Pitkin County OKs $6.8 million to buy Twin Lakes and Fountain Mutual water shares to bolster Roaring Fork flows

Pitkin County moved to secure water for the Roaring Fork River on Feb. 11, approving a $6,835,000 appropriation from the voter-approved Healthy Rivers & Streams Fund and authorizing staff to execute a purchase agreement for a package of water shares.

County finance staff told the Board of County Commissioners the appropriation is necessary under Colorado statute before entering a contract. The planned purchase is a package deal for 60 shares in the Twin Lakes Reservoir and Canal Company and 34 shares in the Fountain Mutual Irrigation Company, with a scheduled closing of April 2, 2026, under terms negotiated with Castle Concrete and its parent company. "This budget resolution appropriates $6,835,000 in the Healthy Rivers and Streams Fund," staff said as they explained the financing.

County staff and board members described the acquisition as a rare opportunity to bring water back to local reaches of the Roaring Fork. The Twin Lakes shares are currently committed under a substitute water supply plan but are expected to be released in March, which would allow the county to place water on the Western Slope. County staff said they will work with the Twin Lakes company’s operations team on release timing and with a water broker to identify downstream beneficial uses. "We will begin the conversation with them in April after we close," a staff member said.

Funding will initially come from the county’s general fund and be reimbursed by future bond proceeds from Healthy Rivers & Streams; earlier on the agenda the board approved a related resolution declaring the county’s official intent to reimburse certain capital expenditures from bond proceeds. Board members and Healthy Rivers board representatives emphasized ecological goals — protecting riparian areas and improving streamflow — and noted the purchase is not a 'buy and dry' transfer from agriculture but a conversion from industrial (aggregate) use to beneficial use.

The board voted unanimously to approve the reimbursement resolution and later voted to appropriate the funds and authorize the acquisition, with staff remaining in a due-diligence period and reserving the ability to halt the closing if issues arise. Officials said the Fountain Mutual shares may be traded or sold later to offset costs if appropriate.

Next steps: staff will finalize contract details, coordinate release timing with Twin Lakes, and pursue the bond issuance and reimbursement plan discussed earlier by finance staff.