20070747 Ver 1_Credit Release 1_20091130

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NCDENR
North Carolina Department of Environment and Natural Resources
Division; of Water Quality
Beverly Eaves Perdue Coleen H. Sullins
Governor Director
Mr. Scott Frederick
Greenvest/Flat Swamp, LLC
1001 Capability Drive, Suite 312
Raleigh, NC 27606
November 30, 2009
Re: Credit Release #1
Flat Swamp Buffer Bank
Craven County
DWQ #07-0747
Dee Freeman
Secretary
Dear Mr. Frederick:
We have received the following documents related to the above-referenced bank parcel on
October 23, 2009: Conservation Easement Survey dated October 20, 2009; As-Built Survey and
Report dated October 21, 2009, and Letter of Credit dated October 9, 2009.
The Bank Parcel Development Package"and Mitigation Banking Instrument were approved
through execution of the MBI by the Director on June 15, 2009.
According to the MBI, the following Project Milestones have been met, and the corresponding
credits shall be released:
Milestones Credit
1) BPDP approval by DWQ, Conservation Easement Recorded
and financial assurances provided 20%
2) Mitigation Site Earthwork, Planting, and Installation of
Monitoring Plots 20%
3) Approval of As-Built Report 10%
TOTAL 50%
401 Oversight/Express Review Permitting Unit
1650 Mail Service Center, Raleigh, North Carolina 27699-1650
Location: 2321 Crabtree Blvd., Raleigh, North Carolina 27604
Phone: [phone] FAX: [phone]
Internet: http://h2o.enr.state.nc,us/ncwetiands/
NorthCarohna
Aaturalj?yAn Equal Opportunity 1 Affirmative Action Employer

Mr. Frederick
Flat Swamp Mitigation Bank
Page 2 of 2
11/30/2009
By copy of this correspondence, DWQ confirms that you have satisfied the above requirements
for the above-referenced tract and 50% of your nutrient offset credits (0.5 x 649,879.14 =
324,939.57 lb-N) are now available for sale. Also, 50 /0 of your riparian buffer credits (0.5 x
20.34 =10.17 credits) are now available for sale.
Upon submittal of documentation of the successful completion of Year 1 of monitoring and
submittal of the Year 1 Monitoring Report, DWQ wilt release an additional 10% of the credits
resulting from the successful completion of Task 4 of your credit release schedule.
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.
Please feel free to contact Eric Kulz at [phone] if you have any questions regarding this
correspondence.
Sincerely,
Cyndi B.;-Karoly, Program Manager
401 Oversight and Express Review Program
cc: File Copy (Eric Kulz)