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<br />Staff has received a request to purchase .7076 acres at a price of $72,434.18 ($2.35 per square <br />foot) from BL Holdings, LLC. The acquisition is intended to mitigate potential wetland <br />impacts related to a pending residential development in Lino Lakes along 20th Avenue. The <br />purchase agreement provides for the sale of credits subject to approval of the wetland <br />mitigation plan by the Rice Creek Watershed District and the Army Corps of Engineers. <br /> <br />Sale of the credits does not obligate the City to approve any development proposal. <br /> <br />RECOMMENDATION <br /> <br />Credit pricing fluctuates based on several factors including development activity, size of credit <br />acquisition, and credit availability. While the City has received several inquiries over the past <br />year we have not previously reached agreement on a sale price. This would be the first credit <br />sale from the Wollan Park bank. Sale of the credits will be used to reimburse the Surface <br />Water Management fund for bank establishment costs. <br /> <br />Staff is recommending approval of Resolution No. 20-01. <br /> <br />ATTACHMENTS <br /> <br />1. Resolution No 20-01