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<br />Owl Creek Reservoir Company <br />November 20, 200 I <br /> <br />Agenda Item 22E <br /> <br />over the years suffered structural damage due to seep,age, In 1983 sand boils appeared <br />along the toe of the dam giving evidence that piping was occurring along the <br />dam embankment. Given the condition ofthe dam embankment and the potential for <br />failure, the dam was intentionally breached in 1983. <br /> <br />The proposed project involves rehabilitating the existing facility to meet the State of <br />Colorado's "Rules and Regulations for Dam Safety and Dam Construction", therefore <br />permitting the storage of approximately 1,200 acre-feet of water. A Dam Hazard <br />Classification Study was performed by the Applegat~ Group, Inc., dated September 2001, <br />indicating that the new reservoir configuration would be classified as a Class III dam per <br />the State Engineer's Office guidelines, with a jurisdictional height of l2-feet, impounding <br />approximately 730 acre-feet of water. <br /> <br />Feasibilitv Studies <br /> <br />Staff has completed the feasibility study for the project. The completed study addresses <br />water rights, alternative analysis, selected alte1'1lative description, permitting, institutional <br />considerations, and a complete financial analysis. <br /> <br />Owl Creek Resllrvoir Company <br /> <br />tit <br /> <br /> <br />The Owl Creek Reservoir Company is a non-ptofit corporation registered in the State of <br />Colorado. There are currently 100,000 shares of common stock, currently owned by <br />two shareholders, J. Gale Moody and Valerie A Moody. Shares of common stock issued e <br />are non-assessable and the private property ofthe shareholder that shall not be liable for <br />the Corporation debts. The requested loan would be made to the Owl Creek Reservoir <br />Company and J. Gale and Valeria A. Moody. <br /> <br />Water Riehts <br /> <br />Runoffgenerated from the upper Owl Creek 160 square mile basin is the source of water <br />for the Owl Creek Reservoir. Currently, Owl Cre~k Reservoir Company owns 30,010 <br />shares of water rights on Owl Creek under two separate decrees, as summarized below: <br /> <br />Table 1. - Water lUghts Summary <br /> <br /> <br /> <br />Priority No. <br />9 <br />IS <br /> <br />These water rights allow the Owl Creek Reservoir Company to capture all surface, flood, <br />waste, storm, seepage, and percolation water that originates in the upper basin that flows <br /> <br />2 <br /> <br />.e <br />