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CITY COUNCIL <br />AGENDA ITEM 1D <br />STAFF ORIGINATOR: Michael Grochala, Community Development Director <br />MEETING DATE: July 27, 2020 <br />TOPIC: Consider Resolution No. 20-78, Approving Sale of Wetland Bank <br />Credits, Wetland Credit Agency. <br />VOTE REQUIRED: 3/5 <br />INTRODUCTION <br />Staff is requesting City Council consideration to approve the sale of .1168 acres (5,087.80 sq.ft.) <br />of wetland credit from bank 1122 (Otter Lake) and 1601 (Wollan) for a total purchase price of <br />$10,175.61 plus transaction fees. <br />BACKGROUND <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 />Bank No. 1122 (Otter Lake) is located east of I-35E and south of CSAH 14. Pending the Head <br />sale, this bank will have .1165 acres of credit available. This bank is not ACOE approved. <br />Credits can only be used for wetland impacts not under ACOE jurisdiction. Bank No. 1601 <br />(Wollan) is located west of Lake Drive and north of Main Street. The bank has 1.02 acres of non <br />ACOE credit. <br />Staff has received a request to purchase wetland credits from Wetland Credit Agency, Inc. The <br />purchase agreement provides for the sale of credits subject to approval of the wetland mitigation <br />plan by the local, state, and federal regulator agencies. <br />The buyer is requesting purchase of .1168 acre credits in the amount of $10.175.61 (2.00 per <br />sq.ft.) which, dependent on the closing of two pending sales, may be split between banks 1122 <br />and 1601.