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4 <br /> SUMMARY OF PROPOSED PROJECT <br /> Project Sponsor: The Eagle Park Reservoir Company. The shareholders in the Company are: <br /> the Board of County Commissioners of Eagle County, Colorado River Water Conservation <br /> District, Eagle River Water & Sanitation District, Upper Eagle Regional Water Authority, and <br /> Vail Associates. <br /> Type of Protect: Commercial and Municipal <br /> Project Name: Eagle Park Reservoir <br /> Location: Climax Mine near the summit of Fremont Pass in Eagle County _ <br /> Date of Loan Applications: August 31, 1995 and November 5, 1996 <br /> Date Feasibility Study Received: January 1997 <br /> Project Description: The project involves the rehabilitation of an existing mine tailings site <br /> within the boundaries of the Climax Mine near the East Fork of the Eagle River. The owner <br /> of the reservoir site, Cyprus Climax Metals Company, has removed about one-million cubic <br /> yards of mine tailings and rehabilitated the site for use as a fresh water reservoir. The <br /> capacity of the site is about 3,000 acre-feet. The dam is an earth embankment structure which <br /> has been in place for over 30 years. Water could be supplied to the project from tributaries of <br /> the Eagle River, Ten Mile Creek, and the Arkansas River through existing canals and <br /> pipelines. <br /> Water Rights: The reservoir will store water under pending decrees in Case Nos. <br /> 92CW340 and 93CW301. Several exchanges are proposed for times when the reservoir water <br /> rights are not in priority and are described in the application in Case No. 95CW348. These <br /> rights will be limited by CWCB instream flow rights on the Eagle River and its tributaries. <br /> Estimated Firm Yield: 1,500 acre-feet for loan applicants, 2,000 acre-feet total <br /> Rehabilitation of the Site: To be certified by the Colorado Division of Minerals and Geology. <br /> Estimated Cost: The Eagle Park Reservoir Co. proposes to purchase the rehabilitated site <br /> from Cyprus Climax for a total of$11,500,000. Vail Associates has already paid Cyprus <br /> Climax $3,000,000 for 500 acre-feet of yield. <br /> Requested Loan: The Board gave conditional approval in 1996 for $3,125,000 for 30 years as <br /> authorized in the 1996 Construction Fund bill. The applicant is requesting an additional <br /> $5,375,000 in the 1997 Construction Fund bill for a total of$8,500,000 in CWCB financing. <br />