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Mr. Bryan Bear April 15, 2022 Page 4 G:\.Clients All\Hugo\Proposals\Northstar Bank\LETTER_HUGO_NorthstarBank_041522_Final.docx Wetlands provide many functions and benefits to the watershed in which they are located. Quantifiable benefits include: • Surface Water Detention • Coastal Storm Surge • Streamflow Maintenance • Nutrient Transformation • Carbon Sequestration • Sediment and Other Particulate Retention • Bank and Shoreline Stabilization • Fish and Aquatic Invertebrate Habitat • Waterfowl and Waterbird Habitat • Other Wildlife Habitat Based on the hydrogeomorphic position and the wetland types within this existing wetland complex, multiple functions such as surface water detention, nutrient transformation, carbon sequestration, sediment and other particulate retention, waterfowl and waterbird habitat, and other wildlife habitat are most likely provided, but at a low or moderate level. Creating a wetland bank at this site will most likely result in functional lift of the site and result in enhanced wetland functions, benefiting the surrounding community, downstream water recipients, and regional wildlife communities. Lastly, creating a wetland bank at this site will create education and outreach opportunities for residents and students at this location. Similar projects have been identified as “passive parks”, which many communities lack. The proximity of this site to the Northstar School provides an opportunity for educators to utilize the wetland complex as a living classroom. In neighboring communities with wetland banks, the opportunities have included working with local high schools, colleges and environmental educators bringing in a multitude of people of all ages and backgrounds. This provides the opportunity for the city to showcase their commitment to protecting water quality and natural resources in the community. Other opportunities include acting as a repository for a relatively new program developed between the Anoka Conservation District and MN DNR to translocate threatened and endangered species that may be lost under a taking permit; further enhancing the quality of the wetlands and providing collaboration between local and state agencies. This program can also allow for the opportunity for volunteers to participate in the successful restoration of the site and preserve those plant species most threatened. Credit Release and Credit Purchase It is important to understand that not all credits proposed under the bank plan and the MBI, will be available for sale/use immediately. There is a credit release schedule that will accompany both wetland bank documents. Generally, there is a release of 15% of the credits once construction is complete and the project is certified. After the initial release of credits, there may be subsequent releases of credits based on an approved credit release schedule with 100% of the proposed credits (based on meeting performance standards) released upon final certification. Final certification occurs when all performance standards have been met and generally at the conclusion of the 5th year post construction. However, in some instances the project sponsor can petition for early final certification if the bank is consistently meeting performance standards early and there is an