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I I I I I I I I I I I I I I I I I I I The cost of the "No action" Alternative NO.4 also relates to land values. Ifthe tunnel were to collapse, and was not repaired, the downstream service area acreage would revert to dry land. Irrigated land has a value of approximately $3,000/acre, compared to approximately $I,OOO/acre for dry land, This results in an economic loss of$2,000/acre x 12,000 acres = $24,000,000. Social and Physical Impacts The project will have no significant social impacts, since it will assure the continued operation of a currently existing irrigation system, The project will have no significant physical impacts, once construction is complete, The new canal section will be buried and the only visible portions will be the inlet and outlet structures. Conclusions I, The Pine River Canal Company is an incorporated entity in the State of Colorado with the ability to enter into a contract with the CWCB for the purpose of obtaining a Construction Fund loan. 2. Rights-of Way easements are adequate for the construction of this project. 3, The project would result in the relocation of a water conduit and provide for the continued delivery of irrigation water to share holders, 4. The total estimated cost ofthe project is $325,550 and this will be financed, in part, by in house financing, loans, and in-kind services. The PRCC is applying for a $243,700 loan from the CWCB Construction Fund for the amount not covered by in-house financing and in-kind services, 5, The project appears to be technically and financially feasible, Pine River Canal Company Tunnel Hill Projecl Feasibilily Sludy January 1999 Page 15 of 15