HomeMy WebLinkAbout20160130 Ver 1_MBI Modification signed by DWR_20180323I. PREAMBLE
This Mitigation Banking Instrument ("Instrument") regarding the establishment, use,
operation, and maintenance of the North Fork Little River Nutrient and Buffer Mitigation Bank
Parcel ("Bank Parcel") to provide Neuse Riparian Buffer mitigation credit ("Riparian Buffer
Credits") and Falls Lake Water Supply nutrient load reduction credit ("Nutrient Offset
Credits") is made and entered into by and among Wildlands Holdings V, LLC acting as the
Bank Sponsor ("Sponsor"), and the North Carolina Department of Environmental Quality —
Division of Water Resources ("DWR"). This Instrument is in accordance with 15A NCAC
02B .0240 and the Consolidated Mitigation Rule 15A NCAC 02B .0295, which became
effective on November 1, 2015 (Attachment E and F) and replaces the Instrument signed by
Wildlands Holdings II, LLC and DWR on April 19, 2016.
The purpose of the Bank is:
A. To improve water quality of tributaries to the North Fork Little River through the
restoration of riparian buffer habitat and adjacent riparian areas.
B. To provide mitigation and sell any resulting Riparian Buffer Credits and/or Nutrient Offset
Credits to third parties in the Neuse River Basin and Falls Lake Watershed respectively,
for development (both existing and proposed) requiring such mitigation.
II. LOCATION AND GEOGRAPHIC SERVICE AREA
A. The Geographic Service Area ("GSA") is the designated area wherein a Bank can
reasonably be expected to sell Riparian Buffer Credits and/or Nutrient Offset Credits for
impacts due to development activities.
B. The Bank Parcel is located within the Neuse River Basin in the State of North Carolina,
United States Geological Survey ("USGS") 8 -digit Hydrologic Unit Code ("HUC")
03020201 of the Upper Falls Watersheds as defined in 15A NCAC 02B .0276.
C. The project is comprised of one parcel of land in Durham County, NC. The property is
currently in row crop production for corn and is accessed from 10119 S. Lowell Road, in
Bahama, NC. The project is located at 36.1693 N and 78.9304W.
D. Unnamed tributaries to the North Fork Little River are the receiving bodies of water for
stormwater runoff from this parcel. The North Fork Little River is classified by DWR as
Nutrient Sensitive Waters (NSW).
E. Sale or transfer of Riparian Buffer Credits shall be limited to the 8 -digit HUC in which the
Bank Parcel is located unless otherwise authorized by the DWR or delegated local
government in accordance with 15A NCAC 02B .0295.
2
I
III. AUTHORITIES
A. The Bank will be used to provide Riparian Buffer Credit and Nutrient Offset Credit in
accordance with the requirements in the DWR Authority document referenced herein as
"Attachment A" and attached to this Instrument.
B. Projects eligible for utilization of the credits are those requiring authorization under the
requirements of Attachment A and any new approved North Carolina ("State") statutes and
rules for the Neuse Nutrient Sensitive Waters Management Strategy — and- for the Falls
Lake Water Supply Nutrient Strategy.
C. All activities, including the sale of mitigation credits shall be consistent with approved
North Carolina ("State") statutes and rules for the Neuse Nutrient Sensitive Waters
Management Strategy —and- for the Falls Lake Water Supply Nutrient Strategy.
IV. ESTABLISHMENT OF NORTH FORK LITTLE RIVER BANK PARCEL
A. The Bank Parcel proposed for inclusion under this Instrument shall require a Bank Parcel
Development Package (`BPDP") be submitted to, and approved by, the DWR prior to use
of the Bank Parcel for mitigation purposes or sale or transfer of any associated credits. The
contents of the BPDP are provided in Section V.
B. The BPDP will be placed on public notice and made available for public commenting for
15 calendar days.
C. Riparian Buffer Credit may be achieved through restoration of DWR riparian buffers along
the unnamed tributaries on the Bank Parcel according to 15A NCAC 02B .0295 (n), and
riparian areas along some ditches as allowed in 15A NCAC 02B .0295 (o).
D. The Bank Parcel is intended to provide Neuse Riparian Buffer mitigation as follows:
1. Planting hardwood trees on a Restoration Site, as defined in 15A NCAC 02B .0295
(b) and (n) along three streams which are intermittent and are subject to the buffer
protection rule 15A NCAC .0233.
2. Planting hardwood trees on a Restoration Site, as defined in 15A NCAC 02B .0295
(n) along agricultural ditches that meet all of the criteria under 15A NCAC 02B
.0295 (o). The width of the restored area will be a minimum of 30 feet and will not
exceed 50 feet for crediting purposes. All ditches proposed for alternative buffer
mitigation, must be approved by the DWR as part of the BPDP prior to
implementing the ditches for buffer mitigation.
3. Diffuse flow will be maintained onsite to the maximum extent practicable. Where
diffuse flow is unattainable, the Bank Sponsor may elect to use the Buffer
Interpretation/Clarification Memo 42008-019 dated August 19, 2008 which is
provided as Attachment B.
E. Nutrient Offset Credit may be achieved through restoration of the riparian areas adjacent
to streams and agricultural ditches on the Bank Parcel that drain to the unnamed tributaries
onsite or to North Fork Creek. The width of the restoration area begins at the most
landward limit of the top of bank or the rooted herbaceous vegetation and extends landward
a maximum of 200 feet on all sides of the surface waters.
F. The Bank Parcel is expected to provide Nutrient Offsets as follows:
1. Planting hardwood trees on a Restoration Site, as defined in 15A NCAC 2B .0295
(b) and per 15A NCAC 02B .0295 (n) (2) along intermittent streams on the Bank
Parcel. Current land use along the streams is corn production.
2. Planting hardwood trees on a Restoration Site, as defined in 15A NCAC 2B .0295
(b) and per 15A NCAC 02B .0295 (n) (2) along agricultural ditches on the Bank
Parcel. Current land use along the ditches is corn production.
G. The total area of mitigation on the Bank Parcel is expected to be 33 acres.
V. BANK PARCEL DEVELOPMENT PACKAGE
A. The North Fork Little River Bank Parcel Development Package (BPDP) shall include
detailed information consistent with the sections below concerning: 1) site location (8 -digit
HUC is required); 2) existing conditions; 3) proposed buffer mitigation and nutrient offset
activities including a detailed vegetation plan; 4) monitoring and maintenance plans; 5)
financial assurances; 6) associated buffer mitigation/nutrient credit calculations, which
shall include credit generation, service area, and accounting as appropriate for each
regulatory authority; 7) stream buffer determination letter from DWR, and 8) site viability
letter from DWR.
B. The Sponsor will obtain all applicable federal, state, and local documentation, permits, or
authorizations needed to construct and maintain the Bank Parcel. This Instrument does not
qualify as, or substitute for, such documentation, permit, or authorization.
C. The restoration of riparian buffers and other riparian areas on the Bank Parcel to produce
Riparian Buffer Credit or Nutrient Offset Credit must be approved by DWR prior to
construction.
D. Requests for deviation from the approved BPDP must be submitted to DWR in writing.
Written approval from the DWR must be received prior to implementing any deviation
from the approved BPDP.
Property Disposition & Long Term Management
E. Prior to the release of any credits, the Sponsor shall acquire a permanent conservation
easement at the County Register of Deed's office that is sufficient to ensure protection,
operation and maintenance of restored riparian buffers and other riparian areas for the
duration specified in the approved BPDP.
4
F. The form of the conservation easement shall be consistent with the standards employed by
the State of North Carolina in the protection of restored riparian buffers and riparian areas
and shall be approved by the DWR prior to the release of any credits.
G. The Sponsor shall not grant additional easements, right of ways, or any other property
interest in or to the project areas, without prior approval from the DWR.
H. The Sponsor agrees to transfer or assign the conservation easement and its interests in
perpetuity to a qualified holder under NC General Statute ("GS") 121-34 et seq. and 170(h)
of the Internal Revenue Code prior to the submittal of the Year 4 Monitoring Report. The
holder shall be a land trust or stewardship program that will hold and enforce the
conservation easement and the interests in perpetuity. The Sponsor shall choose a land
trust or stewardship program that is accredited by the Land Trust Accreditation
Commission and/or has been approved by DWR prior to the end of the fourth year
monitoring period. A land trust must be certified under 501(c)(3) of the Internal Revenue
Code.
I. In the event that the Sponsor is also the owner of the underlying fee interest in the property,
the conveyance of the conservation easement to a land trust or stewardship fund must be
arranged at the outset of the approved BPDP.
Financial Assurances
J. Following approval of the BPDP, the Sponsor shall provide a Performance/Maintenance
Bond from a surety company that is rated no less than an "A-" as rated by A.M. Best, and
it is the Sponsor's responsibility to confirm that the surety company is still rated no less
than an "A-" with each annual bond renewal. The Performance Bond amount shall be
100% of the estimated cost for implementation of the mitigation activities of the Bank
Parcel as described in the approved BPDP. No bond shall be less than $150,000.00 to cover
construction costs.
K. Alternatively, in lieu of posting the Performance Bond, the Sponsor may elect to construct
the project prior to the first credit release.
L. Once DWR has released all credits for completion of Task 2 according to the credit release
schedule in Section VIII and the DWR has received the As -Built Report as described in
Section VI and submitted a written approval, the Bank Sponsor can be released from its
performance obligations under the performance bond required in "J" of this section.
VI. POST CONSTRUCTION DOCUMENTATION
As -Built Report
A. The Sponsor agrees to perform all necessary work, in accordance with the provisions of
this Instrument, to establish, maintain, and monitor Neuse Riparian Buffers or other
riparian areas until Item B (1) and (2) of Section X have been satisfied.
B. The Sponsor will submit an as -built plan and report for the Bank Parcel within 30 calendar
days after completing the establishment of the buffer area and nutrient offset area. The as -
built report will describe any deviation from the approved BPDP and will document the
following:
1. Buffer restoration: planting details, invasive species control, monitoring device
locations, vegetation plot locations, photo point locations, surface and groundwater
elevations, as appropriate.
2. Boundary Survey of the conservation easement area, signed and sealed by a
licensed surveyor, including an enumeration of the final mitigation areas for
riparian buffer and/or nutrient offset mitigation credits in both square feet and acres.
3. As -built aerial map of the mitigation area showing where restoration was performed
4. Aerial map of the mitigation that was included in the approved BPDP.
Financial Assurance
C. After completion of the restoration/construction, a separate Performance/Maintenance
Bond will be secured for 100% of the estimated cost to implement the monitoring and
maintenance plan as described in the approved BPDP. The Bond must be from a surety
company that is rated no less than an "A-" as rated by A.M. Best, and it is the Sponsor's
responsibility to confirm that the surety company is still rated no less than an "A-" with
each annual bond renewal. A Performance/Maintenance Bond shall be secured each year
for a minimum of five years, and until DWR has released all mitigation credits to the Bank
Sponsor. Upon DWR approval, the bond may be lowered each year based on the adjusted
cost to complete the monitoring. No bond shall be less than $100,000 to cover monitoring
and maintenance costs.
D. Once DWR has released all credits for completion of Tasks 1-9 according to the credit
release schedule in Section VIII, the Bank Sponsor can be released from its performance
obligations under the performance bond required in "C" of this Section.
Monitoring and Maintenance Reports
E. The Sponsor shall monitor the Bank Parcel as described in the BPDP until such time as
DWR determines that the success criteria described below have been met. The monitoring
period shall be a minimum of five consecutive years.
F. Performance Standards for Vegetation: Native hardwood trees or native hardwood tree
and shrub species should be planted at a density sufficient to provide 260 stems per acre
after five years. A minimum of four (4) native hardwood trees or four (4) native hardwood
tree and shrub species must be planted. No one species shall be greater than 50% of the
rol
planted stems. A list of species for planting will be detailed in the BPDP for approval.
Native hardwood tree volunteer species may be included to meet performance standards as
determined by the DWR.
G. A "stem" means a woody seedling, sapling, shrub or tree, no less than 10 centimeters in
height.
H. If the performance standards of the vegetation are not met, supplemental plantings may be
required. Supplemental plantings will be utilized until the required densities have been
achieved and maintained for five years. Bank Parcel maintenance, such as ensuring diffuse
flow, managing invasive species, and pest control will be included in the BPDP.
Monitoring Reports for Riparian Buffer Credit or Nutrient Offset Credit: Reporting
criteria of the riparian buffer restoration shall be based on the Carolina Vegetation Survey
(CVS) — EEP Protocol for Recording Vegetation Level 2 Plot Sampling Only Version 4.0
or any updated versions of this protocol in place at the date of acceptance of the BPDP.
The Sponsor shall submit to the DWR an annual monitoring report no later than December
31 of each year for a minimum of five consecutive years after the first full growing season.
This report will describe the conditions of each Bank Parcel, including an evaluation of the
performance standards of the vegetation contained within the approved BPDP. Reports
shall contain the following:
1. A U.S. Geological Survey map showing location of the Bank Parcel;
2. A detailed narrative summarizing the condition of the Bank Parcel along with any
maintenance or remediation performed that year; and
A map, survey, or other figure showing locations of sampling plots, permanent
photo points, location of transects, etc.; and
4. Monitoring data, including specific vegetative counts showing that the trees or tree
and shrub species planted are meeting performance standards and updated
photographs; and
5. A copy of the most recent Bank credit/debit ledgers; and
6. Corresponding verification letters from designated local governments upon request;
and
7. Corresponding Mitigation Transfer Certificates upon request.
Contin2ency Plans/Remedial Actions
J. In the event the Bank Parcel fails to achieve the success criteria described in this Instrument
and the approved BPDP, the Bank Sponsor shall develop necessary contingency plans in
7
coordination with the DWR and implement appropriate remedial actions for the Bank
Parcel and the Bank. Depending on the degree of remedial actions required, the DWR may
modify the monitoring period.
VII. CALCULATION OF MITIGATION CREDITS
Riparian Buffer Credits
A. All Riparian Buffer Credits shall be determined based on the ratios and percentages
provided in 15A NCAC 02B .0295 (m) and (n).
B. Riparian buffer restoration on the Bank Parcel, as defined in 15A NCAC 02B .0295, may
be used for either Riparian Buffer Credit or Nutrient Offset Credit, but not both.
C. Riparian Buffer Credit is defined as one (1) buffer credit per one square foot or 43,560
buffer credits per one acre.
Nutrient Offset Credits
D. All Nutrient Offset Credits will be determined by including the applicable ratio as provided
in 15A NCAC 02B .0295 (m) for a Restoration Site.
E. Nutrient Offset Credit may be achieved through restoration or enhancement of the riparian
area adjacent to surface water features. Surface water features do not have to be intermittent
or perennial, nor do they have to be depicted on a USGS, NRCS, or EMC approved map.
However, surface water features must be hydrologically connected to and drain to
jurisdictional waters that are either intermittent or perennial. The width of the restoration
area begins at the most landward limit of the top of bank or the rooted herbaceous
vegetation and extends landward a maximum distance of 200 feet on all sides of the surface
water.
F. Nutrient Abatement of Restored Riparian Area: The Sponsor and DWR agree:
1. The pounds of nitrogen offset per acre of restored riparian areas shall be two
thousand two hundred and seventy three pounds per acre (2,273.02 lbs/acre) or the
amount of nitrogen offset per acre in effect at the time the BPDP is approved.
2. The pounds of phosphorus offset per acre of restored riparian areas shall be one
hundred forty six and four -tenths pounds per acre (146.4 lbs/acre) or the amount of
phosphorus offset per acre in effect at the time the BPDP is approved.
G. The Sponsor and DWR agree that the methodology and calculations for determining
nitrogen and total phosphorous reduction, associated with restoration of riparian areas,
shall be fixed as part of the approval of each BPDP, with the fixed amount not changing
during the development or credit release schedule for each Bank Parcel.
8
This space left blank intentionally, do not add text to this space.
VIII. CREDIT RELEASE SCHEDULE
A. Credit Release: Upon submittal of all appropriate documentation by the Sponsor, and
subsequent approval by DWR, it is agreed that the mitigation credits associated with the
Bank Parcel will become available for sale to a third party in accordance with the following
schedules:
Table I - Credit Release Schedule for Riparian Buffer and Nutrient Offset Credits
Task
Project Milestone
% Credit
Available for
Sale
1
MBI and BPDP Approved by DWR, Conservation Easement Recorded* and
Financial Assurance Posted
20
2
Mitigation Site Earthwork, Planting and Installation of Monitoring Devices
Completed
20
3
Monitoring Financial Assurance Posted and Approval of As -Built Report
10
4
Monitoring Report #1: Approved by the DWR**
10
5
Monitoring Report #2: Approved by the DWR**
10
6
Monitoring Report #3: Approved by the DWR**
10
7
Item B (1) of Section X in this Instrument has been completed and approved by
DWR.
5
No remaining credits will be released until Task 7 has been satisfied
8
Monitoring Report #4: Approved by the DWR**
5
9
Monitoring Report 45: Approved by the DWR** and final site visit by DWR has
been conducted
10
Total
100%
* For specification, please see Section V in this Instrument
** DWR Approval provided upon a determination that the site is meeting success criteria contained within the
approved BPDP
B. DWR may modify the credit release schedule based on the information submitted or the
order in which required information is received. DWR will notify the Sponsor of any
modification to the credit release schedule.
IX. PROCEDURE FOR DEBITING AND CREDITING
Credit Ledgers
A. The Bank Sponsor shall maintain three credit ledgers, if applicable, for the Bank Parcel
under this Instrument: one accounting for buffer mitigation credits in square feet and acres,
one accounting for nitrogen offset credits in pounds and acres, and one accounting for
phosphorus offset credits in pounds and acres.
B. Each credit ledger shall be submitted on a separate 8 %tin X 11 in spreadsheet with legible
font style and font size. All ledgers shall be submitted using the templates provided in
Attachments C and D of this Instrument or any updated versions to these templates as
provided by DWR.
10
Credit Processing
C. Riparian Buffer Credits generated on this Bank Parcel must be provided to offset impacts
within the Neuse River Basin according to 15A NCAC 02B .0295 (g).
D. Nutrient Offset Credits generated on this Bank Parcel can only be provided to offset
nutrient loadings within the Upper and Lower Falls Watersheds. Impacted areas in the
Upper Falls Watershed can only mitigate in the Upper Falls Watershed. Impacted areas in
the Lower Falls Watershed can mitigate in any portion of the Falls Watershed per 15A
NCAC 0213 .0282.
E. Available mitigation credits (credits that have been released by DWR but not sold by the
Sponsor) that are generated from riparian buffer restoration, as defined in 15A NCAC 02B
.0295 (b) and described in 15A NCAC 02B .0295 (n) along intermittent streams can be
converted and transferred from Riparian Buffer Credits to Nutrient Offset Credits and from
Nutrient Offset Credits back to Riparian Buffer Credits upon written approval from DWR.
F. Available mitigation credits that are generated from riparian restoration, as defined in 15A
NCAC 02B .0295 (b) and described in 15A NCAC 02B .0295 (n) along approved ditches,
may be converted from Nutrient Offset Credits to Riparian Buffer Credits and from
Riparian Buffer Credits back to Nutrient Offset Credits. All Ratios and percentages of full
credit will be applied to Riparian Buffer Credits according to 15A NCAC 02B .0295 (m)
and (n) and ratios will be applied to Nutrient Offset Credits according to 15A NCAC 02B
.0295 (m).
G. The Bank Sponsor shall obtain verification of nutrient offset need from a designated local
government in the Falls Watershed prior to debiting Nutrient Offset Credits from the Bank
Parcel.
H. The Bank Sponsor shall obtain verification of buffer mitigation required from the delegated
local government or DWR prior to debiting Riparian Buffer Credits from the Bank Parcel.
I. All credit and debit transactions for each Bank Parcel under this Instrument shall be
accurately depicted in the credit ledgers. DWR shall be notified of each credit sale or credit
transfer within thirty (30) calendar days by electronically submitting an updated credit
ledger to DWR. At a minimum, DWR shall receive a hard copy of updated credit ledgers
along with the corresponding Mitigation Credit Transfer Certificates ("Certificate") and all
corresponding letters from the designated local governments twice a year. Notification of
all credit sales shall be provided to DWR until all credits that have been released have been
sold.
11
Mitigation Credit Transfer Certificates
J. All credit sales will include a Mitigation Credit Transfer Certificate ("Certificate") that is
required to be provided to the buyer of Riparian Buffer and/or Nutrient Offset credits, that
will include, at a minimum, the following information:
1. Bank Details: (1) sponsor Name, (2) name of the approved banking instrument as
it appears on the instrument document, (3) bank parcel name as it appears on the
BPDP, (4) DWR project number for the BPDP.
2. Credit Details: (1) date of receipt, (2) identify if full or partial payment, (3 — when
applicable) amount of nitrogen credits purchased in pounds and confirmation from
the designated local government of the amount required, (4 — when applicable)
amount of phosphorous credits purchased in pounds and confirmation from the
designated local government of the amount required, and (5 — when applicable)
amount of Riparian Buffer Credits purchased in square feet and the confirmation
from DWR or the local government of the amount required.
Project Details: (1) project name as it appears on DWR or local government
permits and/or certifications, (2) 12 -digit HUC, (3) river basin, (4) nutrient strategy
applicable to the project, (5 — when applicable) designated local government
requiring Nutrient Offset Credits, and/or (6) DWR authorization number or
delegated local government requiring Riparian Buffer Credits for this project.
K. If the DWR determines that the Bank is operating at a deficit (e.g. the Sponsor is closing
on sales and/or transferring credit that is not available), or the Bank is selling credits out of
compliance with statutes, rules or this Agreement, the sale/transfer of credits will
immediately cease, and the DWR, in consultation with the Sponsor, will determine what
remedial actions are necessary.
X. BANK PARCEL CLOSURE
A. Bank Parcel Closure shall be identified as the event when the Sponsor is relieved of all of
its responsibilities to the Bank Parcel and there are no mitigation credits left to sell.
B. Bank Parcel Closure shall commence only after all of the following events have occurred:
1. Transfer or assign the conservation easement and all of its interests, in perpetuity,
to a land trust or stewardship program as described in Section V of this instrument.
2. All five years of monitoring completed and all monitoring reports submitted and
approved by DWR
3. All credits have been released and debited and updated ledgers showing zero credit
balances have been submitted and approved by DWR.
12
XI. GENERAL PROVISIONS
A. Upon the presentation of proper credentials, and during normal business hours, the Sponsor
and the landowner shall grant permission to the Director of DWR, an authorized
representative of the Director of DWR, to enter the property containing the Bank Parcel(s).
B. Amendments: This Banking Instrument may be amended or modified only with written
approval of all signatory parties.
C. Any transfer of the Sponsor's rights or obligations outlined in this Instrument or any other
agreement referenced in this Instrument to a third party must be approved by DWR prior
to the transfer.
A
D. Force Majeure: After the a� of all available credits, the Sponsor will not be responsible
for Bank failure that is attributed to natural catastrophes including but not limited to flood,
drought, disease, regional pest infestation, etc. that are beyond the control of the Sponsor.
r
E. However, if an event occurs before DWR has releasgd all of the credits, the Sponsor shall
take remedial action to restore the property to its condition prior to the event, in a manner
sufficient to provide adequate mitigation to cover credits that were sold prior to the
occurrence of the event. Such remedial action shall be taken by the Sponsor only to the
extent necessary and appropriate, as determined by DWR and the Sponsor.
DWR must concur in writing that a force majeure event has occurred for this provision to apply.
F. Oversight: Actions taken by DWR may include, but are not limited to, the following:
1. Site visits.
2. BPDP review and approval of items listed in Section V of this instrument.
3. As -Built Report review and approval of items listed in Section VI of this
instrument.
4. Monitoring Report review and approval of items listed in Section VI of this
instrument.
5. Credit Ledger review and approval of items listed in Section IX of this instrument.
6. Certificate review of items listed in Section IX of this instrument and cross analysis
to credit ledgers.
7. Information requests, file reviews and audits
Reports, ledgers, files and other information shall be made available to DWR upon request,
unless otherwise specified in this or any other document.
G. Validity of the Banking Instrument: This Instrument will become valid on the date of the
last party's signature.
H. Specific Language of Banking Instrument Shall Be Controlling: To the extent that specific
language in this document changes, modifies, or deletes terms and conditions contained in
13
those documents that are incorporated into the Instrument by reference, and that are not
legally binding, the specific language within the Instrument shall be controlling.
K. Any disputes over decisions regarding this Instrument, shall be referred to the Director of
DWR for a decision. The Director's decision is subject to review as provided in Articles
3 and 4 of G.S. 15013.
L. This Agreement shall be binding upon the parties and is entered into knowingly,
intelligently, and voluntarily.
M. Notices: All notices and other communications which may be or are required to be given
or made by any party to the other shall be in writing and shall be deemed to have been
properly given and received on the date delivered in person or deposited in the United
States mail, registered or certified, return receipt requested, to the addresses set out below,
or at such other addresses as specified by written notice delivered in accordance herewith.
If to Bank Sponsor: 1430 South Mint Street, Suite 104
Charlotte, NC 28203
Attn: Shawn Wilkerson
Copy to: 5605 Chapel Hill Road, Suite 122
Raleigh, NC 27607
Attn: John Hutton
If to DWR: NC Division of Water Resources — 401 & Buffer Permitting Branch
Attn: Nutrient Offset Banking Coordinator
1617 Mail Service Center
Raleigh, NC 27699-1617
N. Applicable Law: This Agreement shall be construed under the laws of the State of North
Carolina.
14
Wildlands Holdings V, LLC
By: (Print)
(Signature)
Title: {t:,'0e ,�-
Date: 2O ( g
NORTH CAROLINA DEPARTMENT OF ENVIRONMENTAL, QUALITY -DIVISION OF
WATER RESOURCES
By: Llh C�� ae�ner (Print)
(Signature)
Title: �htG�ir.�I1►"ta�� J1ior�iL�-P l,rx6,- 4-Folt"t
Date:
15