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<br />The objective of the Step 2 studies was to establish if a Clear Creek Canyon <br />water storage project could: 1) develop at least 35,000 af/yr of native water on <br />a firm annual basis, 2) at a unit cost competitive with other potential water <br />supplies available to the Alliance members, 3) while providing for the access <br />needs of present and future users of U.S. Highway 6 in the canyon. The Step 2 <br />investigations focused on these three key issues of firm yield, cost, and highway <br />relocation. The purpose of these studies was to provide estimates of firm water <br />supply yield and project cost for a range of dam sizes related to a main stem <br />storage reservoir in Clear Creek Canyon. Construction costs were estimated for <br />the same range of reservoir sizes and for each of six highway relocation <br />alternatives. Potential user impacts that would result from the relocation of <br />U.S. Highway 6 were also quantified. <br /> <br />The investigations were conducted under the auspices of the Authority. The <br />Authority was created by the General Assembly to provide Colorado with a mechanism <br />to fi nance water and hydroe 1 ectri c projects through the issuance of revenue bonds. <br />In addition to financing, the Authority is authorized to assist in the planning, <br />design, and construction of such projects. The Authority initiates water project <br />investigations based on applications received from local project sponsors who are <br />in need of developing additional water supplies and who anticipate a stream of <br />revenue adequate to repay the annual debt service and operation of the project. <br />The Authority staff evaluates the applications received to assess the potential <br />demand for the project, potential project costs and revenues, and major <br />environmental and institutional issues to be addressed. Projects that meet the <br />Authority's criteria are recommended to the Board for either feasibility study, <br />final design and specifications, or for construction financing. The Board <br />determi nes what, if any, Authority part i ci pat ion is warranted. Contractu a 1 <br />arrangements with the Alliance stipulate that reimbursement of funds expended by <br />the Authority for project investigations is required at the time a project is <br />financed for construction. <br /> <br />The sponsor of the Cl ear Creek project is the C1 ear Creek Water Users <br />Alliance. The Alliance is a group of municipalities, water companies, water <br />districts, and industries that have joined to cooperate in their use of Clear <br />Creek water to help meet their growing demands. Membership eligibility in the <br /> <br />1-2 <br /> <br />, ' <br />I <br /> <br />'="' <br /> <br />....... <br /> <br />...... <br />