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<br />o <br /> <br />" <br /> <br />e <br /> <br />e <br /> <br />e <br /> <br />Total Cost Per Share of Stock <br /> <br />$874,200 7 1682 = $520 <br /> <br />The Cost Per Acre-Foot of Water Saved <br /> <br />$874,200 7 2900 acre-feet = $301 <br /> <br />Cost Per Acre-Foot of water delivered per year <br /> <br />$29,1407 2900 = $10.05 <br /> <br />Benefit/Cost Ratio using a rental rate of water at $20 per acre-foot and average yearly cost <br /> <br />2900 acre-feet x $207 $29,140 = 2.0 <br /> <br />Benefit/Cost Ratio using a market value of water at $1,000 per acre-foot <br /> <br />2900 acre-feet x $1,000 + $874,200 = 3.3 <br /> <br />The project changes and the increased costs are due to several reasons. These range from additional <br />requirements from the State Engineer to problems that were encountered with the purchase of property for <br />the spillway and changes that were required after the reservoir was drained and the intake was found to <br />be different than anticipated. <br /> <br />The spillway for the dam is currently on the right abutment (west side of dam). Initially the idea was to <br />purchase land to expand the spillway; however, due to resistance from the land owner and due to the size <br />of the spillway being greater than anticipated, the spillway was move to the left side of the dam. This <br />increased the cost as this area contained a concrete ditch that has to be removed, and the original spillway <br />now must be filled since it will not be utilized. <br /> <br />The State Engineer, after reviewing the plans for the outlet works, determined several of the existing <br />structures in the dam including two pump wells and a buried pipe would have to be removed from the dam. <br />These items had not been previously addressed by the SEO and was not taken into account in the feasibility <br />study. This required not only the removal of the pump structures in the dam but replacement of these <br />structures at a location removed from the main dam. The pump replacement was completed in the fall of <br />1998 at a cost of $53,970 as shown on page 1. <br /> <br />The reservoir was drained for the first time in September 1998. An inspection of the inlet revealed the <br />intake structure for the outlet was 200 feet upstream of the dam toe rather than at the dam toe as <br />anticipated. This required the intake structure be redesigned and added cost to the intake structure. It was <br />also determined there was an additional concrete pipe in the dam that supplied the pump structure that is <br />to be removed. This pipe extends from the intake structure 200 feet upstream of the dam to the pump <br />structure in the center of the dam. This pipe will have to be removed and increased the amount of the <br />breach excavation and fill by nearly 5000 cubic yards. <br /> <br />The original "Feasibility Study" cost estimates were prepared two years ago and the costs for many of <br /> <br />Woods Lake Dam <br /> <br />Page 3 <br />