20070747 Ver 1_Financial Assurance Reduction Approval (5)_20120821

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NCDENR
North Carolina Department of Environment and Natural Resources
Division of Water Quality
Beverly Eav Perdue Coleen H. Sullins
Governor I Director
August 21, 2012
. Doug Lashley
;envest/Flat Swamp, LLC
i Second Street, Suite 3B
napolis, MD 21403
Financial Assurance Reduction Approval
Flat Swamp Buffer & Nutrient Offset Bank—
Mr. Lashley:
DWQ Project #2007 -0747
Craven County
August 13, 2012, the Division of Water Quality (DWQ) received a request for approval to reduce the
racial assurance required for the monitoring and maintenance performance obligations of
enVest/Flat Swamp, LLC for the Flat Swamp Riparian Buffer & Nutrient Offset mitigation bank.
er nutrient offset/buffer banks have been allowed per their Mitigation Banking Instruments (MBI) to
ace their monitoring bonds /financial assurance by 20% following the DWQ approval of each annual
iitoring report. Since your request aligns with the implementation of the financial assurance
visions of more recent MBIs, we will allow the following:
Dee Freeman
Secretary
IQ approved the third annual monitoring report for the subject mitigation bank on March 15, 2012 and
miffed a credit release letter documenting the approval. Therefore, your request to reduce the
incial assurance (Letter of Credit No. 6833 1) from $60,000.00 to $40,000.00 from CFG Community
ik or Annapolis Community Bank is hereby approved. This reduction is 20% of the original Letter of
dit amount of $100,000.00. Additionally, following DWQ approval of future monitoring reports, you
allowed to reduce the Letter of Credit by an additional 20% as long as the site still meets DWQ
,ess criteria.
feel free to contact Katie Merritt at (919) 807 -6371 if you have any questions regarding this
Sincerely,
Karen Higgins, Supervisor
Wetlands, Buffers, Stormwater, Compliance and
kym Permitting Unit
File copy (Katie Merritt)
Ms. Faye B. Currie, CFG Community Bank, 1419 Forest Drive Ste 10, Annapolis, MD 21403
Wetlands, Buff rs, Stormwater, Compliance and Permitting Unit
1650 Mail Sery ce Center, Raleigh, North Carolina 27699 -1650
Location: 512 . Salisbury St., Raleigh, North Carolina 27604 (91h Floor)
Phone: 919-80''-6301 k FAX: [phone]
Internet: hftp://l ortal. ncdenr .org /web /wq /swp /ws/webscape
An Equal Opportunity 1 Affirmative Action Employer
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