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'" Buffalo Farms Water Development, LLC November 16-17, 2004 Agenda Item14b members have been very dependent on LWU to cover their depletions and want to develop a . recharge system that will generate augmentation water to be used to offset the depletions caused by their 11 wells. The Company members would continue to be covered in LWU's Plan for Augmentation, but by generating additional augmentation credits they can strengthen their own coverage and help strengthen the LWU. ' There is an existing recharge area on the property owned by the Merino Properties Group, constructed in Fall 2003, covering an area of 22 acres. The proposed project will add a new recharge well at the river, 6000 lineal feet of pipe, and two new recharge areas located on land owned by Michael Goss. Four existing wells will be connected to the pipeline as augmentation wells to return water to the river when necessary. Feasibilitv Studies Brent M. Nation, P.E. of Fort Morgan has completed the feasibility study in accordance with CWCB guidelines. The study includes an assessment of alternatives to generate augmentation water for the Company. Buffalo Farms Water Development. LLC The Company is a Limited Liability Company, formed and registered with the State of Colorado on September 27,2004, with the primary purpose of undertaking the proposed project. The operations of the Company are set forth in an Operating Agreement signed by all members of the Company, dated September 27, 2004. The Operating Agreement identifies three Managers, who will manage the business affairs of the Company: D. Kevin Vollmer, Michael Goss, and Mark "'- Kross. A member's interest in the Company is evidenced by their "Sharing Ratio", as listed below: . 1. Sharing Ratio: 2. Sharing Ratio: 3. Sharing Ratio: D. Kevin Vollmer Mike Goss Merino Propertv Owners: BCK Heath Property, LLC (15.5%) AP Springer Farms LLC (6.0%) JGMAC Investments Group LLC (4.0%) Mark A. Kross (4.0%) Stephanie Mokler (3.84%) 33.33% 33.33% 33.33% Water RiQhts The Company members have decrees on the 11 wells used for irrigating their farms, augmented through the LWU plan for augmentation. Not all of the members own surface water rights. Company members, as individuals, have interest in the water rights listed below. The proposed recharge well is listed in the LWU plan for augmentation. Pawnee Ditch Company: Vollmer -12.9 shares South Platte Ditch Company: Vollmer - 21.6 shares Acre-Rights Prewitt Reservoir - Logan District: Vollmer - 203 acre rights, Kross - 8 acre rights, Vollmer & Kross - 53 acre rights. Proiect Description A range of alternatives were considered on how to generate an augmentation supply for the Company, including: . Page 2 of 5