Credit Release Task 1 - Shady Grove

DocuSign Envelope ID: ACFA3CA3-DAAF-4934-8840-D08A53778BFC
ROY COOPER
Governor
ELIZABETH S. BISER
Secretary
RICHARD E. ROGERS, JR.
Director
NORTH CAROLINA
Environmental Quality
June 20, 2023
Environmental Banc & Exchange, LLC DWR Project #: 2020-109lv2
Attn: Jamey Mceachran Wayne County
(via electronic mail: jmceachrangres.us )
Re: RES 2021 Neuse Umbrella Mitigation Banking Instrument (UMBI)
Shady Grove Bank Parcel Credit Release — Task I
Dear Ms. Mceachran,
On February 21, 2023, the Division of Water Resources (DWR) approved a Bank Parcel
Development Package (BPDP) for the above -referenced site under the terms and conditions of the
Environmental Banc & Exchange, LLC (EBX) RES 2021 Neuse Umbrella Mitigation Banking
Instrument (UMBI) to establish a nutrient offset and buffer mitigation bank. On May 3, 2023, DWR
received a performance bond (#612402539) issued to EBX from United States Fire Insurance
Company, in the amount of $150,000, to cover performance obligations for the construction of the
subject site. The term of this bond will remain in effect until February 22, 2024. Lastly, on May 23,
2023, the DWR received a recorded conservation easement and corresponding plat for the subject
site.
On June 12, 2023, DWR received a draft final As -Built Survey from EBX showing minor differences
in riparian restoration and preservation areas than what was proposed in the approved BPDP. EBX
requested that DWR use the draft As -Built Survey which depicts a more accurate representation of
the proposed riparian restoration and preservation areas for nutrient offset credits and riparian
buffer credits than the approved BPDP. Based on the As -Built Survey the Site has generated 563,359
ft2 (28,942.848 lbs-Nitrogen) of nutrient offset credits, 29, 707 ft2 of buffer restoration credits and
1, 980.400 ft2 of buffer Preservation credits.
In accordance with the UMBI, signed on November 30, 2021, the following Project Milestones have
been met and the corresponding credits shall be released:
Task/Milestones Credit
1) Instrument and BPDP Approved by DWR, Conservation Easement Recorded 20%
& Financial Assurance Posted
By copy of this correspondence, DWR confirms that you have satisfied the above requirements for
the above -referenced tract and the following credits are released to sell:
• 20% of the Neuse buffer Restoration credits (0.20 x 29,707 ft2 = 5,941.400 ft2)
• 20% of the Neuse buffer Preservation credits (0.20 x 1,980.400 ft2 = 396.08 ft2)
• 20% of the Nitrogen nutrient offset credits (0.20 x 28,942.848 lb-N = 5,788.567 lb-N)
North Carolina Department of Environmental Quality I Division of Water Resources
512 North Salisbury Street 1 1611 Mail Service Center I Raleigh, North Carolina 27699-1611
NORTH CARCLINA
919.707.9000

DocuSign Envelope ID: ACFA3CA3-DAAF-4934-8840-D08A53778BFC
Shady Grove Site
EBX
June 20, 2023
Please note that this initial release of credits for this site reflects those provided in the draft As -Built
Survey provided by EBX on June 12, 2023. This As -Built Survey has not been reviewed in its
entirety, but credits appear to be compliant with the approved BPDP. Credits will be adjusted
accordingly if it is determined that the As -Built Survey, along with the corresponding As -Built
Report, are deficient in detail or are non -compliant during DWR review.
Please note that nutrient offset credits generated at this site must be used for impacts in HUC
03020201 of the Neuse River Basin excluding the Falls Lake Watershed pursuant to 15A NCAC
02B .0703, which became effective on April 1, 2020. Additionally, the riparian buffer credits
must be used for impacts in the Neuse River Basin in accordance with guidelines in the
Consolidated Buffer Mitigation Rule, 15A NCAC 02B .0295, which became effective on
November 1, 2015
Please use the Credit Ledger Templates provided in the approved UMBI to track and report credit
availability for the Shady Grove Mitigation Bank. Upon receiving this correspondence, please submit
three (3) credit ledgers to DWR reflecting the available credits released for each mitigation type
(Buffer Restoration, Buffer Preservation, Nitrogen Nutrient Offset).
Please feel free to contact Katie Merritt ( katie.merrittgdeq.nc.gov ) if you have any questions
regarding this correspondence.
cc:File Copy (Blake Hartshorn)
EBX — Travis Cooke (via electronic mail)
Sincerely,
IDocuSigned by: �
S � C "6ss
980C5097D80E4E9...
Stephanie Goss, Supervisor
401 & Buffer Permitting Branch
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