20110720 Ver 1_Approval Letter_20131004

C EN
North Carolina Department of Environment and Natural Resources
Division of Water Resources
Water Quality Programs
Pat McCrory Thomas A. Reeder John E, Skvarla, III
Governor Director Secretary
October 4, 2013
DWQ Project # 2011- 0720v1
Mr. Thomas Rinker Orange County
Environmental Banc & Exchange, LLC
909 Capability Drive, Suite 3100
Raleigh, NC 27606
Re: Financial Assurance Reduction Approval
Forrest Creek UT -2 Bank Parcel
Dear Mr. Rinker:
On October 4, 2013, the Division of Water Quality, hereby referred to as Division of Water
Resources (DWR), received a request for approval to reduce the financial assurance required for
the monitoring and maintenance performance obligations of Environmental Banc & Exchange,
LLC for the Forrest Creek UT -2 Nutrient Offset mitigation bank in Orange County, North
Carolina. Since your request aligns with the implementation of the financial assurance
provisions of your Upper Neuse Riparian Buffer and Nutrient Umbrella Mitigation Banking
Instrument (UMBI), we will allow the following:
DWR approved the second and third year annual monitoring reports for the subject mitigation
bank on January 2, 2013 and October 4, 2013 respectively, and submitted credit release letters
documenting those approvals. Therefore, your request to reduce the financial assurance
(Performance Bond No. 1000931772) from $80,000 to $40,000.00 from United States Surety
Company is hereby approved. This reduction is 60% of the original Performance Bond amount
of $100,000.00.
Additionally, following DWR approval of future monitoring reports, you may request an
additional 20% bond reduction as long as the site still meets DWR success criteria. This site has
at least 2 more years of monitoring and maintenance.
401 and Buffer Permitting Unit
1650 Mail Service Center, Raleigh, North Carolina 27699 -1650
Location: 512 N, Salisbury St, Raleigh, North Carolina 27604
Phone: [phone] FAX: [phone]
Internet: www.ncwaterquality.org
An Equal Opportunity 1 Affirmative Action Employer

Environmental Banc & Exchange, LLC
October 4, 2013
Page 2 of 2
Please feel free to contact Katie Merritt at (919) 807 -6371 if you have any questions regarding
this correspondence.
Sincerely,
KAH/kym
cc: File copy (Katie Merritt)
Tommy Cousins (via electronic mail)