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<br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br />I <br /> <br />Boulder and left Hand Repair 01 Outlet Works <br />CWCBFeasibitityStudy <br />NovemberS, 1999 <br /> <br />Social, Economic, and PhvsicallmDacts <br /> <br />The project will have no significant social impacts, <br /> <br />The project will have a positive economic impact providing supplementai irrigation water for <br />approximately 2,000 acres of shareholders' crops, and will prevent the Ditch Company from <br />constructing storage at another location, The Ditch Company will save from between $512,000 and <br />$763,000 by not having to develop new storage to replace storage lost by not making necessary <br />repairs and replacements, <br /> <br />The project will have no significant physical impacts once construction is complete, The new <br />structure will be similar to the previous structure, <br /> <br />Permittinl! <br /> <br />All easements and rights-of-way are now held by the Ditch Company, Boulder County will issue an <br />Agricultural Exemption for the Special Use Permit for earthwork associated with this project. A letter <br />from Boulder County regarding the exemption is forthcoming, <br /> <br />The Ditch Company believes no Environmental Assessment (EA) or Environmental Impact Statement <br />(EIS) will be required, <br /> <br />Financial Plan <br /> <br />This feasibility study was funded in part by a grant of $5,000 from the CWCB, Severance Tax <br />Operational Account, and in part by Ditch Company funds, The Ditch Company will appiy to the <br />CWCB to borrow up to $100,000 from the Small Project Loan Account to be used for up to 75 percent <br />of the cost to construct a new outlet works, a new spillway, crest regrading, and a new vehicle <br />turnaround at Davis No.1, The loan from the CWCB is contingent upon CWCB approval, and the <br />successful negotiation of a contract between the CWCB and the Ditch Company, The Ditch Company <br />was previously approved for a $50,000 Small Project Loan, However, the Ditch Company is now <br />requesting a loan of $100,000 to cover additional costs associated with the spillway and crest <br />regrading, Ditch Company cash reserves will be used to finance the remaining $40,500 of the <br />esti mated costs, <br /> <br />The financial condition of the Ditch Company is solid at the present time, The Ditch Company has no <br />obligations except current operating expenses, and is not in default on any of its obligations, The <br />Ditch Company Statements of Receipt and Disbursements for the 1996, 1997, and 1998 fiscal years <br />can be found in Appendix F, <br /> <br />The Ditch Company currently has 136 shares of stock issued and outstanding with an annual <br />assessment to shareholders of $160 per share in 1999, For average diversions of 2,584 acre-feet per <br />year, this amounts to $8.42 per acre-foot per year, <br /> <br />The Ditch Company began special assessments of $40 per share in 1998 to pay for Twin Lakes <br />construction work, This is part of the cash reserves to be used for funding the project. The Ditch <br /> <br />-10- <br />