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<br /> <br /> <br />CITY OF LINO LAKES <br />RESOLUTION NO. 21-10 <br /> <br />AUTHORIZING SALE OF WETLAND CREDITS <br />TEG LAND HOLDINGS <br /> <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 /> <br />WHEREAS, The City has received a request to purchase a total of .7007 acres (30,523 SF) of <br />Army Corps of Engineers certified credits from the Wollan Bank (BWSR Acct.1601), in the <br />amount of $76,306.23, and <br /> <br />WHEREAS, The City Council finds it is in the best interests of the City to make such credit <br />sale; <br /> <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 TEG Land Holdings, in the amount of <br />$76,306.23, for purchase of .7007 acres of wetland credit. The price may be adjusted to reflect <br />the final approved credit amount determined by the Local Governmental Unit (LGU). <br /> <br />BE IT FURTHER RESOLVED that TEG Land Holdings, shall be responsible for payment of <br />the withdrawal and stewardship fees associated with said transaction. <br /> <br />Adopted by the Council of the City of Lino Lakes this 22nd day of February, 2021. <br /> <br />The motion for the adoption of the foregoing resolution was introduced by Council Member <br />_______________and was duly seconded by Council Member ________________ and upon <br />vote being taken thereon, the following voted in favor thereof: <br /> <br />The following voted against same: <br /> <br /> <br />_______________________________ <br />Rob Rafferty, Mayor <br /> <br />ATTEST: <br /> <br />________________________ <br />Julianne Bartell, City Clerk <br />