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I I I I I I I I I I I I I I I I I I I work. If further rehabilitation efforts are not warranted, the reservoir may be fully functional in late 1997 or 1998. A topographic survey was completed in December 1996, and the capacity of Eagle Park Reservoir was calculated to be 3,148 acre-feet. The reservoir, diversion and conveyance facilities and other pertinent features are shown in Plate 1. This report describes the Eagle Park Reservoir project, its water sources and water rights, presents the dry-year and average annual yields of the project, and presents the monetary value of the water rights associated with the project. The report is presented in five sections. The first section is this introduction, and the second section presents some background information concerning the participants' water systems and the water supplies available to the project participants. The third section describes the Eagle Park Reservoir project and presents the results of the operation studies. The fourth section presents a market value of the project's water rights. The final section summarizes the report and presents conclusions. Figures, tables and maps follow the conclusions. BACKGROUND In the early 1960's, Vail Associates, Inc. began developing the Vail Ski Area which has become the largest ski area in North America. Residential and commercial development of the Gore Creek and Interstate 70 corridor ensued. In the early 1980's, Vail Associates, Inc. opened the Beaver Creek Ski Area and in 1994 acquired the Arrowhead Ski Area. These two ski areas recently have been interconnected by lifts. Summer recreation opportunities have kept pace by the construction of eight public and private golf courses in the Gore Creek and Eagle River valleys. White water rafting and kayaking as well as fishing, hiking and camping have become popular recreational activities in the Eagle River basin. The Colorado Water Conservation Board (CWCB) has obtained water rights for instream flow purposes on the Eagle River and many of its tributaries. The flow rates are decreed by stream segment and are larger for the summer months of May through September than the remaining months of October through April. Pertinent aspects of the CWCB's instream flow water rights are summarized in Table 1. Many of the decreed water ri9ht changes and plans for augmentation held by members of the Consortium are constrained by stipulations with the CWCB concerning instream flows. The municipal water and wastewater systems operated by the Eagle River Water and Sanitation District have been developed in a Pstream friendly" manner in order to reduce the impacts to instream flows. As recognized by the Eagle River Assembly, however, in the near future the stream flow in low-flow years will be inadequate from late August through 2