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I I I I I I I I I I I I I I I I I I I of the loan. At the current time the State Engineer has the reservoir restricted to gage height 41 feet which reduces the storage by 900 acre-feet. With time we believe the SEO will reduce the storage not only due to the seepage and potential for failure, but may reduce the storage due to the spillway wherein the design storm can be stored in the reservoir. This would require a storage margin of 1730 acre-feet. This would place the restriction at gage height 32 feet for a loss of 2255 acre-feet. This is greater than the 1730 acre-feet required for the storm storage as the spillway is currently at gage height 43.3 feet rather than the decreed height of 45 feet. Based on the value of the water as stated, the following cost analysis is presented. Total Project Cost Including Interest and the 25 % Payment by the Company $60,143 x 30 years + $350,766 = $2,155,056 Using a rental rate of $50 per acre-foot for the water and the total project cost, Benefit/Cost = $50 x 2,255 A-Ft x 30 yrs .;- $2,155,056 = 1.56 Total Cost per Share of Stock $2,155,056 .;- 725.5 = $2,970.44 Cost Per Share of Stock Per Year $ 2,970.44 .;- 30 years = $99 Cost Per Acre-foot Of Water Delivered For An Average Year $2,155,056 .;- 30 years .;- 3000 A-Ft = $23.95 The Cost Per Acre-Foot of Water Saved $2,155,056.;- 2,255 A-Ft = $956 The cost of $23.95 per acre-foot water delivered in an average year is near the current value of rental water in northern Colorado. However, rental water has been as high as $50 per acre-foot over the past five years. The cost per acre-foot of water of $956 is approximately equal to the current value of the water on today's market. Based on the cost data presented above the project would appear to be feasible. If the dam is not rehabilitated, the potential loss of water for 25,000 acres of irrigated land would be approximately Foothills Dam- 96.014 Page 10