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<br />I <br /> <br />I <br /> <br />individuals and ditches and others that have sought and committed to <br />purchase water and some equitable way of prorating that to the avail- <br />able supply is being worked out at the present time. <br /> <br />We know as a fact that if the district had the water, more than <br />200,000 acre-feet could be sold today with a firm 50-year contract. <br /> <br />I will comment only briefly on the recreation and fish and wildlife <br />facilities. It will be the largest water-oriented recreation area <br />in the state. It is readily accessible from Denver, Fort Collins, <br />Loveland, Greeley, Longmont and Boulder. It is really an hour's <br />drive away at the most from those towns. Facilities include access <br />roads, parking areas, boat launching facilities, campgrounds, picnic <br />areas and beaches. It is estimated that more than one million people <br />will visit the area annually. <br /> <br />There is a lS,OOO-acre wildlife management area in the project. There <br />will be a fish hatchery and the state of Colorado will administer <br />these facilities and the recreation facilities. <br /> <br />Next, the costs. There is a chart attached to the statement that was <br />delivered to each of you, showing the costs at $87,000,000. This is <br />slightly higher than the figure in the staff report. The reason it <br />is higher is that the staff report contains only the future federal <br />obligation and the $87,000,000 includes the amount that the district <br />must repay. The benefit-cost ratio is presently 1.47 to I, but I <br />should comment that the benefits are determined as of 1969 and the <br />costs are determined as of 1972. The benefit-cost ratio is really <br />not in the comparison to the same numbers. <br /> <br />Repayment is a subject that is most important. The district has <br />authorized its officers to execute a repayment contract. That con- <br />tract at the present time is being typed in its final form. All <br />terms of the contract have been approved. Approximately 95% of the <br />project's cost allocated to irrigation and municipal and industrial <br />uses will be repaid in full by the water users and by the district. <br />This is very unusual for a reclamation project and it illustrates <br />how sound this project is. In addition, the district has agreed to <br />another unusual feature, a contract revision which the Bureau of <br />Reclamation has called an anti-speculation clause. As a result, <br />when a person who buys water from the Lower South Platte District <br />wants to sell that water, the Secretary of the Interior will have an <br />opportunity to set a different price on the water, depending upon <br />what that person is able to pay at the time. The Secretary will be <br /> <br />-54- <br />