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Water SupplyProposalPrepared for:
Town Of Castle Rock Utilities Department
Request for Proposals for
Alternative Source of Water Supply Provider
RFP No. 2011-05
Sti l lwater Resources & Investments, Inc. • 2355 Canyon Blvd, Ste. 105 • Boulder, CO 80302
September 2, 2011
1
STILLWATER RESOURCES WATER SUPPLY PROPOSAL TO THE TOWN OF CASTLE ROCK
SEPTEMBER 2, 2011 Executive Summary Like many other water providers in Douglas, Arapahoe and El Paso Counties, the Town of Castle Rock (“Castle Rock”) developed water resources systems that emphasized non sustainable Denver Basin Ground Water. Castle Rock is not near large creeks or rivers that could be used for water supply, nor could they connect to the systems of other large water providers such as the Denver Water Department. Denver Basin Ground Water provided an economical means to develop a finite water supply, but it is now time to consider more dependable, sustainable, renewable supplies. Castle Rock has embarked upon a phased approach to acquire and develop water rights that are capable of meeting a near term goal of 2,500 acre feet by 2017, an additional 2,500 acre feet eight years later in 2025 and an additional 1,000 acre feet for ultimate build out. Achieving these goals will result in Castle Rock being 75% reliant on renewable supplies and only 25% of its water demand will be met by Denver Basin sources. Stillwater Resources has developed a project that will economically provide up to 4,000 acre feet of base load water supply to Castle Rock. The project configuration presented in this proposal delivers water pumped from an alluvial well field located on an irrigated farm 7.5 miles from the East Cherry Creek Valley Water District (“ECCV”) water treatment plant. From the terminus of the ECCV line water will be delivered to the E‐470 and Chambers Road Input Point either by use of the ECCV West Pipeline or by a new 5.8 mile pipeline, which would be constructed by Castle Rock. A map of the infrastructure of the Project is included as Exhibit 1 and a project schematic is included as Exhibit 2. Well field pumping will be augmented with water rights currently used on the irrigated farm plus additional water rights to be acquired in the South Platte River, east of Greeley. Castle Rock already owns 1.4 MGD of capacity in the ECCV Pipeline. This proposal assumes that the Town would acquire an additional 2.2 MGD of capacity from ECCV. Water would be treated to Castle Rock standards either with a new treatment facility at the Boxelder Farm or by participating in ECCV’s new water treatment plant at Barr Lake. We estimate that the infrastructure costs to treat and transport the water will total $8,556 per acre foot. A well field would be located on an 850 acre farm in Weld County. This well field and all easements needed for water treatment, wells and piping would be sold by Boxelder Properties, LLC for $2,500 per acre foot. Three water rights acquisition strategies are detailed in Confidential Appendix A. This proposal is based on the acquisition of the Boxelder Farm water rights (approximately 600 AF) and retaining Stillwater Resources to acquire the balance of the water rights as the Town’s agent. Depending on which strategy the Town chooses, the costs of water rights acquisition are projected to cost $6,087, $7,453 or $9,883 per acre foot, inclusive of commissions, legal and other transaction costs and the projected costs of legal and engineering for water court applications.
2
Total Project costs are summarized on Exhibit 3 and estimated infrastructure costs are shown in Exhibit 4. Depending on which water acquisition strategy is selected, the total project capital costs of infrastructure and water rights will range between $17,143 and $20,939 per acre foot for a 4,000 acre foot project. Annual operating costs are projected to be $576 per acre foot per year. We believe that this cost is very competitive with other water resources options available to Castle Rock and that the Boxelder Water Project can deliver 2,500 acre feet to Castle Rock by July, 2017 as detailed in the Project Schedule attached as Exhibit 5. The project can be scaled to be developed in stages to meet the water resources and financial needs of the Town as well as to integrate the project into Castle Rock’s water rights portfolio. The ability to stage provides the ability to incorporate the project into WISE and other regional efforts the Castle Rock is pursuing to provide a long term sustainable water solution to the Town of Castle Rock.
Box Elder Water Project• • • Key Infrastructure • • •
Exhibit 1
NEW: 5.8 MILE PIPELINE
Box Elder Water Project• • • Delivery Schematic • • •
South Platte Augmentation Sources: • Senior Agricultural Water • Reusable Changed Water Rights • Reservoir Releases • Ground Water Recharge Accretions
Box Elder FarmAlluvial Well Field
Terminus
ECCV WaterTreatment Plant
E-470 & Chambers Rd.Input Point
EXCHANGE (AVOIDS ~25 MILES OF PIPELINE CONSTRUCTION)
NEW: 7.5 MILE PIPELINE
EXISTING: ECCV 31 MILE PIPELINE
Exhibit 2
EXIHIBT 3
Stillwater Resources ‐ Boxelder Water Project
Castle Rock Proposal
4000 AF Delivered Through ECCV ‐ Base Load
Per Acre Foot Capital Cost Summary
Best Case Combination Water
Water Rights Water Rights Court
Cost Cost Contingency
Cost Per Acre Foot for Water Rights 6,087$ 7,453$ 9,883$
Well Field Purchase 2,500$ 2,500$ 2,500$
Infrastructure Costs 8,556$ 8,556$ 8,556$
Total Cost Per AF 17,143$ 18,509$ 20,939$
EXHIBIT 4
Stillwater Resources ‐ Boxelder Water Project
Castle Rock Proposal
4000 AF Delivered to ECCV ‐ Base Load
Infrastructure Cap
ital and Operating Cost Summary
Annual
Total
Cost Per
Operating
Cost
AF
Cost/A
F
Farm
Well Field (includes all easemen
ts)
10,000,000
$
2,500
$
Wells, W
ell Field Piping and Pumps (2)
2,205,000
$
551
$
100
$
RO Treatmen
t and Brine Disposal (3)
7,686,000
$
2,306
$
348
$
Boxelder to ECCV Treatmen
t Plant(4)
8,078,400
$
2,020
$
25
$
ECCV Pipeline (5)
Already owned
by Castle Rock (1.4 M
GD)
Additional Capacity to be Purchased
(2.2 M
GD)
3,960,000
$
990
$
6$
ECCV Pump Stations (6)
6,048,000
$
1,512
$
48
$
Pipeline from ECCV Terminus to Cham
bers Rd. Input (7)
6,247,296
$
1,562
$
24
$
Total
44,224,696
$
11,440
$
551
$
Notes (1) Average Projected
Price ‐ Appen
dix A (confiden
tial) includes specific water rights portfolios and prices and includes the option to purchase Boxelder Properties on Farm water rights.
Three water rights price scenarios are presented ($6,000/AF, $7,500/AF and $10,000/AF). The price is im
pacted by the purchase contract deal structure and outcomes of other related
transactions.
(2) Cost of 11 W
ells and W
ell Field piping estimated
by Applegate Group. Added
$750,000 for pump station to ECCV facilities and $100 per AF annual operating costs.
(3) 2000 Acre Feet treated
with Reverse Osm
osis and blended
down to target water quality. The "South M
etro W
ater Supply Authority M
id Term W
ater Delivery Project Plan" ("South M
etro Plan")
estimated
$4.27 capital cost per gallon per day and operating costs of $290 per AF per year. Since these cost estim
ates are three years old, w
e have increased the costs by 20%.
(4) Assumed
$8.50 per inch per foot of pipeline for capital cost. Assumed
24" line. Used $25 per AF for O and M
.
(5) EC
CV Pipeline Capital and Operating cost from "South M
etro Plan". $1,500,000 per M
GD capacity capital cost. Used $5 per AF annual operating costs by dividing $50,000 annual cost by 10,000 AF/year.
South M
etro Plan costs increased by 20%.
(6) EC
CV Pump station costs from South M
etro Plan. $1,500,000 per M
GD capacity capital cost. Used $40 per AF annual operating costs by dividing $400,000 annual cost by 10,000 AF/year.
South M
etro Plan costs increased by 20%.
(7) Assumes that Castle Rock builds line from ECCV terminus to Cham
ber Rd. input, a distance of 5.8 m
iles. If Castle Rock is able to run non‐W
ISE water through
the West Line, the capital cost will be
$1,500,000 per M
GD per Castle Rock Capital Im
provemen
t Program
for a total of $5.4 M
, or a capital cost savings of approximately $850,000.
Proposed Project Schedule
2011 Nov. Execute contracts with Stillwater and Boxelder Creek Properties
Dec. Finalize Water Rights Targets and Approach
Dec. Begin negotiating Water Rights Contracts, and continue Trade Negotiations
2012 File Water Court applications, engineering, additional modeling, negotiate with objectors
Finalize delivery arrangements
Complete Water Purchase Agreements
2013, 2014, 2015 Obtain decrees in Water Court and obtain any needed County permits
2016 Construction of well field, any required treatment and conveyance facilities
2017 July Commence water deliveries to Castle Rock
EXHIBIT 5
8
Boxelder Water Project A map of the Boxelder Water Project is attached as Exhibit 1 and a Delivery Schematic is attached as Exhibit 2. The basic premise is to pump water from a well field to be constructed on an 850 acre farm owned by Boxelder Creek Properties, LLC. The Farm is located 3 miles from ECCV’s well field in BeeBe Draw and 7.5 miles from ECCV’s water treatment plant, where it can be introduced into the ECCV Northern Pipeline system. At the terminus of the ECCV Northern Pipeline, water would be delivered to Castle Rocks’ E‐470 and Chambers Input either by the construction of a new 5.8 mile pipeline or through the ECCV West Pipeline. Farm Well Field Boxelder Creek Properties, LLC owns an 850 irrigated acre farm 6 miles east of Lochbuie in Weld County. Walraven Ketellapper of Stillwater Resources owns 20% of Boxelder Creek Properties. The Farm was used historically to grow trees for a nursery operation with water delivered by the Henrylyn Irrigation District and alluvial irrigation wells augmented by the Central Colorado Water Conservancy District (“Central”). A major hail storm destroyed the trees in 2010, so the farm currently is used to grow corn, wheat and sunflowers. In 2010 Boxelder Properties retained The Applegate Group and GeoHydro Science to complete a MODFLOW model of the Farm well field area. The purpose of the modeling effort was to determine the extent and productivity of the alluvial aquifer and to estimate the amount of water that could be pumped sustainably without affecting other water rights. A summary of this modeling effort is attached as Appendix C. The MODFLOW model demonstrated that the well field could provide up to 4,000 acre feet of base load water on an annual basis. The Farm Well Field provides a sustainable physical supply of water located near significant regional water transmission facilities. Water Rights Boxelder Properties owns approximately 600 acre feet of consumptive use water, half of which is supplied from the current wells on the Farm and the balance is surface water delivered from Barr Lake by the Henrylyn Irrigation District. Consequently, an additional 3,400 acre feet of water would need to be acquired to fully augment pumping 4000 acre feet of base load supply annually. Historically, the Box Elder Creek Basin supported thousands of acres of farmland irrigated with alluvial wells. In the mid 2000’s the State Engineer began administering alluvial wells in the South Platte River Basin and required that all pumping be curtailed unless pumping was fully augmented. In other words, irrigators had been allowed to pump their junior wells out of priority, which impacted the yield of senior surface water rights owners further downstream on the South Platte River. To protect these senior water rights owners, well owners were required to fully replace all of their out of priority impacts on the South Platte River with surface water rights. In effect, the irrigators were no longer able to use 100% the physical supply of water available to their wells without replacing the depletions caused by their pumping. For example, a portion of the water applied to a farm field made its way back to the river via surface flow and subsurface percolation, but the portion of the water lost to the river through crop use and evaporation is a depletion to the river system.
9
Central has obtained two decrees from the water court that, among other things, allow well depletions in the Box Elder Creek basin to be augmented with water in the South Platte River, some 25 miles to the north of the Farm Well Field. This was allowed as there are very few surface water rights in the Box Elder Creek Basin and the finding of the Court was that if there had not been large scale pumping of the aquifer that Box Elder Creek would be a live stream due to higher ground water levels. The wells on the Boxelder Farm are currently augmented by Central’s Groundwater Management Sub‐District (GMS) Decree. Stillwater proposes to use the 600 acre feet of currently owned water and acquire additional water rights in the South Platte Basin, east of Greeley to augment the depletions from pumping 4000 acre feet from the Boxelder Farm Well Field. In confidential Appendix A Stillwater has detailed specific sources of water that could be used to augment Boxelder Well Field pumping. Most of the identified sources have either already been changed in water court for other uses than irrigation or are in a ditch system that has shares that have been changed in Water Court, thus paving the way for future change cases. We believe that using an approach that relies on water rights that have been changed and mimicking the Central GMS decrees reduces the water court risk. Water Quality The Town of Castle Rock has established a water quality criteria of 500 mg/L TDS for this Request for Proposals. In the Stillwater’s Statement of Qualifications we provided copies of water quality data from 2005. Additional water quality samples were taken in August, 2011 which were analyzed for TDS and Nitrate. As detailed in Exhibit 6, the sampling results were weighted by well based on the pumping projected by the MODFLOW ground water model. This resulted in a weighted average of 935 mg/L TDS and 10.1 mg/L Nitrate for Project Water Quality. To meet the Castle Rock Water Quality Criteria, it was determined to treat three wells delivering 50% of the water with Reverse Osmosis. The treated water would be blended with the remaining water to result in a blended water quality of 443 mg/L TDS and 4.86 mg/L of Nitrate, which meets the Castle Rock water quality criteria. Water treatment could be accomplished either at the ECCV Water Treatment Plant or at a new plant to be constructed at the Farm. For purposes of estimating the capital and operating costs we relied upon cost information presented in South Metro Water Supply Authority Mid Term Water Delivery Project Plan. Since this plan was completed in 2008, we increased the projected capital and operating costs by 20%. Onsite treatment at the Farm Well Field may have cost advantages to Castle Rock. For example land owned by Boxelder Properties could be set aside for brine drying beds, which could save money over other Reverse Osmosis brine handling methods. Alternatively, brine could be concentrated and disposed of down a deep disposal well drilled on the property. These and other alternatives for water treatment and brine disposal should be further investigated if Castle Rock determines to pursue the Boxelder Water Project.
EXHIBIT 6
Boxelder W
ater Project
Blended
Water Quality to M
eet Castle Rock W
ater Quality Criteria
Current Water Quality
USG
S Well #
SEO W
ell #
%4000 AF
Nitrates
TDS
105‐10‐1106
2629
11.18%
447.37
11.09
891
Nitrates
TDS
205‐6‐1330, 08‐8‐3723
10159
8.55%
342.11
9.45
947
10.01
935.14
305‐6‐1329
4360
18.42%
736.84
10.88
945
404‐8‐3707
8359
15.13%
605.26
10.51
837
505‐8‐1075
8905, 8958
34.87%
1394.74
10.21
1047
605‐8‐1402
8357, 19548
11.84%
473.68
6.79
749
Results of 7 sam
ples 8‐2011
Projected Blended W
ater Quality After RO Treatment of Th
ree W
ells
USG
S Well #
SEO W
ell #
%4000 AF
Nitrates
TDS
105‐10‐1106
2629
11.18%
447.37
11.09
891
Nitrates
TDS
205‐6‐1330, 08‐8‐3723
10159
8.55%
342.11
9.45
947
4.86
443.42
305‐6‐1329
4360
18.42%
736.84
10.88
945
404‐8‐3707
8359
15.13%
605.26
00
505‐8‐1075
8905, 8958
34.87%
1394.74
00
605‐8‐1402
8357, 19548
11.84%
473.68
6.79
749
Note: Percentage pumped
from each well derived
from Geo
Hydro Scien
ce M
ODFLOW m
odel
Weighted Average
Weighted Average
11
ECCV System In 2006, ECCV constructed the 31 mile Northern Pipeline from a well field located in Beebe Draw (downstream of Barr Lake), through a proposed water treatment plant and two pump stations to a terminus at E‐470 and Smokey Hill Road. This existing system is shown in blue on Exhibit 1. Subsequent to construction, ECCV determined that it had extra capacity available in the system and offered this excess capacity to other water providers in the South Metro Area. Castle Rock took advantage of this opportunity and purchased 1.4 MGD of capacity in the pipeline. Reportedly additional pipeline capacity is still available to be purchased. To fully use the 4000 acre feet of base load capacity, Castle Rock would need to purchase an additional 2.2 MGD of capacity in the ECCV system. For purposes of the cost projections, we used the figures presented in the South Metro Water Supply Authority Mid Term Water Delivery Project Plan and increased them by 20%. Pipeline to E‐470 and Chambers Road Once water is delivered to the end of the ECCV Northern Pipeline, it must be conveyed to the E‐470 and Chambers Road Input Point. For purposes of this proposal, we have assumed that Castle Rock will not be a participant in the ECCV West Pipeline and so must construct a new 5.8 mile pipeline. It appears that constructing a new pipeline will cost $850,000 more than participating in the West Pipeline Project. Permitting The Project proposes to construct two new pipelines, one in Weld and Adams County and the second in Douglas County. We are not aware of any major federal permits that would be required for the construction of these pipelines. Adams County has a 1041 permitting process specifically for water development projects. Weld County does not have 1041 regulations that apply to pipelines or water projects at this time. Douglas County Planners indicated that a water pipeline would be subject to the County’s 1041 regulations. Summary of Costs A summary of Projected Costs for the Boxelder Water Project is attached as Exhibit 4 and a detailed cash flow of capital costs for three water rights acquisition scenarios is attached as Appendix B. The summary uses the middle scenario for the acquisition of water rights. Exhibit 3 shows the differences in project cost depending on which water rights acquisition scenario is ultimately used by the Town of Castle Rock. These are the major assumptions made in the preparation of these projections:
An operating cost of $25 per acre foot was added to cover the cost of ditch company assessments, water operations and augmentation plan accounting.
The Farm Well Field includes well sites, easements for well field piping and land for a water treatment plant and brine facilities if needed. The well field is priced at $2,500 per acre foot.
12
The cost of drilling alluvial wells and constructing well field collection piping was estimated by the Applegate Group. We added $750,000 for the construction of a pump station and $100 per acre foot for operations, including well pumping, operations and maintenance and pump station operations.
As detailed in the water quality section above, Reverse Osmosis treatment of half of the water delivered was estimated based upon cost summarized in the South Metro Water Supply Authority Mid Term Water Delivery Project and increased 20%.
The pipelines from the Boxelder Well Field to ECCV Water Treatment Plant and from the ECCV Terminus to the E‐470 and Chambers Road Input were estimated using a 24 inch line. No pumping was assumed to be required on the pipe line to the Castle Rock Input.
The total capital costs ranged from $17,440 per acre foot for the Best Case Water Rights Scenario, $18,940 per acre foot developed in the Combination Water Rights Scenario and $21,440 per acre foot for the Water Court Contingency Scenario. As requested in the RFP, we modeled the capital costs of the Project on a thirty year basis, assuming that Castle Rock will take 2500 acre feet in July, 2017 and the balance of 1500 acre feet in 2025. This projection is attached as Appendix B. The numbers have been presented in constant 2011 dollars. Three Capital Plans were developed based on the three water rights acquisition scenarios presented in Appendix A. These analyses add a cash flow component to the Town’s analysis of the proposals. This shows that Water Rights Alternative A results in cheaper water that has a greater component of changed water, but that the water must be purchased in the next two years. Alternative 3 relies on water court contingencies, so water prices are higher per acre foot, but final closing is delayed for 4 or 5 years. As is noted below, the Boxelder Water Project is scalable, so the Town can consider different development scenarios to better integrate the project into its overall water portfolio. Interface with WISE water The Denver Water Department, Aurora Water and the South Metro Water Authority have worked together to create a significant regional interruptible water supply for the South Metro Area. The basic idea of the project is to use excess capacity in the Prairie Water Project and surplus reusable water from Denver to deliver water to the South Metro area. Stillwater has not been privy to the WISE negotiations, but if the final WISE agreement allows delivery of “foreign” water through WISE facilities then the Boxelder Water Project could be delivered to Castle Rock via WISE facilities. Alternative deliveries involving WISE include:
1. Piping the water directly to Aurora’s Pena Pump Station along E‐470.
2. Implementing an in ditch exchange with the Henrylyn Irrigation District, where water from the Boxelder Well Field is delivered to Henrylyn and Henrylyn delivers water to the South Platte River. From this delivery point water could be delivered to the Prairie Water Well Field or to gravel pit storage for later delivery to Prairie Waters.
13
Additionally, because of its proximity to ECCV facilities Boxelder can be economically scaled, meaning that Castle Rock could decide to develop it in phases that coincide with its commitment to WISE. For example, Castle Rock could meet its July, 2017 deadline for the delivery of 2500 acre feet by taking 1500 acre feet from WISE and 1000 acre feet from the Boxelder Water Project. This would allow Castle Rock to grow into the next 2500 acre feet needed by 2025 acquiring additional augmentation sources on the South Platte on an as needed basis. This approach would ensure that the initial infrastructure of the well field and additional pipelines are in place, but allow the development of water rights, treatment and well field infrastructure to coincide with when the water is needed in Castle Rock. Stillwater Resources Stillwater Resources was founded in 1987 by Walraven Ketellapper and is in the business of brokering rights transactions and developing water supplies. Stillwater has closed transactions in throughout the State of Colorado as well as in most of the Designated Ground Water Basins. This has included shares in mutual ditch companies, surface water rights, storage rights, ground water rights, reservoirs and a large number of gravel pit reservoirs. We have also closed transactions in Arizona, Nevada and California. Stillwater has closed over $100 Million in water transactions in the last five years. Over the last decade, Stillwater has increasingly represented the buyers of water. Stillwater interfaces with client’s policy makers, staff, lawyers and engineers to jointly determine the most cost effective means to resolve water supply issues. Stillwater then goes out to the market to acquire the water rights and storage required. We have represented a wide variety of public and private sector clients as their buyer’s broker. Most recently this has included the Woodmoor Water District, Colorado State Parks, SolarReserve, J‐Power and Black Hills Energy (now Southwest Generation). An updated Reference List is attached as Exhibit E and Castle Rock is welcome to contact any of our previous clients and partners to complete additional due diligence. The recent experience with Woodmoor illustrates the Stillwater approach to water resources development. Woodmoor is located near Monument, Colorado on the east side of I‐25. Like Castle Rock, Woodmoor relied on the development of Denver Basin wells. Like other water users in Northern El Paso County, Woodmoor realized that the aquifer was depleting and the long term costs of Denver Basin water were increasing dramatically and so began to seek a renewable supply of water. Like Castle Rock, Woodmoor is not located near any prolific streams, so much of the project cost was infrastructure needed to get the water to Woodmoor. Woodmoor’s water team of staff, lawyers, engineers and Stillwater came up with the notion of acquiring Fountain Creek water rights and exchanging water rights from the Arkansas River and up Fountain Creek to get the water as close as possible to Woodmoor. From Fountain Creek a water treatment plant and a 22 mile pipeline will be constructed to take the renewable water supply to Woodmoor. Stillwater represented Woodmoor in contracting to purchase over 3,000 acre feet of renewable water, much of which had already been changed in water court. We expect to finish our work for Woodmoor by the end of 2011. With exception of the purchase of the Boxelder Well Field and water rights, Stillwater proposes to represent Castle Rock in the same manner that it has represented Woodmoor and other clients for the acquisition of augmentation water east of Greeley, as is detailed in Appendix A. Stillwater would be Castle Rock’s exclusive agent in the acquisition of water rights for the Boxelder Project. The 5%
14
commission would be contingent upon the successful acquisition of water rights for the Town. A copy of Stillwater’s standard buyer broker agreement is attached as Appendix D for the Town’s consideration. Conclusion Stillwater is honored to have been selected to the shortlist of entities providing proposals to assist in the development of sustainable water supplies for the Town of Castle Rock. We hope that the concepts described in this proposal as well as the costs of the solutions are of sufficient interest to the Town to continue the dialogue. We look forward to working with the Town’s policy makers, staff and consultants.
‐CONFIDENTIAL‐
THE FOLLOWING SECTION (APPENDIX A) CONTAINS CONFIDENTIAL AND PROPRIETARY INFORMATION THAT MAY NOT BE DISCLOSED TO ANY PARTY OUTSIDE OF THE TOWN OF CASTLE
ROCK STAFF WITHOUT PRIOR WRITTEN AUTHORIZATION BY STILLWATER RESOURCES
APPENDIX B
CAPITAL BUDGET AND CASH FLOW
STILLW
ATER RESOURCES ‐ BOXELDER
WATER PROJECT
CAPITAL EX
PEN
DITURE SCHED
ULE
Water Rights Alternative 1
Acquisition of chan
ged water rights; purchase of Boxelder owned rights
Total
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Water Rights
Boxelder W
ater Rights
Price Per AF
7,000
$
Acre Feet
600
600
Earnest Money
5%
210,000
$
210,000
$
Option Paymen
ts5%
840,000
$
210,000
$
210,000
$
210,000
$
210,000
$
Closing
3,150,000
$
3,150,000
$
Total Boxelder W
ater Rights
4,200,000
$
420,000
$
210,000
$
210,000
$
210,000
$
3,150,000
$
Trade for Reu
sable W
ater Rights
Price Per AF
5,631
$
Acre Feet
3,393
3,393
Earnest Money
5%
955,352
$
955,352
$
Option Paymen
ts5%
‐$
Closing
18,151,679
$
9,075,839
$
9,075,839
$
Total O
ther W
ater Rights
19,107,030
$
10,031,191
$
9,075,839
$
‐$
‐$
‐$
‐$
‐$
‐$
Legal and Engineering
200,000
$
200,000
$
200,000
$
200,000
$
200,000
$
Total A
cre Feet
3,993
3,993
Total W
ater Rights Expen
diture
24,307,030
$
10,651,191
$
9,485,839
$
410,000
$
410,000
$
3,350,000
$
‐$
‐$
‐$
Average Price Per AF
6,087
$
Purchase of Farm
Well Field
Earnest Money
5%
500,000
$
500,000
$
Option Paymen
ts5%
2,000,000
$
500,000
$
500,000
$
500,000
$
500,000
$
Closing
7,500,000
$
7,500,000
$
Total W
ell Field Purchase
10,000,000
$
1,000,000
$
500,000
$
500,000
$
500,000
$
7,500,000
$
Infrastructure
Construct W
ells, W
ell Field Piping and Pumps
2,205,000
$
1,764,000
$
441,000
$
RO Treatmen
t and Brine Disposal
7,686,000
$
4,803,750
$
2,882,250
$
Construct Pipeline ‐ Well Field to ECCV W
TP8,078,400
$
8,078,400
$
Purchase of EC
CV Pipeline Capacity (2.2 M
GD)
3,960,000
$
3,960,000
$
Purchase of EC
CV Pump Station Capacity
6,048,000
$
6,048,000
$
Construct Pipeline from ECCV Terminus to
6,247,296
$
6,247,296
$
E‐470 and Cham
bers Road
Input
Total Infrastructure
34,224,696
$
‐$
10,008,000
$
‐$
‐$
‐$
20,893,446
$
‐$
‐$
‐$
‐$
‐$
‐$
3,323,250
$
Total Cap
ital Cost
68,531,726
$
11,651,191
$
19,993,839
$
910,000
$
910,000
$
10,850,000
$
20,893,446
$
‐$
‐$
‐$
‐$
‐$
‐$
3,323,250
$
17,133
$
STILLW
ATER RESOURCES ‐ BOXELDER
WATER PROJECT
CAPITAL EX
PEN
DITURE SCHED
ULE
Alternative 2 ‐ Combination of Boxelder, Trade and Acquisition of Senior South Platte Rights
First 2500 AF From Effluent Trad
e and Boxelder; 1500 AF from South Platte Sources
Total
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Water Rights
Boxelder W
ater Rights
Price Per AF
7,000
$
Acre Feet
600
600
Earnest Money
5%
210,000
$
210,000
$
Option Paymen
ts5%
840,000
$
210,000
$
210,000
$
210,000
$
210,000
$
Closing
3,150,000
$
3,150,000
$
Total Boxelder W
ater Rights
4,200,000
$
420,000
$
210,000
$
210,000
$
210,000
$
3,150,000
$
Trade for Changed Rights
Price Per AF
5,869
$
Acre Feet
1,896
1,896
Earnest Money
5%
556,235
$
556,235
$
Option Paymen
ts5%
‐$
Commissions and Closing Costs
6%
10,568,465
$
5,284,233
$
5,284,233
$
Closing
‐$
Total O
ther Changed Rights
11,124,700
$
5,840,468
$
5,284,233
$
‐$
‐$
‐$
‐$
‐$
‐$
‐$
‐$
‐$
‐$
‐$
‐$
Purchase South Platte Water Rights
Price Per AF
9,622
$
Acre Feet
1,510
1510
Earnest Money
5%
726,465
$
726,465
$
Option Paymen
ts5%
2,905,860
$
726,465
$
726,465
$
726,465
$
726,465
$
Closing
10,896,975
$
10,896,975
$
Total O
ther Changed Rights
14,529,300
$
‐$
‐$
‐$
‐$
‐$
‐$
‐$
‐$
1,452,930
$
726,465
$
726,465
$
726,465
$
10,896,975
$
‐$
Total W
ater Rights
29,854,000
$
6,260,468
$
5,494,233
$
210,000
$
210,000
$
3,150,000
$
‐$
‐$
‐$
1,452,930
$
726,465
$
726,465
$
726,465
$
10,896,975
$
‐$
Total A
F4,006
$
Price Per AF
7,453
$
Purchase of Farm
Well Field
Earnest Money
5%
500,000
$
500,000
$
Option Paymen
ts5%
2,000,000
$
500,000
$
500,000
$
500,000
$
500,000
$
Closing
7,500,000
$
7,500,000
$
Total W
ell Field Purchase
10,000,000
$
1,000,000
$
500,000
$
500,000
$
500,000
$
7,500,000
$
Well Field Cost Per AF
2,500
$
Infrastructure
Construct W
ells, W
ell Field Piping and Pumps
2,205,000
$
1,764,000
$
441,000
$
RO Treatmen
t and Brine Disposal
7,686,000
$
4,803,750
$
2,882,250
$
Construct Pipeline ‐ Well Field to ECCV W
TP8,078,400
$
8,078,400
$
Purchase of EC
CV Pipeline Capacity (2.2 M
GD)
3,960,000
$
3,960,000
$
Purchase of EC
CV Pump Station Capacity
6,048,000
$
6,048,000
$
Construct Pipeline from ECCV Terminus to
6,247,296
$
6,247,296
$
E‐470 and Cham
bers Road
Input
Total Infrastructure
34,224,696
$
‐$
10,008,000
$
‐$
‐$
‐$
20,893,446
$
‐$
‐$
‐$
‐$
‐$
‐$
3,323,250
$
‐$
Infrastructure Cost Per AF
8,556
$
Total Cap
ital Cost
74,078,696
$
7,260,468
$
16,002,233
$
710,000
$
710,000
$
10,650,000
$
20,893,446
$
‐$
‐$
1,452,930
$
726,465
$
726,465
$
726,465
$
14,220,225
$
‐$
Price per AF
18,520
$
STILLW
ATER RESOURCES ‐ BOXELDER
WATER PROJECT
CAPITAL EX
PEN
DITURE SCHED
ULE
Water Rights Alternative 3
Total
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Water Rights
Boxelder W
ater Rights
Price Per AF
7,000
$
Acre Feet
600
600
Earnest Money
5%
210,000
$
210,000
$
Option Paymen
ts5%
840,000
$
210,000
$
210,000
$
210,000
$
210,000
$
Closing
3,150,000
$
3,150,000
$
Total Boxelder W
ater Rights
4,200,000
$
420,000
$
210,000
$
210,000
$
210,000
$
3,150,000
$
Other W
ater Rights
Price Per AF
10,392
$
Acre Feet
3,397
1,900
1,497
Earnest Money
5%
1,764,846
$
987,254
$
777,592
$
Option Paymen
ts5%
7,059,384
$
987,254
$
987,254
$
987,254
$
987,254
$
777,592
$
777,592
$
777,592
$
777,592
$
Closing
26,472,690
$
14,808,806
$
11,663,884
$
Total O
ther W
ater Rights
35,296,920
$
1,974,508
$
987,254
$
987,254
$
987,254
$
14,808,806
$
‐$
‐$
‐$
1,555,184
$
777,592
$
777,592
$
777,592
$
11,663,884
$
‐$
Total A
cre Feet
3,997
2,500
1,497
Total W
ater Rights Expen
diture
39,496,920
$
2,394,508
$
1,197,254
$
1,197,254
$
1,197,254
$
17,958,806
$
‐$
‐$
‐$
1,555,184
$
777,592
$
777,592
$
777,592
$
11,663,884
$
‐$
Cost Per AF
9,883
$
Purchase of Farm
Well Field
Earnest Money
5%
500,000
$
500,000
$
Option Paymen
ts5%
2,000,000
$
500,000
$
500,000
$
500,000
$
500,000
$
Closing
7,500,000
$
7,500,000
$
Total W
ell Field Purchase
10,000,000
$
1,000,000
$
500,000
$
500,000
$
500,000
$
7,500,000
$
Infrastructure
Construct W
ells, W
ell Field Piping and Pumps
2,205,000
$
1,764,000
$
441,000
$
RO Treatmen
t and Brine Disposal
7,686,000
$
4,803,750
$
2,882,250
$
Construct Pipeline ‐ Well Field to ECCV W
TP8,078,400
$
8,078,400
$
Purchase of EC
CV Pipeline Capacity (2.2 M
GD)
3,960,000
$
3,960,000
$
Purchase of EC
CV Pump Station Capacity
6,048,000
$
6,048,000
$
Construct Pipeline from ECCV Terminus to
6,247,296
$
6,247,296
$
E‐470 and Cham
bers Road
Input
Total Infrastructure
34,224,696
$
‐$
10,008,000
$
‐$
‐$
‐$
20,893,446
$
‐$
‐$
‐$
‐$
‐$
‐$
3,323,250
$
‐$
Total Cap
ital Cost
83,721,616
$
3,394,508
$
11,705,254
$
1,697,254
$
1,697,254
$
25,458,806
$
20,893,446
$
‐$
‐$
1,555,184
$
777,592
$
777,592
$
777,592
$
14,987,134
$
‐$
20,930
$
APPENDIX C
1 | P a g e GeoHydroScience llc
Subject: Summary of Boxelder Creek Properties Alluvial Ground Water Model
8‐31‐11
Stillwater Resources and Boxelder Creek Properties, LLC requested that GeoHydroScience construct and
calibrate a numerical model for an area within Box Elder Creek to estimate the approximate yield of the
alluvial aquifer from a proposed wellfield near the Box Elder Creek Properties (Figure 1). The property is
approximately 28 miles south of the confluence of Box Elder Creek and the South Platte River.
The single‐layer, alluvial MODFLOW model covers an area of approximately 14 square miles. Applegate
Group performed two pumping tests at existing wells in the proposed wellfield, and collected water level
data and streamflow gaging data along Box Elder Creek. Additionally, existing data from the SEO, USGS, the
Central Colorado Water Conservation District attempt to create a Designated Basin, and other data sources
were obtained, evaluated and used for model construction and calibration. The data indicate that in the
vicinity and surrounding area of the proposed wellfield, and that with cessation of pumping of GASP and
WAS wells and reduction of FMS pumping, water levels have recovered to pre‐development conditions with
the water level at some wells now approximating 1950’s levels. Model calibration included water level
measurements collected since the 1950s through the current period with the greatest emphasis placed on
current water levels.
The calibrated model water budget components are as follows:
APPENDIX C
2 | P a g e GeoHydroScience llc
GeoHydroScience performed the modeling based on data provided by Applegate Group. The calibrated
model was used to estimate the wellfield potential. Using a municipal peaking demand curve, it is estimated
that the wellfield could produce approximately 3,000 ac‐ft/yr. If instead of the municipal curve, a constant
production rate is used, the maximum yield is estimated to be 4,000 ac‐ft/yr. The drawdown resulting from
wellfield pumping propagates through the aquifer and within approximately eight years as shown in the
figures below, the pumping demand is met through depletion of surface water in Box Elder Creek. It is the
understanding of GeoHydroScience that augmentation of Box Elder depletion would be made at the South
Platte River. The model drawdown levels range from zero to 20 feet as shown. Additional wellfield wells
would be necessary to reduce the maximum drawdown in the wellfield.
* pumping wells (except at north, south boundaries)
model river cells [Black outline is the Box Elder Properties boundary]
APPENDIX C
3 | P a g e GeoHydroScience llc
The wellfield production estimates are based upon a preliminary calibration. The pumping location and
schedule have not been optimized. Data collection including water level measurements at additional wells
within the model area was recommended (and is currently in progress) to reduce uncertainty in aspects of
the model calibration, and finalize the calibration and associated production estimates. It is possible that
this additional data and pumping optimization could increase the expected wellfield yield.
4980
4985
4990
4995
5000
5005
5010
5015
5020
5025
0 1 2 3 4 5 6 7 8 9 10
2900 afWater Level Change at 8905‐F (32,13)
bedrock at 4980 ft Years
APPENDIX D STANDARD WATER RIGHTS BROKERAGE AGREEMENT
THIS WATER RIGHTS CONSULTING SERVICES AND BROKERAGE AGREEMENT (“Agreement”) is made and entered into effective this ____ day of ________, 2011 by and between Stillwater Resources & Investments, Inc., a Colorado corporation, of 664 Sunshine Canyon Dr., Boulder, CO 80302, hereinafter referred to as “Stillwater” and Client_______________, hereinafter referred to as “Client”.
RECITALS
WHEREAS, Client, on its own and through affiliation with water providers has already initiated studies concerning various water rights that Client may consider for acquisition; and WHEREAS, Client desires to employ Stillwater for purposes of further studying these water rights and for identifying various water rights and working with Client water resources consultants to enable Client to meaningfully consider the acquisition of and financing for all such water rights; and WHEREAS, Client, from time to time may also wish to acquire certain water rights; and WHEREAS, Stillwater is qualified as a water rights broker and experienced in the acquisition of water rights for municipal entities; and WHEREAS, Stillwater desires to act as Client’s exclusive limited agent as more particularly set forth in this Agreement upon the terms and conditions set forth herein; NOW THEREFORE, for and in consideration of the premises and good and valuable consideration, including the payments, terms, covenants and promises herein, the parties agree as follows: I. SERVICES: During the term of this Agreement, Stillwater shall exercise reasonable care and skill in performing the following Brokerage services for Client:
1. Scope: Stillwater shall negotiate as Client’s agent a purchase price and terms acceptable to Client for potential water rights (“the Prospects”) for which the Client has approved the term sheet; provided that Client shall have the right in its sole discretion to approve or disapprove of any terms. Stillwater shall provide by e-mail regular reports to Client of the status of water rights acquisition efforts by Stillwater. 2. Due Diligence: Stillwater shall assist Client’s staff, experts and professional representatives, including, but not limited to, Client’s attorneys, in order to
perform due diligence and complete Client’s acquisition of the Prospects at a price and upon terms acceptable to Client in its sole discretion; 3. Summaries: Stillwater shall provide to Client a summary of the acquisition terms for each Prospect on a written document hereinafter referred to as a “Term Sheet;” 4. Client’s Grant of Authority/Vicarious Liability: Client hereby irrevocably appoints Stillwater as Client’s exclusive limited agent during the term of this Agreement to represent Client in acquiring the Prospects, as set forth herein, and hereby authorizes and empowers Stillwater to exercise and perform such acts reasonably necessary or incidental to Brokerage Services described in this Section I.B. Client agrees to conduct all negotiations for Prospects through Stillwater. Each transaction shall be considered on a case by case basis, and Client agrees to refer in a timely manner to Stillwater all information regarding Prospects potentially acceptable to Client. Client shall not be vicariously liable for the acts of Stillwater that are not approved, directed or ratified by Client.
5. Buyer’s Agent Unless Brokerage Relationship With Seller: Stillwater, as Client’s agent, shall promote the interests of the Client with utmost good faith, loyalty and fidelity. Stillwater shall represent Client as Buyer’s Agent and shall treat any seller as a customer, unless Stillwater currently has an agency or transaction-broker relationship with the prospective seller, in which case Stillwater shall act as a transaction-broker. A customer is a party to a transaction with whom Stillwater has no brokerage relationship. Only after having received the Client’s authorization in writing may Stillwater disclose to such customer Stillwater’s relationship with Client. When acting as a transaction-broker, a broker assists the parties throughout a contemplated real estate transaction with communication, interposition, advisement, negotiation, contract terms and the closing of the transaction without being an agent or advocate for the interests of either party to the transaction. Stillwater, when acting as a transaction-broker, may not disclose the following information to anyone that Stillwater gains from the Client without the Client’s prior consent, including but not limited to the following:
i. That Client is willing to pay more than the purchase price offered
for any Prospects;
ii. What the motivating factors are for the Client regarding the Client’s purchase of any Prospects;
iii. That Client will agree to financing terms other than those offered;
v. Any material information about Client unless disclosure is required
by law or failure to disclose such information would constitute fraud or dishonest dealing.
vi. Any facts or suspicions regarding circumstances that could
psychologically impact or stigmatize the property.
With respect to any seller, Stillwater shall not disclose without the seller’s consent
i. That seller is willing to accept less than the asking price for the Prospects;
ii. Any material information about the seller unless:
a. the disclosure is required by law,
b. the failure to disclose such information would constitute fraud or dishonest dealing.
6. Cooperation: The parties hereby agree to cooperate fully with one another in the performance of the services set forth in paragraph I.B of this Agreement through the timely provision of information, documentation and expert and/or professional assistance necessary and reasonable for the performance of Stillwater’s services pursuant to this Agreement and as reasonably requested by Stillwater or the Client; provided, however, that Client shall only be obligated to incur costs as it deems necessary and the Client’s financial obligations under this Agreement are subject to the Client’s annual appropriation and budgeting processes.
7. Compensation for Brokerage Services: In the event that Client acquires an Prospect by the voluntary acquisition of any interest in such Prospect, Client shall pay, and shall be obligated to pay, Stillwater a fee of 5% of the purchase price of all purchases related to acquisition of such Prospect, including the purchase price for real and/or personal property simultaneously acquired provided that the acquisition of such real or personal property is necessary for the acquisition of the Prospect. In the event that Client acquires any Prospect by trade, option, lease or voluntary creation of the right to acquire any interest in such Water Rights, Client shall pay Stillwater a fee of $_____ per acre foot of water. The fee whether 5% of the purchase price or $_____ per acre foot of water, shall be paid at the time of closing of the acquisition. If closing is scheduled for more than 180 calendar days after execution of the acquisition agreement or closing occurs more than 180 days after execution of the acquisition agreement, the fee shall be paid as follows: Fifty Percent (50%) of the fee shall be paid within thirty (30) days of the completion of due diligence and decision by the Client to proceed with the purchase, subject to completion of the contingencies identified in the purchase and sale contract to purchase the Prospect with the balance of the fee to be paid at closing. . Any fee required to be paid to Stillwater pursuant to this paragraph 7 shall be due with respect to any Prospect agreed to be acquired by Client during the term of this Agreement. This fee shall apply to Prospects contracted for during the term of
this Agreement (Term) or any extensions and shall also apply to Prospects contracted for within 180 calendar days after this contract expires or is terminated (Holdover Period) if the Prospect is one on which Stillwater negotiated and if Stillwater submitted its address or description in writing to the Client during the Term. .
8. Responsibility for Outside Expenses: Stillwater shall not obtain or order any services or products from sources outside of Stillwater without the Client’s prior written consent, including, but not limited to, legal, engineering and other expert and professional services all of which, shall be obtained and promptly paid for by Client. Stillwater shall not be obligated to advance any funds on behalf of Client.
9. Nonexclusivity of Services/Disclosure: Client acknowledges that Stillwater has clients for whom Stillwater provides similar services to those set forth in this Agreement, and Client hereby agrees that Stillwater may continue to provide such services to clients and may acquire, and agree to perform services for new clients. Stillwater shall not disclose to any person any information obtained by Stillwater from the Client without the Client’s prior written authorization. In the event that Stillwater perceives that there may be a conflict with the Client, Stillwater will inform the Client in writing of the potential of a conflict.
10. Term: For purposes of performing the Brokerage Services, this Agreement shall commence upon the effective date first above written and shall terminated two years from the effective date of this Agreement, unless previously terminated as set forth herein or extended by mutual written agreement executed by both parties hereto.
11. Termination: For purposes of and in connection with the Brokerage Services, in the event of default of this Agreement by either party, the non-defaulting party may terminate this Agreement at its sole discretion by giving the defaulting party thirty (30) days written notice of such default and the opportunity to cure such default. In the event that the defaulting party fails or refuses to cure the default within such thirty (30) day period, this Agreement shall terminate on the 30th calendar day after such notice is given. Client also shall have the right to terminate this Agreement at any point upon 60 days’ prior written notice. This termination can be done without cause; provided however, that upon termination, whether with or without cause, Client shall forthwith pay Stillwater any, and all, amounts due pursuant to this Agreement.
12. Limitations on Services: Stillwater’s services shall be limited to the procuring of the Prospects for Client as Client’s exclusive limited agent. Stillwater will not, and shall not be obligated to, provide any legal, engineering or expertise, including but not limited to, determining the technical feasibility of water resource alternatives; drafting agreements or legal or closing documents; examining title or water court records; or such services, all of which shall be the obligation of the Client to procure, pay for and make available to Stillwater in the
performance of its services. Client understands and agrees that, except as wise contemplated herein, Stillwater shall have no duty to conduct an independent inspection of water rights for the benefit of Client and shall have no duty to independently verify the accuracy or completeness of statements made by a seller or independent inspectors (provided however that Stillwater shall inform Client if it believes that any such statements are inaccurate) and that Stillwater shall have no duty to conduct an independent investigation of Client’s financial condition or to verify the accuracy or completeness of any statement made by Client. Stillwater shall not disclose to any person, including any prospective seller, any adverse material facts concerning Client, including any adverse material facts concerning Client’s financial ability to perform the terms of the purchase of Prospects without having received the Client’s prior written authorization to make such disclosure.
II. MISCELLANEOUS PROVISIONS: A. Limitation of Liability and Exclusive Remedy: In no event will either party be liable to the other for any lost profits, incidental, special, exemplary, punitive, indirect or other consequential damages, even if such party knows or has been advised of the possibility of such damages. B. Limitation on Third Party Compensation: Stillwater shall not accept compensation from any other person or entity in connection with the Prospects without the written consent of the Client. Additionally, Stillwater shall not be permitted to assess and receive mark-ups or compensation for services performed by any third party or affiliated business entity unless the Client signs a separate written consent for such services. C. Separate Business Operations: By this Agreement, Stillwater and Client are not creating, nor do they intend to create, an employer-employee relationship, a partnership, joint venture, merger of business operations or any business association and specifically agree and represent that their respective business operations shall remain separate and distinct. D. Assignability: This contract shall not be assigned by Client or Stillwater without the other party’s written consent. E. Notices: Any notice required or permitted to be given pursuant to this Agreement shall be in writing and addressed with the address set forth at the beginning of this Agreement for the particular party to be notified. The address of any party may be changed by giving written notice of such change to the other party in the manner provided herein. Any notice delivered in person shall be deemed to have been duly given on the date of such delivery. Any notice delivered by mail in accordance with this provision shall be deemed to have been duly given on the third calendar day after the same is deposited in any post office or postal box regularly maintained by the United States Postal Service with postage prepaid.
F. Attorney’s Fees and Costs: In any action to enforce, interpret or seek damages for breach or default of this Agreement, whether in law or in equity, the substantially prevailing party shall be entitled to and shall be awarded all of its attorney’s fees, expenses and costs thereof. G. Binding Effect: This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and assigns permitted pursuant to the provisions of this Agreement. H. Modification: No provision of this Agreement may be amended, waived or otherwise modified without the prior written consent of both of the parties hereto. I. Severability: Any provision of this Agreement which is held by a court of competent jurisdiction to be prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating or rendering unenforceable the remaining provisions of this Agreement. J. Governing Law: This Agreement is made and entered into and shall be governed by and construed in accordance with the laws of the State of Colorado. K. Jurisdiction and Venue: Any and every legal action, in law or in equity, concerning enforcement, interpretation, effect, breach, default or dispute regarding this Agreement shall be resolved in the Client Court for the County of________, State of Colorado and each party hereto consents to any such action being brought in the Client Court for the County of_______, State of Colorado and to the maximum extent permitted by law, the parties agree to personal jurisdiction, subject matter jurisdiction and venue in said court and in no . L. Section Headings: This section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. M. Representations of Authority: Each of the parties signing this document on behalf of Stillwater and Client respectively hereby represent and warrant to each that they have full and complete legal authority to execute this Agreement on behalf of the party for whom they are signing this Agreement.
IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date and year first above written STILLWATER RESOURCES & INVESTMENTS, INC. By:______________________________ Walraven Ketellapper, President Client By:______________________________
APPENDIX E
UPDATED STILLWATER REFERENCES
Mr. Jessie Schaffer, General Manager Woodmoor Water District 719‐488‐2525 [email protected] Ms. Colleen Auer Former City Attorney Town of Prescott Valley, Arizona 480‐767‐7900 [email protected] Mr. Mike Refer, Vice President Aggregate Industries 303‐716‐5312 Mike.Refer@aggregate‐us.com Mr. Adam Green, Vice President SolarReserve 310 315‐2272 [email protected]
