20070747 Ver 1_Amended Approval Letter_20130311

N;A
CDEN
North Carolina Department of Environment and Natural Resources
Division of Water Quality
Pat McCrory Charles Wakild, P.E. John E. Skvarla, III
Governor Director Secretary
March 11, 2013
Mr. Bob Kessler
GreenVest /Flat Swamp, LLC
4405 Dewees Ct
Raleigh, NC 27612
DWQ Project # 07 -0747
Craven County
Re: Flat Swamp Neuse River Riparian Buffer and Nutrient Offset Mitigation Banking
Instrument (MBI)
Flat Swamp Bank Parcel AMENDED Credit Release
Dear Mr. Kessler:
On January 16, 2013 the Division of Water Quality (DWQ) received the Year Four Monitoring Report,
dated December 2012, for the Flat Swamp Batik Parcel in Orange County, North Carolina. On January
30, 2013, Katie Merritt with DWQ requested an explanation as to why Tables 2 and 3 showed
inconsistent vegetation data from previous monitoring reports. Based on the response received on
February 10, 2013, from Scott Frederick with Soil, Water, and Environmental Group (SWE) regarding
the request, Ms. Merritt requested that GreenVest /Flat Swamp, LLC (GV /FS) correct the vegetation data
in all four annual monitoring reports. On February 20, 2013, Ms. Merritt received an adequate response
from SWE regarding the requests. On January 10, 2013, DWQ received all nutrient offset and riparian
buffer credit ledgers along with corresponding verification letters and sale receipts for sales' transactions
from July 20, 2012 through December 2012 from GV /FS. All sales appeared to be compliant.
On February 25, 2013 the Division of Water Quality (DWQ) issued a credit release letter for approval of
the Year 4 Monitoring Report for the subject site. Upon further review, it has been noted that there was
an error in the amount of credits released. This letter is being issued as a "replacement" for the previous
letter in order to correct the discrepancy in the amount of mitigation credits previously released. Please
update your credit ledgers accordingly.
According to the MBI, the following Project Milestone has been met, and the corresponding credits shall
be released:
Task Credit
7) Submittal and approval of Year 4 Monitoring Report 10%
By copy of this correspondence, DWQ confirms that you have satisfied the above requirements for the
above - referenced tract and an additional 10% of your nutrient offset credits (0.1 x 763,461.95 lb -N =
Wetlands, Buffers, Stormwatei Compliance & Permitting Unit
1650 Mail Service Center, Raleigh, North Carolina 27699 -1650
Location: Archdale Bldg., 9(h Floor, 512 N. Salisbury St, Raleigh, NC 27604
Phone: [phone] \ FAX: 919 - 807 -6494
Internet: http: / /poaal.ncdenr.org /web /wq /swp /ws /wei)scape
An Equal Opportunity � Affirmative Action Employer
NorthCarolina
Naturally

GreenVest /Flat Swamp, LLC
Page 2 of 2
March 11, 2013
76,346.2 lb-N) are now available for sale. Also, an additional 1.0% of your riparian buffer credits (0.1 x
904,305.6 ft' = 90,430.56 ft2) are now available for sale.
Additionally, upon further review of the credit release letter sent by DWQ dated July 2, 2012, additional
credits in the amount of 5.36 lb -N are owed to the Bank. Please record this amount as a separate line
item on your credit ledger.
A total of 90% of the available nutrient offset credits and riparian buffer credits have been released for
this site to date. For clarity, all ledgers should show the following amount of total released credits to
date:
Nutrient Offset Credits Released To Date: 763,461.95 lb -N (90 %) = 687,115.751b -N
Riparian Buffer Credits Released To Date: 904,305.6 ft' (90 %) = 813,875.04 ft'
By copy of this letter, you may reduce the financial assurance (Letter of Credit No. 6833 1) from
$40,000.00 to $20,000.00 from CFG Community Bank or Annapolis Community Bank. This reduction
is 20% of the original Letter of Credit amount of $100,000.00.
Please note that credits generated at this site must be used for impacts in HUC 03020202 of the
Neuse River Basin.
As always, please copy DWQ on all correspondence related to credit sales, referencing the DWQ project
number associated with the impacts for which credits are being purchased as compensatory mitigation.
We apologize for any inconvenience the original credit release letter may have caused. Please feel free
to contact Katie Merritt at (919) 807 -6371 if you have any questions regarding this correspondence.
Sincerely,
Karen Higgins, Supervisor
Wetlands, Buffers, Stormwater, Compliance and
Permitting Unit
KAHIkym
cc:
File Copy -Katie Merritt