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CITY COUNCIL <br />AGENDA ITEM 1E <br /> <br /> <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br /> <br />MEETING DATE: February 22, 2021 <br /> <br />TOPIC: Consider Resolution No. 21-10, Approving Sale of Wetland Bank <br />Credits, TEG Land Holdings <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />INTRODUCTION <br /> <br />Staff is requesting City Council consideration to approve the sale of .7007 acres (30,523 SF) of <br />wetland credit from bank 1601 (Wollan) for a total purchase price of $76,306.23 plus transaction <br />fees. <br /> <br />BACKGROUND <br /> <br />The Wetland Conservation Act (WCA) requires replacement of any construction related wetland <br />impacts on a per square foot basis. Minnesota's wetland banking program includes both private <br />and state-sponsored wetland banks which have "credits" that are used to offset (mitigate) <br />authorized wetland impacts. The banks are subject to approval of both the Minnesota Board of <br />Water and Soil Resources (BWSR) and the Army Corps of Engineers (ACOE). The City <br />currently has one bank remaining with available credits. <br /> <br />The City has one remaining wetland bank. Bank No. 1601 (Wollan) is located west of Lake <br />Drive and north of Main Street. The bank has 3.3424 acres of ACOE approved credits. Bank <br />No. 1122 has been closed following approval of credit sale in December of 2020. <br /> <br />Staff has received a request to purchase wetland credits from TEG Land Holdings. The purchase <br />agreement provides for the sale of credits subject to approval of the wetland mitigation plan by <br />the local, state, and federal regulator agencies. <br /> <br />The buyer is requesting purchase of .7007 acres of credit from bank 1601 in the amount of <br />$76,306.23.57 ($2.50/SF). <br />