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Home My WebLink About20070747 Ver 1_Mitigation Information_20110523r-c-:(=(21 Strategic Partner May 18, 2011 Ms. Cyndi B. Karoly, Program Manager Mr. Ian McMillan, Acting Supervisor Express Review Program Division of Water Quality North Carolina Department of Environment and Natural Resources 2321 Crabtree Blvd. Raleigh, North Carolina 27604 RE: Flat Swamp Buffer Bank Craven County DWQ #07-0747 Dear Ms. Karoly and Mr. McMillan, On or about May 29, 2009 the department approved the above referenced Neuse River Riparian Buffer and Nutrient Mitigation Banking Instrument. The project has been nothing but a success with both approved Project Milestones after two full years growing seasons as well as consistent nutrient offset transactions. Both of these factors are indicative of the success of North Carolina's program and we are grateful for being a part of this environmentally preferred method of offsetting water quality impacts. For your easy reference I attach a copy of both the January 2010 and February 2011, Project Milestone approval letters issued by your department. We are clearly on track to achieving success for the entire perquisite maintenance and monitoring period. We welcome the opportunity to show you the site. Since we have successfully navigated the first two years of the 5 year maintenance and monitoring period I am requesting that you give consideration to releasing 2/5ths of our financial assurance or a sum of $40,000 of the total $100,000 that has been posted. This does not involve distribution of funds by the State but notice to our letter of credit provider that the letter of credit can be reduced by $40,000. We had to post cash collateral on a dollar by dollar basis to secure the letter of credit so securing an authorized reduction would be helpful at this point. bland ` :AT:+ New Jersev 220 Lenox Avenue Westfield, NJ 07090 908.233-5222 Fax 908-233-1883 North Carolina 1001 Capability Drive Research Bldg. 1, Suite 312 Centennial Campus Raleigh, NC 27606 919-831-1234 Fax 919-831-1121 Maryland 726 Second Street, Suite 3B Annapolis, MD 21403 410-268-7422 Fax 410-268-7423 WWW.Igr"five tfls com r-sf=el Strategic PaifIW We appreciate your consideration. If the request is acceptable please let me know and I will provide a form letter needed by the bank to accommodate our request. I would also be happy to discuss the issue with you if additional conversation is needed. Very t ly your Do Lash Co-Maria ' Member GV/Flat Swamp LLC New jersey 220 Lenox Avenue Westfield, NJ 07090 908-233-5222 Fax 908-233-1883 North Carolina 1001 Capability Drive Research Bldg, 1, Suite 312 Centennial Campus Raleigh, NC 27606 919-831-1234 Fax 919-831-1121 Maryland 726 Second Street, Suite 3B Annapolis, MD 21403 410-268-7422 Fax 410-268-7423 www.grsemwsft.com NC EMI* North Carolina Department of Environment and Natural Resource, r - fi J "f r'r=5 Per' {°r een I t St;? Ins January 11, 2010 Mr. Scott Frederick Greenvest/Flat Swamp. LLC 1001 Capability Drive. Suite 312 Raleigh, NC 27606 Re: Credit Release P? Mat Swatnp 1311 11er Bank Craven County DWQ '07-0747 Dear Mr. Frederick: Dee k't€ E>rnbin We have received the Year 1 Monitoring Report dated December 22, 2009 which documents the first growing season at the flat Swamp property, Based on the data presented in the report, all monitoring plots exceeded the success criterion of 320 stems per acre. According to the MBI. the follovv°ing Project Milestones have been met, and the corresponding credits shall be released: Milestones Credit 1) Submittal and approval of Year I Monitoring Report I OIN) By copy of this correspondence, DWQ confirms that you have satisfied the above requirements for the above referenced tract and 100/, of pour nutrient offset credits (0.1 x 649,879.14 = 61,987.91 lb-hi) are now available for sale. Also, 10% ofyour riparian buffer credits (0.1 x 20.34 = 2.034 credits) are now available for sale. A total of 389,927.48 lb N (60%) have been released for this site. Also, a total of 12.204 acres of Meuse riparian buffer credits have been released to date. Please note that credits generated at this site must he used for impacts in H UC: 03020202. _ Dttc. r , Not/tliCarol i wt Mr. Frederick fiat Swamp Mitigation Bank Pace 2 4 2 L 1 P2010 Please note that the ledger submitted with your Year I Monitoring report was blank. e.g. did not show any available credit. The ledger should reflect both Credit Release #I (November 30. 2009) and this credit release. 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 c ompensztory mitigation. Please feel free to contact Eric Kulz at (919) 733-1786 it'you har=e any questions regarding this correspondence. G r= Sincerely. ,• ? r fly .f ..i QN-ndi B. Karoly. Program Manager 401 (h,ersight and Express Review Program cc: bile Copy (Eric Kulz) L A MEW North Carolina Department of Environment and Natural Resources Division of Water Quality Beverly Eaves Perdue Coleen H. Sullins Dee Freeman Governor Director Secretary February 3, 2011 Mr. Bob Kessler Greenvest/Flat Swamp, LLC 4405 Dewees Ct Raleigh, NC 27612 Re: Credit Release #3 Flat Swamp Buffer Bank Craven County DWQ #07-0747 Dear Mr. Frederick: We received the Year 2 Monitoring Report, dated January 10, 2011, on January 18, 2011, documenting the second growing season at the Flat Swamp property. Based on the data presented in the report, all monitoring plots exceeded the success criterion of 320 stems per acre. According to the MBI, the following Project Milestones have been met, and the corresponding credits shall be released: Milestones Credit 5) Submittal and Approval of Year 2 Monitoring Report 10% By copy of this correspondence, DWQ confirms that you have satisfied the above requirements for the above-referenced tract and 10% of your nutrient offset credits (0.1 x 649,879.14 = 64,987.91 lb-N) are now available for sale. Also, 10% of your riparian buffer credits (0.1 x 20.34 = 2.034 credits) are now available for sale. A total of 454,915.40 lb N (70%) have been released for this site. Also, a total of 14.238 acres of Neuse riparian buffer credits have been released to date. Please note that credits generated at this site must be used for impacts in HUC 03020202. 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. 401 OversighVExpress Review Permitting unit 1650 Mail Service Center, Ralegh, North Carolina 27699-1650 Location: 512 N. Salisbury St, 9t^ Floor, Raleigh, North Carolina 27604 Phone: 919-807-6301 l FAX: 919-807-6494 Internet: http://portal,ncdenr.org/web/wq/swp/ws/401 North Carolina NatiWdil& An Equal Opportunity 1 Arfirrnal-ve Action Employer Greenvest/Flat Swamp, LLC Flat Swamp Mitigation Bank Page 2 of 2 February 3, 2011 Please feel free to contact Lia Myott Gilleski at (919) 807-6446 if you have any questions regarding this correspondence. IJM/lmg Sincerely, Ian McMillan, Acting Supervisor 401 Oversight/Express Review Program cc: File copy