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has under consideration the bringing of Lake Mead water to Las > " • ? Vegas by means of a pipe line, pumping and storage system. In a report^/ on the present and future water supply for Las Vegas Valley, prepared for the Water District, the feasibility and cost of such a project has been set forth, based upon the as- ? / ?-' •’ . * ' • ?' ‘; i.V-- I ’ ’ v: \ sumption that the entire existing Las Vegas water system would be acquired by the District and that Its (the system*IIIBpfgggP .'..'r . wsf:) p1r "eIsNent water resources would be utilised. In this connection the report states? wWith the acquisl- tion of these properties the low-cost water1 /from the well fields will, in some measure, offset the high-cost water from Lake Mead*. It la further estimated that under combined system operation in 1950, the average ©oat of water would be #81.80 per million gallons compared with #88.85 paid by the customers of the Laa Vegas Land and Water Company In 1948 and #54.78 in 1949. That represents an increase of some 55# • Ouch increase in annual costs when , ‘X. , capitalised at present rate of water consumption is in excess of #900,000 - the equivalent capitaJL Investment saved by the low-cost water from the well flelda of the water utility and production company. Likewise the capitalised annual costs due to? !rsk 'a ' vi-V ng7? |in pump facilities is a very material figure. / m 1 Attention should likewise be called to the fact that the present-day land values claimed of #100 per acre on little more than ^)yj BmBjjKi f $0& 0k >t*1 SI ??*’'. iSlll! fi M alppi half of the water-bear ing acreage are merely normal values for the surface rights for ordinary uses, and do not include any increment in value because of the water-bearing character of the land. The water companies recognize (for rate making, but not in case of sale) the propriety of sharing with the public the very high intrinsic value actually residing In the water rights. Therefore the #50,000 amount is looked upon as the rntnlrmna upon which a 1/ By Greeley and Hansen, Engineers - under date of October, 1949 2/ Underscoring, addec