||Financing Private Water Resource Development: Analysis of a State Loan Program.
Dobb, Thomas L. ;
Olso, Carl E. ;
Wedemeye, W. Gary ;
Pfeiffe, George H. ;
||Wyoming Univ., Laramie. Water Resources Research Inst.
||OWRR-A-001-WYO ;OWRR-A-002-WYO; 02221,; A-001-WYO(58)
Water resources ;
Sprinkler irrigation ;
State government ;
Farm crops ;
Return on investment ;
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A marked decline in large scale Federally financed irrigation projects in such western states as Wyoming has led to investigation of alternative means of financing such projects through existing financial institutions and private investment. An economic analysis of the Wyoming state low-interest water development loan program for financing center-pivot sprinkler systems and groundwater development is presented. A feasibility analysis alternative means of financing the investments illustrates that the loan program was more attractive to investors than other alternatives and has stimulated the conversion of land from dry pasture and cropland to irrigated forage production. Simulation analysis indicates a significantly positive impact of sprinkler systems used for cash crops on economic viability of farm firms while those used for forage had less positive and sometimes a negative impact. Because a proportion of sprinkler investments were not dependent on the loan program the precise effects of sprinkler investments on regional development are difficult to ascertain although they are known to be positive.