20100099 Ver 3_Approval of bond reduction_20190128

Strickland, Bev
From: Merritt, Katie
Sent: Monday, January 28, 2019 4:51 PM
To: 'Ray Holz'
Subject: Pancho - approval of bond reduction
Hey Raymond,
On August 23, 2018, DWR issued a partial credit release letter acknowledging partial approval of the Year 5 Monitoring
Report for the Pancho mitigation bank. As noted in the credit release letter, a remedial action plan is being
implemented by Restoration Systems, LLC (RS) for an area of roughly one (1) acre in size. Until DWR can confirm that
the remedial action plan implemented by RS is successful, DWR cannot fully release RS from their financial assurance
obligations covered under bond #22BSBGQ8686 with Hartford Fire Insurance Company. However, due to the small area
being remediated, DWR will approve a bond reduction of 90%. Currently, the bond is for $150,000. Therefore, RS needs
to provide DWR will a performance bond of a minimum of $15,000 along with a continuation certificate extending the
bond past its current term of January 14, 2019. DWR plans to visit the Pancho bank this Spring.
Thank you for your patience,
Katie
"please note my phone number has changed"
Katie Merritt
Nutrient Offset & Buffer Banking Coordinator
401 & Buffer Permitting Unit
North Carolina Department of Environmental Quality
Office: 919-707-3637
Work Cell: 919-500-0683
Website: http://Portal.ncdenr.org/web/wq/401bufferpermitting
512 N. Salisbury Street, Raleigh, NC 27620
1617 Mail Service Center, Raleigh, NC 27699-1617
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