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<br />John Peroulis & Sons Partnership <br />September 24-25, 2001 <br /> <br />Agenda Item 16b, <br /> <br />The John Peroulis & Sons Partnership <br />The JPSP is a General Partnership registered in the State of Colorado consisting of 6 members . <br />of the Peroulis family, The Partnership was formed for the purpose of engaging in general <br />investment and management activities involving ranching and farming, The JPSP has the <br />power to take on debt, to pledge collateral for that debt, and is not subject to TABOR. <br /> <br />Water Riahts <br />The Partnership owns water storage rights in the Martin Cull Reservoir in amount of 250 ac-ft. <br />State Engineer Records indicate the reservoir was used to capacity during the period 1997 <br />through 2000, (The reservoir was not used in 2001 due to the storage restriction,) <br /> <br />Except for the year 2001 , the Partnership has consistentiy exercised the Martin Cull storage <br />right, filling the reservoir during the winter and spring and discharging during the irrigation <br />season. <br /> <br />Proiect Description <br />Three alternatives were analyzed in the feasibility study: <br /> <br />1, No Action <br />2. Reconstruction of the upstream slope and repair of the outlet ($150,000 estimated) <br />3. Complete dam reconstruction ($350,000 estimated) <br /> <br />Alternative 3, Complete dam reconstruction, was ruled out as it would increase the cost of the <br />project significantly as well as increase the time required to complete construction, with little <br />added benefit. Alternative 2, Reconstruction of the upstream slope and repair of the outlet was . <br />the alternative with the least overall cost that was a permanent solution to the problem, This <br />aiternative will allow full reservoir storage and is considered the preferred alternative. The no- <br />action alternative was considered unacceptable since it would mean that the reservoir could not <br />be filled and used for irrigation by the Partnership. <br /> <br />Selected Alternative 2 consists of repair and reconstruction of the upstream slope of the dam. <br />The upstream end of the outlet will be rebuilt with a new intake structure and control valve, The <br />downstream end of the outlet will be extended to accommodate a blanket drain and support <br />berm along the toe of the dam. The spillway will be modified to comply with State Engineer <br />requirements, <br /> <br />The implementation schedule calls for completion of financing arrangements and final <br />engineering design in fall 2001, Construction will be icompleted in fall-winter 2001, <br /> <br />Financial Analvsis <br />The total estimated cost of the project is $150,000, and the water is used primarily for <br />agricultural purposes. Staff is recommending a 30-year Small Project loan in maximum amount <br />of $1 OOK (approximately 67% of estimated project cost.) <br /> <br />Alternative financing sources: The Partnership actively sought alternative financing but was <br />not able find competitive funding elsewhere. They requested a loan from their iocal bank but <br />were turned down because the bank does not prOVide long-term fixed rate financing for . <br />agricultural projects, <br /> <br />2 <br />