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CITY COUNCIL AGENDA ITEM 6D STAFF ORIGINATOR: Michael Grochala, Community Development Director MEETING DATE: January 27, 2020 TOPIC: Consider Resolution No. 20-09, Approving Sale of Wetland Bank Credits, Fenway Land Co. VOTE REQUIRED: 3/5 INTRODUCTION Staff is requesting City Council consideration to approve the sale of .7752 acres of wetland credit from bank 1122 (Otter Lake) and .3062 acres of wetland credit from bank 1601 (Wollan Park) for a total purchase price of $93,814.74. BACKGROUND The Wetland Conservation Act (WCA) requires replacement of any construction related wetland impacts on a per square foot basis. Minnesota's wetland banking program includes both private and state -sponsored wetland banks which have "credits" that are used to offset (mitigate) authorized wetland impacts. The banks are subject to approval of both the Minnesota Board of Water and Soil Resources (BWSR) and the Army Corps of Engineers (ACOE). The City currently has two banks in place. Bank No. 1122 (Otter Lake) is located east of I-35E and south of CSAH 14. 1.482 acres of credit are available. This bank is not ACOE approved. Credits can only be used for wetland impacts not under ACOE jurisdiction. Bank No. 1601(Wollan Park) is located west of Lake Drive and north of Main Street. 5.12 acres of ACOE approved credit is currently available in this bank. The bank also includes an additional 1.02 acres of non ACOE credit. Staff has received a request to purchase wetland credits from Fenway Land Co. The acquisition is intended to mitigate potential wetland impacts related to a pending residential development in a neighboring city. The purchase agreement provides for the sale of credits subject to approval of the wetland mitigation plan by the Rice Creek Watershed District and the Army Corps of Engineers. The buyer is requesting purchase of .7752 acre credits from this bank at the price of $1.85 square foot ($62,470.26). The buyer is requesting purchase of .3062 acre credits at $2.35 a square foot ($31,344.47). ACOE certified credits have a higher value in the market which addresses the $.50 square foot price difference.