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\ \ Terrace Irrigation Company March 17, 2004 Agenda Item 25e. FEASmILlTY STUDIES Davis Engineering Service, Alamosa, Colorado, has completed a feasibility study for the project. The completed study addresses water rights, alternative analysis, and provides a financial summary for the proj ect. . TERRACE IRRIGATION COMPANY The TIC is a mutual ditch company and a non-profit corporation registered in the State of Colorado. There are 27 shareholders and 831- 7/8 shares of stock. The TIC has the power to set annual assessments to be paid by the shareholders, the power to cut off water deliveries to shareholders that fail to pay their assessments, and the power to offer stock for sale to pay back assessments. WATER RIGHTS The source of water for the Company is largely storage rights in Terrace Reservoir that are released into the Alamosa River and diverted to shareholders by the Terrace and Alamosa Creek Canals. Water rights have priority numbers ranging from 1 to 112, with an average annual diversion from 1992-2002 of IS,339 acre-feet PROJECT DESCRIPTION The purpose ofthis project is to address damage that has occurred to the reservoir's outlet works. Two alternatives were evaluated, which are described as follows: . Alternative No. I - No-action taken. Alternative No.2 - Construct cofferdam, remove and replace existing trash rack, remove debris and sediment within the outlet pipe, repair existing 48-inch double leaf gate valve in the west outlet tunnel, and clean downstream ring-jet valve. Estimated Cost = $270,000 ALTERNATIVE ANALYSIS Alternative No. I was not acceptable since it would no longer allow TIC to store water in the facility. Without an operable outlet works the State Engineer's Office would require the dam breached, which would be at a greater expense then to repair the facility, and the existing storage rights would be lost. Alternative No.2 was selected since it will allow TIC to continue operating the facility, and therefore, provide irrigation flows to its shareholders. The implementation schedule calls for completion of financing arrangements in April/May 2004. Given the urgency of the repairs, construction commenced in January of 2004 and is anticipated to be completed by April of 2004. . FINANCIAL ANALYSIS The total cost of the project is estimated at $270,000. Staff is recommending a Small Project Loan from the Severance Tax Trust Fund Perpetual Base Account in the amount of $243,000 2