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. . . P;'l3336 CllAPI'ER III POTENTIAL IRRIGATION DEVELOPNENT Annual equivalent costs AnnuuJ. equi valent value Item Construction cost Interest (1/2 of 2,5% of $2,059,000 for 3-year construction period) Net project investment Project investment amortized over 100 years at 2.5"10 interest (.02731 x $2,136,000) Annual operation, maintenance, and replacement costs Apportioned cost of Colorado River Stora~ project (3,830 acre-feet of stream depletion annually at $2.50 per acre-foot) Tote.1. Total value ~2,059,000 77,000 2,136,000 $58,300 8,800 9,600 76,700 Average annual equivalent benefits, amounting to $69,500, compare with average annual equivalent costs of $76,700 in a ratio of 0.91 to 1. Project Repayment Since irrigation would be essentially the only purpose of the O'Neal Park project, the total project costs Would be allocable to irrigation and would be reimbursable without interest in accordance with reclamation law. As shown in the table on page 30, the water users would be able to pay operation, maintenance, and replacement costs but would not be able to make any payment toward amortization of construction costs. Plan Selection and Alternatives Several different sizes and alternative plans of development have been considered in selection of the most favorable plan and scale of irri- gation development for the Piedra River Basin. A study also was made of possible diversions (Plan C) from Turkey, Fourmile, and ~kCabe Creeks, direct tributaries of the San Jua.'1 River. Consideration was given to the physical and economic relationships of the available water and land resources, potential storage sites, and canal locations. Formulation of Project Plan The physical relationship of the available land and water resources is a major problem in irrigation development in the O'Neal Park area.Field inspection did not reveal any practicable storage sites on Piedra River in the range of elevations required to convey water to the available arable 32