(1) The application shall present an analysis of why the reservation is needed. The analysis shall include the following, where appropriate:

(a) a description of potential competing water uses that could consume, degrade, or otherwise affect the water available for the proposed reservation; or

(b) where information regarding the effect of potential competing water uses on a proposed reservation is not available, or where the applicant may not be eligible to apply for a water right permit, a description of the water resource values associated with the reservation that warrant protection; or

(c) where the applicant is otherwise eligible to obtain a water right permit, an explanation of constraints to project development that restrict the applicant from perfecting a permit for the proposed reservation purpose. These constraints may include the inability to finance a project in the near-term, lack of increased demand for water until some time in the future, or the need for additional project planning before water can be applied to beneficial use; or

(d) where the water reserved in a basin designated in 85-2-316(2) (a) , MCA would be diverted for beneficial use in another designated basin, a discussion of why stored water for leasing under 85-2-141, MCA would not be considered reasonably available for the proposed use.