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Show j of land still unsold. Some of this is above the canal and could only be placed under the project by pump-! in;?. Deducting the 1,500 acres, the ! .opposed area below the canal or' j susceptible to irrigation there would I still bo 1,800 acres to dispose of.! I This land will probably be sold at! j public auction in May. iBi? Reservoir Deal Finally Completed March 8, 103?, was a red letter day in the annals of the 1'iute K'-s-ervolr and Irrigation Co. On this day, alter dickering for nearly three years, the I'iute project was finally anil definitely sold by the Stale of l.'iah to the company when the president presi-dent and secretary o the company signed the notes and mortgages I which give title to the property. The i negotiations thus successfully con-i con-i suminated began in August, lKl'J, and have been under way almost constantly con-stantly ever since. Several times it was thought an ultimate agreement had been reached, but some new detail de-tail or angle would crop out, with the result that another series of negotiations negotia-tions was started, which, when the issue appeared settled, gave way to still some other subject for dispute. The agreement finally reached is in some important respecls different from, though basically the same, as that originally reached in the early summer of 1920. Perhaps the most radical changes have been inserted in the negotiations of the, last six days, whereby the state agrees to reserve re-serve 1,500 acres under the project, and to this extent to share wilh the purchasing company in the cost. The selling price is fixed at ifl,-:!47.0t'i2.!):i, ifl,-:!47.0t'i2.!):i, of which $05,000 has been paid down. The next payment is due next Monday and the balance in twenty annual installments. Interest In-terest is to be paid at the rate of 5 per cent. Of the total purchase price the company assumes $898,900 and of this amount $37,978 has been paid. The company, therefore, has a balance payment of $525,925. The difference in the above figures is explained ex-plained in that all of the land under the project is not included in the holdings of the company which purchases pur-chases the project. The contract is based on the assumption as-sumption that the project includes 18,000 acres with water rights. The stockholders possess 1 1,820 acres while other parties holding land have purchased 4,110. The state agrees to hold 1,500 acres of the balance and thereby share in the purchasing cost while the company agrees to take over the balance of the land, amounting to 560 acres. The company's share of the cost would therefore be on a basis of 12,390 acres. The estimated cost per acre will be $72.55, including four acre feet of water in the reservoir or three acre feet of water at the headgates, the difference being lost in seepage and evaporation. Both the 1,500 acres under the project, which are held by the state and the land held by the company are to be sold to private interests. in-terests. The state has 3,300 acres |
