OCR Text |
Show -47- Contra Expenses of handling the lands, 5%, 681,875 470,000 acres R.R. lands at $2.50, 1,175,000 Interest and taxes on lands, 10 years estimate, 500,000 Cost of Canals 2,120,573 $ 4,477,448 Profit, $11,280,625 -f- difference between surplus from water rentals and interest on construction bonds. Enlarged canals Although it is impossible, until the surveys are completed, to make a close estimate on the cost of enlarging the system to cover the remaining 550,000 acres of good land in the Basin, I think I am safe in saying that it can be done for $1,500,000, unless it is found necessary to place an expensive weir across the Colorado, in which case the cost may reach $2,000,000. Figuring on this basis and assuming that one-half, or 275,000 acres of the remaining land will belong to the Co. and that the remainder is Govt. land, I offer these figures which you will see are still far below the average price of land and water rights in California, Water rights on 275,000 acres Govt. land at $35 9,525,000 Co. lands with water, 275,000 acres at $75 20,625,000 Value of canal, cost price, 2,000,000 $32,150,000 Contra Expense of handling lands at 5%, 1,507,500 Cost of enlarging canals, 2,000,000 $3,507,500 Profit, $28,624,500 -f- surplus from water rentals. |
Source |
Original book: [State of Arizona, complainant v. State of California, Palo Verde Irrigation District, Coachella Valley County Water District, Metropolitan Water District of Southern California, City of Los Angeles, California, City of San Diego, California, and County of San Diego, California, defendants, United States of America, State of Nevada, State of New Mexico, State of Utah, interveners] : California exhibits. |