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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />A portion of the work required by the state Engineer has <br />been completed by the Coon Creek Reservoir Company. A <br />contractor was hired to remove trees and brush from the <br />embankment as a preliminary site preparation step for future <br />construction. A Final Design with Plans and Specifications <br />was prepared by WestWater Engineering and has been approved <br />by the State Engineer. The completed Plans and <br />Specifications cover all the repair items required by the <br />State Engineer. The Coon Creek Reservoir Company has <br />expended $21,510 for this work. <br /> <br />The total cost of the remaining work on the project is <br />estimated to be $90,000. The Coon Creek Reservoir Company <br />will pay 50% or $45,000 of this total through a private loan. <br />The remaining 50% of costs would be supplied by a low- <br />interest loan from the Colorado Water Conservation Board in <br />the amount of $45,000. A summary of the annual costs to be <br />assumed by Coon Creek Reservoir Company are as follows: <br /> <br />Repayment of Loan.............................. .$6,620 <br /> <br />Operation, Maintenance and Replacement Budget... 1,000 <br /> <br />Emergency Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300 <br /> <br />Subtotal $7,920 <br /> <br />The Coon Creek Reservoir Company presently has 993 <br />shareholders. An annual assessment of $8.00/share will <br />generate $7,944 per year. This will be adequate to cover the <br />costs listed above. <br /> <br />Completion of the project will have two benefits. It <br />will assure that irrigators will be able to continue existing <br />agricultural practices. Shareholders on the Coon Creek <br />Reservoir Company obtain water from several sources. The <br />Coon Creek water is particularly valuable since it can be <br />reserved for use in late fall when other sources of water <br />shut down. The repair of the reservoirs will also assure <br />that the Coon Creek Reservoir Company can maintain average <br />yield of 557 AF/Yr. Assuming a median value of $500 per acre <br />foot, the water has a total value of $278,500. The reduction <br />in storage could reduce this value by 70%. <br /> <br />The project is cost-effective and feasible. State <br />assistance will be required. <br /> <br />I <br />