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<br />~ ~ '-;...0 <br />., <br /> <br />Ibj <br /> <br />. <br /> <br />. <br /> <br />1, Table 1 should be expanded to show at minimum, for the <br />absolute water rights only, the average period of <br />historic use, a 10-year or longer average annual <br />diversion with maximum and minimum amounts highlighted, <br />type of use and average acres irrigated. It would also <br />be useful to have a map or line diagram at 1" = 2000' <br />showing the location of the water rights and the <br />irrigated areas or point of use, <br /> <br />2, The last sentence of paragraph 2 on page 4 should <br />either be stricken or explained in, more detail, <br /> <br />3. On page 16 mention is made of several previous water <br />sales, These sales should be discussed in a separate <br />section on "Previous Water Sales" and any supporting <br />documentation attached in an appendix, <br /> <br />4, On page 17 under "Market Comparison" the method of <br />computing "firm yield" should be clarified and the <br />manner of converting firm yield to acre-feet per year <br />explained. <br /> <br />5, Table 3 should be expanded to state the price per <br />acre-foot used and the acre-feet of yield on which the <br />benefit computation was made, It is important to note <br />here that the Annual Benefits shown are based on $35 <br />per acre-foot per year for all uses but agriculture <br />which was at $4 and on a yield of 19,200 acre-feet from <br />the reservoir as described in the write-up, <br /> <br />6, The conclusion should be redone to clearly indicate <br />that the value of $66 per acre-foot per year is based <br />on the price of water needed to cover the cost of the <br />project plus provide for annual operation and <br />maintenance and does not reflect what the current <br />market will bear absent any further development, Thus, <br />$66 per acre-foot per year is speculative and <br />attainable only under expanding economic conditions, <br />The current market value is $35 per acre-foot per year <br />for all uses except agriculture which is at $4, <br />However, it should be emphasized that even at these <br />prices the owners have the financial capability and <br />desire to repay all loans required for this project, <br /> <br />Should you have any questions, we will be happy to respond, <br /> <br />-2- <br />