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Table 4-1 <br /> Summary of Comparable Water Rights Sales and Leases <br /> Incidental Water Rights Valuation <br /> Climax Molybdenum Company <br /> 2019 CPI Adj Price/AF: $12,916 <br /> Silverthorne Water Rights Purchase <br /> Description: Changed water rights in the Buffalo and Valier No.2 Ditches <br /> Seller: Seminole Land Holdings, Inc.and Boulder Creek Holdings,LLC <br /> Buyer: Silverthorne <br /> Year of Sale: 2014 <br /> Purchase Price: $1,168,400 <br /> Avg Ann Yield(AF): 58.42 <br /> Cost/AF: $20,000 <br /> (a)2014 CPI: 237.200 <br /> (a)2019 CPI: 264.147 <br /> 2019 CPI Adj Price/AF: $22,272 <br /> Pueblo Leases <br /> Description: Upper Arkansas River basin augmentation water <br /> Lessor: Pueblo <br /> Lessee: CC&V Holcim Climax <br /> Annual Amounts: 400 175 50 <br /> Year of leases: 2014 2015 2015 <br /> Annual Lease Rates: $630.63 $651.13 $651.13 <br /> Terms of Leases: 10 2 20 <br /> (b) PV in Year of Lease: $21,935 $22,648 $22,648 <br /> Avg PV in Year of Lease: $22,192 <br /> (a)2015 CPI: 239.990 <br /> (a)2019 CPI: 264.147 <br /> 2019 CPI Adj Value/AF: $24,425 <br /> Notes: <br /> (a) Consumer Price Index(CPI)values from U.S.Bureau of Labor Statistics(https://www.bls.gov.cpi/) <br /> (b) Present value of perpetuity=Present value lease rate divided by the discount rate per compounding period. <br /> USDA National Resources Conservation Service 2019 discount rate for federal water projects is 2.875%. <br /> Spronk Water Engineers, Inc. Sheet 2 of 2 <br />