High in the Indian Peaks Wilderness above Nederland and Eldora, there’s a body of water called the Jasper Reservoir. Built in 1896, it is a popular camping and fishing destination that directly feeds into the Boulder Creek watershed. During the later summer and early fall, when water levels are at their lowest, the Jasper Reservoir can release additional water to prop the stream flows back up in 37 miles of Boulder Creek—but that’s only if the reservoir’s owner agrees to operate it that way.
Enter Megan Christensen, Peter Schaub, and the rest of the Berg Hill Greenleaf Ruscitti team who partnered with the Colorado Water Trust and 37-Mile LLC to help broker a real estate transaction with some major restrictive covenants to ensure that the reservoir continues to benefit the environment and community for years to come.
If you’re unfamiliar with water and real estate law, covenants are a legal agreement that defines how a property can be used. It’s often said they “run with the land” because they’re tied to real property, even after it changes hands. In this case, Christensen was concerned with ensuring that the covenants run with the reservoir.
“Here in Colorado, water rights are real property,” said Christensen, “So you can put covenants and easements on it like you would with land.”
Unlike with land, the chain of title for water can get a bit muddy, so Christensen and the rest of the team had to do some due diligence on the title, reviewing past decrees and ensuring a smooth transfer of ownership. Then, they worked with the Colorado Water Trust to put deal points and restrictions into the covenant that got recorded with the sale of the reservoir.
This transaction all began when an anonymous donor offered to gift the Jasper Reservoir to the Colorado Water Trust. From there, Kate Ryan and her team at the Colorado Water Trust had to find a buyer willing to take on the responsibility of the reservoir. This means permanently agreeing to protect public access to the reservoir and optimizing water flow in those warmer months.
Doug Tiefel and his aptly named 37-Mile LLC were the perfect partners. The Tiefel family are long time stewards of the land here in Colorado and can actually use the water downstream. This fall, they began releasing water from Jasper Reservoir into the Boulder Creek system as they will continue to do in perpetuity.