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CITY OF LINO LAKES <br />RESOLUTION NO. 20-09 <br />AUTHORIZING SALE OF WETLAND CREDITS <br />FENWAY LAND CO. <br />WHEREAS, The City has established a wetland bank to preserve and restore open space and to <br />mitigate the local impacts to wetlands associated with public and private development <br />improvements; and <br />WHEREAS, The City has received a request for the purchase of .7752 credits from the Otter <br />Lake Wetland Bank (BWSR Acct. 1122) in the amount of $62,470.26, and <br />WHEREAS, The City has received a request for the purchase of .3062 credits from the Wollan <br />Park Wetland Bank (BWSR Acct. 1601) in the amount of $31,344.47, and <br />WHEREAS, The City Council finds it is in the best interests of the City to make such credit <br />sale; <br />NOW, THEREFORE BE IT RESOLVED by The City Council of The City of Lino Lakes that <br />staff is authorized to enter into a purchase agreement with Fenway Land Co., in the amount of <br />$93,914.74 for purchase of 1.0814 acres of wetland credit. The price may be adjusted to reflect <br />the final approved credit amount determined by the RCWD and ACOE. <br />BE IT FURTHER RESOLVED that Fenway Land Co., shall be responsible for payment of the <br />withdrawal and stewardship fees associated with said transaction. <br />Adopted by the Council of the City of Lino Lakes this 27th day of January, 2020. <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />Stoesz and was duly seconded by Council Member LydE,n and upon <br />vote being taken thereon, the following voted in favor thereof: <br />Stoesz, Lyden, Rafferty <br />The following voted against same: <br />none (Absent — Ruhland) <br />ATTEST: <br />Ju is e Bartell, Ci , Cler <br />