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9 I I I I I I I I I I I I I I I I I I I Arthur Newman is the President of Lloyd Ranch Properties, Inc., and will be responsible for management of the property. Richard Piland is responsible for on-site management of the ranch. His address is: Richard D. Piland and Associates, 1227 North 23rd street, Unit 103, Grand Junction, Colorado 81501. Walt Raybur, of Palisade, Colorado, is responsible for the cattle operations on the ranch. A major responsibility of Richard Piland is development and upgrading of the water resources on the ranch. This includes ongoing hydrologic, climatic, soils and water flow studies, and a continued evaluation of water rights. C. FINANCIAL STATUS. Financial Status. The primary physical assets of the Lloyd Ranch Limited Partnership include the 7200 acres covered by the Lloyd Ranch, the water system improvements, and the water rights (physical assets of the ranch such as fences, buildings, roads, etc., are considered to be part of the land). According to the balance sheet, the land is valued at about $1,975,000. This equates to a value of approximately $275 per acre for the 7200 acres on the ranch taken as a whole. It should be noted that the value of the land on a per-acre basis may be increased substantially if smaller parcels were sold separately. The major negotiable asset which can be attributed to the Rapid Creek Reservoirs is the value of the water which can be stored in the reservoirs. The total decreed capacity of the two reservoirs is 2134 acre feet. The physical annual yield from Rapid Creek Reservoirs #1 and #2 is estimated to be 1100 to 1200 acre feet. The actual physical capacity of Rapid Creek Reservoir #1 is 603 acre feet, and the capacity of Rapid Creek Reservoir #2 is 442 acre feet. The value of water is directly related to the present trading price for an acre foot of water in the area. The value of the water rights is dependent upon its seniority, and whether it is used for agriculture or municipal use, A gradual trend in the past 20 years is for Grand Mesa water to be converted to municipal water because of its high quality and elevation. The Ute Water Conservancy District, the City of Grand Junction, and the Town of Palisade all obtain water from Grand Mesa sources. In addition, proposed developments adjacent to the powderhorn Ski area may greatly increase the demand for water in that area, The value of an acre