12-28-2020 Council Packet - Laserfiche WebLink

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CITY COUNCIL AGENDA ITEM 1E STAFF ORIGINATOR: Michael Grochala, Community Development Director MEETING DATE: December 28, 2020 TOPIC: Consider Resolution No. 20-170, Approving Sale of Wetland Bank Credits, Wetland Credit Agency VOTE REQUIRED: 3/5 INTRODUCTION Staff is requesting City Council consideration to approve the sale of .0689 acres (3,001.28 SF) of wetland credit from bank 1122 (Otter Lake) and 1.77 acres from bank 1601 (Wollan) for a total purchase price of $181,929.21 plus transaction fees. BACKGROUND The Wetland Conservation Act (WCA) requires replacement of any construction related wetland impacts on a per square foot basis. Minnesota's wetland banking program includes both private and state-sponsored wetland banks which have "credit s" that are used to offset (mitigate) authorized wetland impacts. The banks are subject to approval of both the Minnesota Board of Water and Soil Resources (BWSR) and the Army Corps of Engineers (ACOE). The City currently has two banks in place. Bank No. 1122 (Otter Lake) is located east of I-35E and south of CSAH 14. This bank has .0689 credits remaining. This bank is not ACOE approved. Credits can only be used for wetland impacts not under ACOE jurisdiction. Bank No. 1601 (Wollan) is located west of Lake Drive and north of Main Street. The bank has .9898 acres of non ACOE credits and 4.1237acres of ACOE approved credits. Staff has received a request to purchase wetland credits from Wetland Credit Agency, Inc. The purchase agreement provides for the sale of credits subject to approval of the wetland mitigation plan by the local, state, and federal regulator agencies. The buyer is requesting purchase of .0689 acres of credit from bank 1122, in the amount of $6,302.70 ($2.10/SF) and .9898 acres of non ACOE credits from bank 1601, in the amount of $90,542.94 ($2.10/SF). Additionally, the buyer is requesting purchase of .7813 acres of ACOE certified credits from bank 1601 in the amount of $85,083.57 ($2.50/SF).