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<br />reasonable. In any case, the total appraised value of the land is almost three times the principal <br />.= <br />amount of the loan. Also, we will require that the Company guarantee that the irrigated lands <br />will continue to receive water in the event of foreclosure. I have authorized staff to accept all of <br />the 2,627 acres included in the appraisal as collateral for the loan. <br /> <br />Colorado River Basin Issues <br /> <br />CRWCD's Transmountain Diversion Policy: On March 16, the Colorado River Water <br />Conservation District (CR WCD) adopted a transmountain diversion policy because it "sees no <br />need for Colorado's Eastern Slope to continue raiding Western Colorado for Front Range water <br />requirements occasioned by rapid population growth." The policy states "There is no current or <br />reasonably foreseeable need for new transmountain diversion projects." The CRWCD believes <br />that recent studies conducted by the state conclllded that there are nearly 400,000-acre feetill of <br />water available annually to the Front Range metropolitan area without construction of any new <br />projects. This amount of water represents more than twice the water available to the Denver <br />metro area annually from Denver's Dillon ReseJ:voir. Accordingly, thirsty Front Range interests <br />should address their needs with their own resOUrces before coming to the West Slope for <br />additional transmountain water diversions. <br /> <br />The policy includes a commitment to the various East Slope- West Slope cooperative <br />water supply investigations in which the DistriC:t is currently involved. The statement <br />acknowledges that any or all of these may result in additional East Slope use of Colorado River <br />water, but any required diversion will be accomplished only with the acceptance and <br />involvement and to the mutual benefit of West Slope interests. <br /> <br />This policy statement was adopted in response to a press conference held in Denver to <br />announce the formation of the "Colorado Water Partnership." The Partnership's stated purpose is <br />to support a state water project to remove a minimum of 120,000-acre feet of water annually <br />from the Colorado or Gunnison Rivers to fuel East Slope growth. To review the policy see <br />htto://www.crwcd.gov/news/TMDpolicv.html. <br /> <br />Upper Basin Runoff Forecast: Although we expect to get more current information <br />May 17, we are concerned that the forecast as of May I was below 70% of average. The only <br />good news on this count is that the discussions with California and the Interior Department need <br />to reflect the ongoing possibility that short years are as likely to occur in the future as are surplus <br />years. <br /> <br />As a result of the low forecast, and by agreement within the Endangered fish Recovery <br />Program, there will be no Coordinated Reservoir Operations this year. When it appears possible, <br />the purpose of these operations is to enhance the spring peak flow at the IS-Mile Reach above <br />12,900 cfs without causing flood damage. <br /> <br />Glen Canyon Dam Adaptive Management Program (GCAMP): The Technical Work <br />Group (TWG) met in Phoenix, Arizona on May 10-11, 2000 to further discuss Program <br />Management Objectives (MO's) and several key issues associated with the MO's. The TWG <br />continues to debate what is and is not part of the GCAMP but we are making progress in this <br />area. However, the 1992 Grand Canyon Protection Act does allow the GCAMP to make <br />recommendations on matters outside the scope of dam operations so long as those actions are <br /> <br />8 <br /> <br />. <br /> <br />. <br />