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CITY OF LINO LAKES <br /> RESOLUTION NO.21-10 <br /> AUTHORIZING SALE <br /> OF WETLAND CREDITS <br /> TEG LAND HOLDINGS <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 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 /> 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 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 /> 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 /> Adopted by the Council of the City of Lino Lakes this 22nd day of February, 2021. <br /> The motion for the adoption of the foregoing resolution was introduced by Councilmember <br /> Cavegn and was duly seconded by Councilmember Lyden and upon vote being taken thereon, <br /> the following voted in favor thereof: Cavegn,Lyden, Ruhland, Stoesz,Rafferty <br /> The following voted against same: none <br /> i it'` 114 1-71v,\"-$3 <br /> Ro afferty,Mayor <br /> ATTEST: <br /> Julia e Bartell, ity Clerk <br />