This report is intended to describe first, the principal physics reasons for an ambitious experimental program in neutrino physics and proton decay based on construction of a series of massive water Cherenkov detectors located deep underground (4850 ft) in the Homestake Mine of the South Dakota Science and Technology Authority (SDSTA); and second, the engineering design of the underground chambers to house the Cherenkov detector modules; and third, the conceptual design of the water Cherenkov detectors themselves for this purpose. Included in this document are preliminary costs and time-to-completion estimates which have been exposed to acknowledged experts in their respective areas. We have included some contingency factors. Nevertheless, we recognize that much more extensive documentation and contingency estimates will be needed for a full technical design report. In this proposal we show the event rates and physics sensitivity for beams from both FNAL (1300 km distant from Homestake) and BNL (2540 km distant from Homestake). The program we propose will benefit from a beam from FNAL because of the high intensities currently available from the Main Injector with modest upgrades. The possibility of tuning the primary proton energy over a large range from 30 to 120 GeV also adds considerable flexibility to the program from FNAL.
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