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<br />. <br /> <br />11. Opinion of Feasibility <br />One possibility not listed as an alternative is to continue with the cWTent operation <br />with no new construction, Given the condition of the headgate and dam, the Buffalo would <br />be able to function for a few years, but eventually the headgate would not be usable to <br />divert water. At that point, the canal would be abandoned and the land which is cWTently <br />irrigated for crop production would revert to pasture. The financial impact would be <br />devastating, lnigated land in the lower reacb of the Arkansas River currently sells for $850 <br />to $1000 per acre, while non-irrigated pasture land sells for $70 to $100 per acre. The cost <br />of not replacing the structures would be a loss of about four million dollars in the value of <br />the irrigated land as opposed to an initial project cost of about $350,000. <br />The feasibility study will be presented to the share holders at the annual meeting <br />next March. <br /> <br />. <br /> <br />. <br /> <br />14 <br />