PRID assessments for storage water from Vallecito Reservoir at the rate of <br />$85 plus $1.30 per irrigated acre. The average acreage size is 62 acres, yielding an average PRID <br />assessment per acre of$2.67. When the project is completed, the sum of assessments ($3.95 for PRCC <br />and $2,67 for PRill) will be approximately $6.60 per share, or about $1.28 per acre-foot diverted. . <br /> <br />2 <br />