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CITY COUNCIL <br />AGENDA ITEM 1J <br /> <br /> <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br /> <br />MEETING DATE: July 13, 2020 <br /> <br />TOPIC: Consider Resolution No. 20-70, Approving Sale of Wetland Bank <br />Credits, Alliant Ventures III, LLC . <br /> <br />VOTE REQUIRED: 3/5 <br /> <br /> <br />INTRODUCTION <br /> <br />Staff is requesting City Council consideration to approve the sale of .2245 acres (9,779.22 sq.ft.) <br />of wetland credit from bank 1122 (Otter Lake) for a total purchase price of $19,558.44 plus <br />transaction 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 two banks in place. <br /> <br />Bank No. 1122 (Otter Lake) is located east of I-35E and south of CSAH 14. .7068 acres of <br />credit are available. This bank is not ACOE approved. Credits can only be used for wetland <br />impacts not under ACOE jurisdiction. <br /> <br />Staff has received a request to purchase wetland credits from Alliant Ventures III, LLC. The <br />acquisition is intended to mitigate potential wetland impacts related to a pending development in <br />another city. The purchase agreement provides for the sale of credits subject to approval of the <br />wetland mitigation plan by the Rice Creek Watershed District and the Army Corps of Engineers. <br /> <br />The buyer is requesting purchase of .2245 acre credits from this bank at the price of $2.00 square <br />foot ($19,558.44). <br /> <br />