20070747 Ver 1_Financial Assurance Reduction Approval_20110622

NCDEE R
North Carolina Department of Environment and Natural Resources
Division of Water Quality
Beverly Eaves Perdue Coleen H. Sullins
Governor Director
June 22, 2011
Mr. Doug Lashley
Greenvest/Flat Swamp, LLC
726 Second Street, Suite 3B
Annapolis, MD 21403
Re: Financial Assurance Reduction Approval
Flat Swamp Buffer Bank
Craven County
DWQ #07-0747
Dear Mr. Lashley:
Dee Freeman
Secretary
DWQ has received your request to reduce your financial assurance for the performance
obligations of GV/Flat Swamp LLC for the Flat Swamp Buffer Bank. Other nutrient
offset/buffer banks have been allowed per their MBIs to reduce their monitoring bonds/financial
assurance by 20% following each yearly monitoring report approval by DWO. Since you have
requested a change that aligns with the implementation of the financial assurance provisions of
more recent MBIs, in this case we will allow the following:
As of February 3, 2011, you received approval and credit release for 2 yearly monitoring reports,
allowing for a 40% reduction of your letter of credit. Therefore, your request to reduce your
financial assurance from $100,000 to $60,000 from CFG Community Bank or Annapolis
Community Bank is hereby approved. Additionally, following DWQ credit releases of future
approved monitoring reports, you are allowed to reduce financial assurances by an additional
20% as long as the site still meets DWQ success criteria.
Additionally, as discussed in the June 17, 2011 meeting, DWQ recommends that you revise your
MBI to include the changes we discussed, including financial assurances, credit sale approval,
BPDP acreage specifications, etc. Please feel free to contact Katie Merritt at [phone] if
you have any questions regarding this correspondence.
Sincerely,
Karen Higgins, Supervisor
Wetlands, Buffers, Stormwater, Compliance and
Permitting Unit
Wetlands, Buffers, Stormwater, Compliance and Permitting Unit
1650 Mail Service Center, Raleigh, North Carolina 27699-1650
Location: 512 N. Salisbury St., Raleigh, North Carolina 27604 (91, Floor)
Phone: [phone] FAX: [phone]
Internet: http://portal.ncdenr.org/web/wq/swp/ws/webscape
NorthCarohna
?aturall?
An Equal Opportunity \ Affirmative Action Employer
Greenvest/Flat Swamp, LLC
Flat Swamp Mitigation Bank
Page 2 of 2
June 22, 2011
KAH/lmg
cc: File copy (Katie Merritt)
Ms. Faye B. Currie, CFG Community Bank, 1419 Forest Drive Ste 10, Annapolis, MD 21403