HomeMy WebLinkAbout20080511 Ver 1_ L-8 Financial Assurance required_20130530Merritt, Katie
From: jrbonkorUrbonkor@bo|lsmudhoet]
Sent: Thunsday, May 30, 2013 9:41 AM
To: [Noni#. Katie
Subject: Re: Letter of Credit
Please give me a call.. Thanks.. 919213899
From: "Merhtt, Katie" <
To:jrbecker
Sent: Wed, May 29, 2013 3:21:50 PM
Subject: RE: Letter of Credit
Hey Jeff. Today or tomorrow would be great.
From:]rbecke«
Sent: Wednesday, May 29, 2013 3:12 PM
To: Merritt, Katie
Subject: Re: Letter of Credit
what date do you want the letter to be effective from ??
From: "Merhtt,Katie"
To:]rbecker
Sent: Wed, May 29, ZOI] 1:10:03 PM
Subject: RE: Letter of Credit
Hey Jeff,
Greene Environmental had 4 monitoring reports out mf5 approved. The last report was not approved due to the L8
tract. DVVC} has been allowing for a 20% financial assurance reduction with each approved monitoring report.
Therefore, considering you had 4 approved reports, that would be an 80% financial assurance reduction off of the initial
letter mf credit amount.
Since I can't find how much the initial Letter of Credit was secured for, I don't know what 80% would be. YmurNeuse
UIVIB| requires nm less than $1OO,OOO for financial assurance. Therefore, DVVC} would need a minimum mfS2O,OOO1m
ensure compliance with the UIVIB|. (8O% off S1OO,OOO=S2O,OOO).
How does this sound? I have attached the two letters you provided from First Citizens for the LaGrange site. The first
letter was insufficient sm First Citizens sent a second letter. |f First Citizens would combine these two letters into one 1m
cover costs for 5 years for the L-8 Monitoring and give you a Letter of Credit Number & Amount$$, that should be
sufficient. Thank you sm much for your cooperation and understanding.
Katie
From:]rbecker
Sent: Wednesday, May 29, 2013 1253 PM
To: Merritt, Katie
Subject: Re: Letter of Credit
I have an idea that might help .. send me a draft of a letter that will work... I will call our banker and walk him thur the
issue .. Nam Farms has a significant line of credit with First Citizen Bank.. GES will have no issue securing a letter stating
x amount of funds are available for L -8 .. draft me something and I will get right on it
From: "Merritt, Katie" <katie.merritt @ncdenr.gov>
To: jrbecker <i rbecker@ bel Isouth. net>
Cc: Lynn Beaman <Lynn @hamfarms.com>
Sent: Wed, May 29, 2013 12:37:46 PM
Subject: RE: Letter of Credit
Okay, thanks Jeff. Anything will do at this point. I need to know which bank Mr. Ham used to secure that letter of
credit. the DWQ is doing an audit on all financial assurance documents provided by private mitigation banks for nutrient
and buffer sites and I'm having to call all of the financial institutions to determine their status'. Since Little Contentnea
is still in their monitoring phase (L -8), DWQ needs to make sure there are still sufficient funds to provide for the
monitoring of the site until close out. Otherwise, we may have to have your bank issue you another letter of credit. Any
help you can provide will be most appreciated.
Sorry to hear about your friend in the hospital. I hope all is okay and that he can be released soon. If I were him, I think
I'd much rather be in Italy!
Thank you,
Katie
From: jrbecker [ma i lto:irbecker@ bel Isouth. net]
Sent: Wednesday, May 29, 2013 12:24 PM
To: Merritt, Katie
Cc: Lynn Beaman
Subject: Re: Letter of Credit
We are still down east our friend from Italy has not left yet... In fact he is in hospital... long story.. My recollection is we
were only asked to have Mr Ham sign a letter guaranteeing funds were available and secure for the project completion
etc..., I think the reference to this was included in the UMBI.. I will call the office and see if we can find a copy of Mr
Hams letter .. Once we get home I will double check my files... THANKSSS
From: "Merritt, Katie" <katie.merritt @ncdenr.gov>
To: jrbecker <i rbecker@ bel Isouth. net>
Sent: Tue, May 28, 2013 4:39:42 PM
Subject: Letter of Credit
Hey Jeff,
Hope you had a great Memorial Day weekend! Ours was very nice and we stayed home ... for once!
I was going through the Little Contentnea project file and I can't find the Letter of Credit document anywhere. I have no
idea where it is. Would you please send me a copy (pdf is fine) of your Letter of Credit please? I really appreciate it.
Thank you kindly,
Katie
Katie Merritt
Environmental Senior Compliance Specialist & Nutrient Offset Bank Coordinator
Wetlands & Stormwater Branch
NCDENR- Division of Water Quality
Work: 919 - 807 -6371
Website: http://portal.ncdenr.org/web/wq/swp/ws/webscape
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