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1812 Instead, the water bank would avoid these severe consequences of water transfer--permanent loss of agricultural water and Iand--and would transfer a more acceptable amount of water through lease to higher valued uses within the Lower Arkansas Valley. By use of the market system and by relying on annual leases of water by willing shareholders, the water bank would minimize the social conflict that now accompanies the prospects of major water sales outside the Valley, or leases of major quantities of agricultural water to non..agricuIturaI uses. There is widespread support for keeping agricultural water within the Valley, and in maintaining a healthy agricultural economy. Yet, paradoxically, many if not most Valley residents support the property right of water rights holders to sell their water with few if any restrictions (except for canal company by-laws) even if such sales cause harm to their neighbors and their local economy. A water bank would not interfere with the present property rights of water shareholders. The water bank could provide economic incentives that encourage shareholders to lease water on a temporary (annual) basis, retain ownership of the water, and maintain a viable irrigated agriculture enterprise in the Ft. Lyon system, The water bank leases might provide income to participating shareholders of about $443,000 in normal years and about $1,100,000 during dry years, if 7,384 af C.U. were leased at the estimated prices, This would provide about 5,000 af C.U. water to be rented for higher-valued uses to municipalities and industry in average years (Section 7.8). It is difficult to estimate the number of jobs that will be created from the new industrial or agribusiness (e.g" feed lot) enterprises that could be attracted to the Valley with the aid of an assured water supply provided through the water bank. It is necessary to know the types and sizes of such future enterprises. Economic development is addressed in Section 6.11 of Chapter 6. There is general agreement within the Valley that new enterprises are badly needed to diversify the economy and to provide year-round employment, to complement the heavy reliance on agriculture. In summary, the water bank alternative could provide water to higher-valued uses including higher valued agriculture, help attract industry and help augment the water available in municipal water systems. The income from leasing (or selling) water for such uses could provide additional income to Ft. Lyon shareholders but would not threaten the continued viability of irrigated agriculture in the Valley. This outcome would help to reduce the conflict and tension between those who wish to maintain a healthy agricultural economy and keep the water in the VaHey, and those who wish to receive a higher return by selling or \easing water for other uses, A water bank could help to achieve both goals. 7.4 Lel!aI Issues and Alternative Deliverv Mechanisms Legal Issues and Obstacles Alternative delivery scenarios are based upon the use of various headgates, ditches, storage reservoirs, consistent with current Colorado law, From a legal standpoint, development of a water bank involves: 7-7