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<br />5. If the market value of the original or <br />changed conditional use is baseQ on a <br />comparison to the market value of developed <br />water supplies for the same use, should the <br />costs that must be incurred to develop the <br />, <br />right be deducted from the comparable <br />val ue? <br />6. Is there intrinsic value in the original <br />location of conditional water rights even <br />though they will be developed elsewhere? <br />7. See Ross, Valuation of Water Rights for <br />Acquisition, Condemnation, and Taxation <br />Purposes, 18 Rocky Mountain Mineral Law <br />Insti tute 563-593 (1973). <br />IV. Changing Conditional Water Rights to Instream Flow <br />Protection <br />A. Once the questions of contemplated draft and <br />market value are resolved, the change of <br />conditional water rights to instream flow <br />protection 6an be straightforwa~d~ <br />B. In Colorado, the statutory requirement of <br />qiversion from the stream as an element of a <br />water right has been repealed, and the CWCS has <br />been authorized, perhaps exclusively, to <br />appropriate ~r acquire water rights for <br />instream flow protection. C.R.S. Sections 37- <br /> <br />22 <br />