Olsen #1 is a privately owned dam located in Eagle, Colorado, along the Spring Gulch river. This earthen dam stands at 31 feet tall and has a hydraulic height of 26 feet, providing storage for up to 50 acre-feet of water. With a maximum discharge capacity of 162 cubic feet per second and a spillway width of 3 feet, Olsen #1 presents a low hazard potential with a moderate risk assessment rating.

Managed by the Colorado Department of Water Resources, Olsen #1 is subject to state regulation, permitting, inspection, and enforcement. Despite not having a condition assessment rating, the dam is considered to be in fair condition and has not undergone any recent modifications. While the emergency action plan status and inundation maps are not specified, the dam's risk management measures are currently not detailed. Overall, Olsen #1 serves as a vital water resource infrastructure in Colorado, contributing to the conservation and management of water in the region.