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<br />I <br />I <br />I <br />I <br />, <br />I <br />I <br />1 <br />I <br />I <br />1 <br />I <br />1 <br />I <br />I, <br />I <br />I <br />I <br />I <br /> <br />2.4 VRA FACILITIES AND PHYSICAL ASSETS <br /> <br />The Vouga Dam and Reservoir, the land under the reservoir, and water rights as described in <br />Section 5.0, are the only present holdings of VRA. The VRA currently has approximately <br />$12,800 of cash in its checking and savings account. VRA and the Labrouches propose to use <br />the Labrouche's farm and water rights ofVRA located near Doyleville, Colorado, as collateral <br />for the CWCB loan. <br /> <br />There have been two recent sales ofland within 5 miles of the reservoir. One sale for 40 acres, <br />with only 13 acres of irrigated land by stream flow rights, sold for an average of $1,500 per <br />acre. [Another sale of 53 acres, with 13 acres irrigated by stored water, sold for an average of <br />$1,900 per acre. There is another listing for 460 acres, with 260 acres irrigated with stored <br />water, for an average of $2,400 per acre. The Labrouche farm is 680 acres and has stored water <br />rights for the land. We have estimated the average value of the land at $2,000 per acre for a <br />total value of$I,360,000. <br /> <br />24216lRI.DOC 02-12.97(3,08PM)1RPT <br /> <br />2-2 <br />