20070747 Ver 1_FS Audit Letter_20200310

ROY COOPER
Governor
MICHAEL S. REGAN
Secretary
S. DANIEL SMITH
Director
NORTH CAROLINA
Environmental Quality
March 10, 2020
John Preyer
RS Flat Swamp, LLC
1101 Haynes Street, Suite 211
Raleigh, NC 27604
(via electronic mail: john(&restorationsystems.com )
Re: Audit of Credit Sales for the Flat Swamp Mitigation Bank (DWR# 2007-0747)
Dear Mr. Preyer:
On January 29, 2020, Katie Merritt with the Division of Water Resources (DWR) notified RS Flat
Swamp, LLC, that DWR was performing an audit of all nutrient offset and riparian buffer mitigation
credit sales for all private nutrient offset and buffer mitigation banks in North Carolina. Along with
this notification, Ms. Merritt requested all credit ledgers along with all corresponding receipts and local
government approval/verification letters for the Flat Swamp Bank from July 1, 2018-December 31,
2019.
On February 25, 2020, DWR received all the requested documentation as well as additional
supporting materials for transactions through February 25, 2020. Findings from this audit suggest
that all credit sales are compliant up to February 25, 2020. Approved balances on the buffer ledger
and nutrient offset ledger are as follows:
Ledger
Balance as of 2/25/2020
Buffer Ledger
126,617.60 ft2
Nitrogen Nutrient Offset Ledger
709,243.69 pounds
Thank you for your cooperation with this audit. Copies of the approved ledgers dated February 25,
2020 are attached. For any questions regarding this correspondence, please contact Katie Merritt at
[phone]
Sincerely,
DocuSignedby:
w Ur,uuAAJA^,i*
A43C72700BD543E...
Katie Merritt
401 & Buffer Permitting Branch
cc: File Copy (Katie Merritt)
Barrett Jenkins & Tiffani Bylow— Restoration Systems, LLC (via electronic mail)
D E Q713512 North Carolina Department of Environmental Quality I Division of Water Resources
North Salisbury Street 1 1617 Mail Service Center I Raleigh, North Carolina 27699-1617
NORTH CRROLINA �
0. hMm9�W.­Wo�.oh 919.707.9000