The Lower Ark is borrowing $2.5 million to buy Colorado Canal shares

Straight line diagram of the Lower Arkansas Valley ditches via Headwaters
Straight line diagram of the Lower Arkansas Valley ditches via Headwaters

From The Pueblo Chieftain (Chris Woodka):

he Lower Arkansas Valley Water Conservancy District Wednesday voted to apply to the state for a $2.5 million loan to purchase Colorado Canal shares.

The district purchased 408 shares of Colorado Canal water from Ordway Feedyard in November and was working with the company to finance the deal.

The goals were to keep the financially troubled feedlot in business and to keep the water in the Arkansas Valley.

However, the feedlot continued to fall on hard times and will be auctioned in July, so the Lower Ark district needs to finalize the sale.

The district is seeking the loan from the Colorado Water Conservation Board at a 1 percent interest rate, which is an improvement over a 4 percent bridge loan from an area bank, General Manager Jay Winner explained.

The Colorado Canal once irrigated 50,000 acres in Crowley County, but has largely fallen into the hands of Colorado Springs and Aurora through purchases made in the 1980s.

More Lower Arkansas Water Conservancy District coverage here.

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