05-01-2023 Council Work Session Packet

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WS – Item 1 WORK SESSION STAFF REPORT Work Session Item No. 1 Date: May 1, 2023 To: City Council From: Michael Grochala, Community Development Director Re: NE Area Wetland Prospectus Background The City is considering establishment of a wetland bank on property located east of 35E and north of Main Street. The City has notified the owners of our interest and the owners have responded they would get back to us after consulting with their legal and financial advisors. The establishment of a wetland bank requires three steps which include the following: 1.Draft Prospectus. This is a scoping document providing baseline site information, project goals and objectives, site constraints, an initial wetland assessment and proposed mitigation approach. The document is used by regulating agencies to determine if the project has the potential to provide compensatory mitigation for wetland impacts. 2.Prospectus. This step provides review agencies with a conceptual overview of the proposed wetland bank. This includes collection of data including hydrology, survey, and vegetative information to support design and credit estimates. Based on this information agencies will make a findings and recommendations regarding the establishment of the bank. 3.Mitigation Banking Instrument (MBI). This is the detailed mitigation plan and design information necessary for formal review and approval of the bank. The draft Prospectus was completed in fall of 2021 and is the basis for the City’s interest. Development of the Prospectus and MBI can take up to 18 months to complete. Most of the field work needs to be completed during the growing season – May to October. Any proposed agreement with the property owners will be contingent on approval of the MBI. The work being proposed will assist confirming assumptions made with the draft Prospectus. Due to the approval timeline staff is recommending moving forward with initial work on the Prospectus during the summer growing season. The entirety of the Prospectus work is approximately $80,000. Staff is proposing to authorize an initial phase of the