From The Fort Morgan Times (Jenni Grubbs):
The Fort Morgan City Council voted Tuesday night to set the prices for shares of Colorado-Big Thompson water owned by the city, which could be purchased by local businesses.
The price has been set based on a rolling three-year weighted average of C-BT shares bought by the city. Over the course of three years, the city bought 199 shares for a total cost of $1,479,250. That averages out to $7,433.42, which is the price council members approved for the current year. That rate would be adjusted in the future based on future averages. The $7,433.42 per share covers the cost of “the water rights portion of a tap fee, when C-BT water must be purchased to cover increased water use by an existing customer, and for new business purchases,” according to a memo to the council from City Water Resources Director Gary Dreessen. In addition, council members approved a $500 service fee per related transaction, except for certain tap fees that have all fees included in one price.