08-14-2017 Council Packet - Laserfiche WebLink

Home Search

CITY COUNCIL AGENDA ITEM 6C STAFF ORIGINATOR: Michael Grochala, Community Development Director MEETING DATE: August 14, 2017 TOPIC: Consider Resolution No. 17-84, Accepting Natural Resource Revolving Fund Plan Report VOTE REQUIRED: 3/5 INTRODUCTION Staff is requesting council authorization to accept the Natural Resource Revolving Fund Plan report prepared by WSB and Associates. BACKGROUND In 2009, as an outcome of the Environmental Board goals setting process, staff began evaluating the possible restoration of an existing wetland complex in Wollan Park, located on the City’s north side. During the initial investigation it was determined that the restoration efforts would be eligible for wetland banking credits. The process of wetland banking allows the city to restore and/or create wetland and sell credits through the state wetland bank. The recently completed Wollan Park wetland bank will provide approximately 5.96 acres of Army Corps of Engineers (ACOE) certified bank credits. While bank credits are subject to market fluctuations recent sales in Lino Lakes have been above $2.00 a square foot. In addition to Wollan Park the City previously established a wetland bank along Otter Lake Road that was completed in 2013. Establishment of these banks led to a broader discussion of how the sale of credits could assist in continued development of the City’s Greenway System Plan. The City Council authorized preparation of the Natural Resource Revolving Fund Plan (NRRFP) in January of 2017 (Resolution No. 17-08). The Goals of the NRRFP are: 1. Create a self-funded high-value greenway system in support of the City’s Comprehensive Plan. 2. Promote economic enhancement and development 3. Establish a wetland bank 4. Ensure opportunities for replacement of wetland impacts from both private development and public projects within Lino Lakes The plan includes: 1. Site selection criteria for new wetland banks 2. Identification of 6 wetland banks locations for consideration to be included in program 3. A pricing strategy for the sale of wetland credits 4. A disbursement procedure for use of sale credits.