20200047 Ver 2_AsbuiltBaseline_V2_20211024

Mitigation Project Information Upload
ID#* 20200047 Version* 2
.........................................................................................................................................................................
Select Reviewer:*
Katie Merritt
Initial Review Completed Date 11/03/2021
Mitigation Project Submittal - 10/24/2021
......................................................................................................................................................................................................................................................................................................................................................................................................
Is this a Prospectus,Technical Proposal or a New Site?* 0 Yes ® No
Type of Mitigation Project:*
Stream Wetlands Buffer Nutrient Offset
(Select all that apply)
Project Contact Information
Email Address:*
Contact Name:* mherrmann@watershedinvestment
Michael Herrmann snc.net
Project Information
......................................................................................................................................................................................................................................................................................................................................................................................................
ID#:* 20200047 Version:*2
Existing ID# Existing Version
Project Type: DMS • Mitigation Bank
Project Name: Banished Bull Buffer and Nutrient Offset Bank
County: Orange
Document Information
......................................................................................................................................................................................................................................................................................................................................................................................................
Mitigation Document Type:*
Mitigation As-Built Plans
File Upload: Banished_AsbuiltBaseline_V2.pdf 18.09MB
Please upload only one PDF of the complete file that needs to be submitted...
Signature
Print Name:* Michael Herrmann
Signature:*
ra4 el( t•t.owere..rt

jot WATERSHED
Investments
0)
-11,11110
October 24, 2021
Katie Merritt
Nutrient Offset& Buffer Banking Coordinator
NCDENR-Division of Water Resources
1617 Mail Service Center
Raleigh,NC 27699-1617
Subject: Revised Banished Bull As-Built- Version 2 (DWR# 2020-0047)
Dear Ms. Merritt:
This comment summary is provided on Version 1 of the As-built report for the Banished Bull
Buffer and Nutrient Offset Bank Mitigation Bank that was submitting for your review on June
24th, 2021. A summary of DWR's comments and responses is included as a preface to this
report.
If you need to discuss the project,please contact me at [e-mail]
(email) or 919-559-6264 (phone).
Sincerely,
L1
Mike Hellmann
1630 Weatherford Circle,Raleigh NC 27604 I Tel :[phone] I www.watershedinvestmentsnc.net

Summary of DWR Comments on Version 1 of the Banished Bull As-Built Report
and Reponses.
Appendix
Comment 1: As-Built Report Survey: Survey provided in the report is not compliant with the MBI. On
September 10,2021, you provided a compliant survey,signed and sealed by a licensed surveyor.
Response: The non-compliant survey was removed and replaced with the compliant one which can be
found in Appendix A.
Comment 2: As-Built Project Credit Table: The credit table provided with the report is not
accurate and does not reflect the total credits generated at the site. On September 10, 2021, you
provided a revised credit table.
a. All area totals on the credit table match the signed/sealed survey totals(in square
feet). Therefore,DWR will use this credit table (see attached)to issue future credit releases.
Response:
Area references for buffer mitigation,nutrient offset and total areas have been revised to reflect data
found in the updated survey figure. The following sections were updated:
o Section 4.0 Mitigation Potential-Table and text on Mitigation Area by Drainage Feature
o Table 1. Project Credits Table.
Comment 3: As-Built Report text does not reflect changes to credits based on the signed survey
received September 10, 2021. Therefore, DWR will not use credit totals represented in text
within the As-Built Report to issue future credits releases. All credit releases will be issued
using the credit totals as noted in comment#2a above.
Response: Disregarded comment at the direction of NCDWR. Email Communication from K.Merritt
(10/4/21)"Please disregard Comment#3 below. The signed/sealed As-Built survey where the feature
types are accurately depicted will suffice for this comment."
Comment: 4. Figure 3: The figure does not have labels depicting feature types (Stream,
Ephemeral, etc). There should be labels on the figure as they are presented for feature types
shown in the project credit table. Please address accordingly and submit revised documentation.
Response: Streams on Figure 3 have been labeled to reflect their designation type as perennial or
ephemeral.
Additional Edits
Revised Table 2. Project Activities and Reporting History to reflect activities leading up to and including
this revision to the As-built report.

Section 1.Introduction- Included information on the recorded easement area and mitigation area in the
Project information table.
Section 3.1.Noted that supplemental planting of 14 one-gallon plants occurred in October 2021 due to a
minor easement area adjustment that occurred prior to the completion of the easment but after bare-root
planting that occurred in December 2020.
Appendix D. Completed Conservation Easement—Replaced prior copy of the easement which included a
watermark with one that no longer includes the watermark.
Appendix F.Financial Assurance—Provided a copy of the Financial Assurance to covering project site
monitoring.
Appendix G.As-Built Site NCDWR Site Visit Documentation—Follow-up documentation and activities
related to NCDWR's 8/12/21 Site Visit.

ASBUILT & BASELINE MONITORING REPORT
For NC Division of Water Resources
Banished Bull Buffer and Nutrient Offset Bank Parcel
Falls Lake Watershed
Neuse River Basin HUC 03020201
Orange County, NC
DWR# 2020-0047
ti
OCTOBER 24, 2021
Prepared by:
Axiom Environmental,Inc.
218 Snow Avenue
Raleigh,NC 27603
Phone: [phone]
Axiom Environmental,Inc.
Prepared for: WATERSHED
Watershed Investments NC,LLC aide Investments
1630 Weatherford Circle
Raleigh,NC 27604
Phone: [phone]

TABLE OF CONTENTS
1.0 INTRODUCTION 1
2.0 PROJECT LOCATION 1
2.1 Land Use 2
2.2 Historic Vegetation 2
3.0 PROJECT PLANTING PLAN 2
3.1 Riparian Restoration Activities 2
3.2 Easement Boundaries 3
4.0 MITIGATION POTENTIAL 3
5.0 PROJECT MONITORING AND PERFORMANCE STANDARDS 4
5.1 Success Criteria 4
5.2 Project Monitoring Plan 4
5.3 Adaptive Management Plan 4
5.4 Long Term Management Plan 5
6.0 FINANCIAL ASSURANCE 5
7.0 REFERENCES 6
APPENDICES
APPENDIX A. GENERAL FIGURES AND TABLES
Figure 1. Site Location
Figure 2. Current Conditions Plan View
Figure 3. Component and Asset Map
As-built Survey
Table 1. Project Credits
Table 2. Project Activity and Reporting History
Table 3. Project Contacts Table
Table 4. Project Baseline Information and Attributes
APPENDIX B. BASELINE VEGETATION DATA
Table 5. Planting List
Table 6. Riparian Buffer Vegetation Totals
Table 7. Planted and Total Stems by Plot and Species
Table 8. Seed Mix
Vegetation Plot Photographs
Herbicide Application Logs
Soil Report
APPENDIX C. DWR STREAM DETERMINATION
APPENDIX D. CONSERVATION EASEMENT
APPENDIX E. DIVISION OF WATER RESOURCE PROJECT VIABILITY LETTER
APPENDIX F. FINANCIAL ASSURANCE
APPENDIX G.AS-BUILT SITE VISIT COMMUNICATIONS AND FOLLOW-UP
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DWR Pmject#2020-0047

1.0 INTRODUCTION
Watershed Investments NC(Sponsor) is pleased to provide the NC Division of Water Resources (DWR) this
Asbuilt&Baseline Monitoring Report for the Banished Bull Mitigation Site (Site). The purpose of this
project is to generate Falls Lake riparian buffer restoration mitigation credits as well as nutrient offset credits.
The Site is included in the Banished Bull Mitigation Banking Instrument (MBI) for Riparian Buffer Mitigation
and Nutrient Offset Credits signed between Watershed Investments NC,LLC and the NC Division of Water
Resources (DWR) effective on November 17th,2020. The MBI is in accordance with 15A NCAC 02B .0295
(Temporary Consolidated Buffer Mitigation Rule,effective October 24,2014) and 15A NCAC 02B .0240
(Nutrient Offset Payments Rule).
The Site encompasses 8.72 acres of land along unnamed tributaries to South Fork Little River and is located
in Orange County. Project information is included in tables in Appendix A.
Project Information
Project Name Banished Bull Mitigation Site
County Orange
Project Coordinates 36.1500,-79.0461
Easement Acreage 8.72 acres
Mitigation Acreage 8.156 acres
Conservation easements were placed over the Site June 21st,2021 and recorded at the Orange County
Register of Deeds and is provided in Appendix D.
NC DWR visited the site on January 28,2020 and completed determination of hydrologic features (See
Appendix C). NC DWR rated the mainstem channel(mainstem) that flows northeast across the site to the
South Fork of the Little River as perennial. NC DWR also rated as ephemeral an unnamed tributary that
flows north to the mainstem.
The project has restored forest adjacent to surface water features and fenced out cattle to reduce nutrients
that flow into the Site,and ultimately Falls Lake. The project will have ancillary benefits that include reducing
sediment runoff,reducing nutrients to streams through agricultural runoff,and thus,improving aquatic and
terrestrial habitat. Any nutrient offset or riparian buffer mitigation generated from this Bank Parcel may
offset impacts from development,both existing and proposed,within areas of HUC 03020201.
2.0 PROJECT LOCATION
The Site is located approximately 6 miles northeast of Hillsborough,NC (Figure 1,Appendix A). Surface
water drainage features at the Site are part of the Upper Falls Lake Watershed. The Site is located in the
Neuse River Basin 14-digit United States Geological Survey(USGS) Cataloging Unit 03020201020020 of the
South Atlantic/Gulf Region (North Carolina Division of Water Quality[NCDWQ] Sub-basin Number 03-
04-01).
The Site Address is 4321 Schley Road,Hillsborough,NC 27278. To access the Site,park on the side of
Schley Road and enter from the Road. Directions to the Site follow:
. . .
1
Banished Bull Asbuilt&Baseline Document Watershed Investments NC
DWR Pmject#2020-0047

From the East
• Take 1-40 W and NC- 147 N through Durham to 1- 85 South
• Take exit 170 from 1-85 South and Turn Right at the first light onto Pleasant Green Road.
• Proceed 10 miles on Pleasant Green Rd.which becomes Schley Rd after the intersection
with St.Marys Rd.
• Site will be located on the left.
From the West
• Take 1-40 E/ 1- 85 N Past Burlington and Graham,NC
• Take exit 161 from 1-40 E/ 1- 85 N to US- 70 East. Follow 3 miles to Hillsborough.
• Turn left on NC- 86 and follow for 0. 5miles.
• Turn Right on NC- 57 N.Follow 5 miles
• Turn Right on Schley Road and the site is on the Right after approximately 1 mile.
2.1 Land Use
Based on historical aerial photography,land uses at the Site between 1975 and 1993 included hay production,
pasture for cattle,and commercial chicken production using a confined animal feeding operation. Confined
animal operation structures were removed between 1993 and 1998 and the site has alternated between hay
production and pasture for cattle since. Prior to construction,the Site was used as non-forested pasture for
cattle. Upstream land uses include a mix of forest and cattle pasture and has remained consistent since 1975.
The adjacent parcel to the west of the Site is currently owned by Orange County as future parkland.
2.2 Historic Vegetation
Prior to construction,both the mainstem and UT to mainstem lack riparian buffer and forested riparian area.
Areas within 200 feet of the stream were used as cattle pasture since before 1975. Fescue and a mix of other
herbaceous vegetation were predominant within the riparian areas. A small number of mature trees were
present at the lower end of the mainstem including red maple (Acer rubrum),sweetgum (Liquidambar styrac ua),
and Eastern Red Cedar (Iuniperus viyginiana).
3.0 PROJECT PLANTING PLAN
3.1 Riparian Restoration Activities
The riparian restoration was conducted according to the consolidated buffer rule 15A NCAC 02B .0295.
Restored plant communities within the Site will provide stabilization and improve water quality and habitat
within Nutrient Sensitive Waters of Falls Lake. The protected buffer easements were planted up to 200 feet
from the top of the stream bank,with appropriate native species observed in the surrounding forest and
species known to occur in similar environmental settings.
Site preparation began on October 14,2020. Site preparation included spraying undesirable fescue within the
entire Site with an aquatic-safe glyphosate herbicide. The application was conducted by Ripple EcoSolutions,
a licensed application specialist;logs are included in Appendix B. Additional preparation activities included
application of a temporary and permanent herbaceous seed mix across the site at a rate of 10 lbs per acre
(Table 8,Appendix B). Based on soil reports submitted to the NCDA&CS Agronomic Division no soil
amendments were recommended prior to site planting,the soil report is included in Appendix B.
• • •
2
Banished BullAsbuilt&Baseline Document Watershed Investments NC
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Tree planting of bare root stems at the Site included planting 6150 bare root trees and 150 livestakes (Table 5,
Appendix B). Planted stock consisted of high-quality bare root plants approximately 24 inches in height.
Seedlings were hand-planted using IBC planting bars and were pretreated with an endo/ectomycorrhizal
spore root treatment. Livestakes were used to improve streambank conditions in areas affected by cattle
impacts to provide vegetative coverage,riparian habitat,and stream bank conditions.
An adjustment to fencing near the easement crossing resulted in an area less than 0.05 acres with lower
density planting. Supplemental planting of this area with 14 1-gallon native hardwood plants planted on 12x
12-foot spacing occurred October 17th,2021.Species planted included River Birch (Betula nigra) (5),
American Sycamore (Platanus occidentalis) (4),and Swamp Chestnut Oak(Quercus michauxii) (5).
On 8/12/21,NCDWR visited the Project Site to verify site activities documented in the preliminary As-Built
report submitted on 6/24/21. Communication and documentation related to the site visit and follow-up
activities are included in Appendix G including requested transect monitoring data of the site.
3.2 Easement Boundaries
A conservation easement was secured along with access easements necessary to provide permanent access to
the conservation easement areas. The easement is secured by high tensile electrified fencing,easement
crossings are secured by gates at each entrance.Additionally,easement boundaries are identified with metal t-
posts with easement signs spaced at intervals that will ensure clear distinction of the conservation limits and
access easement. Boundaries may be further identified by marker,bollard,post,tree-blazing,or other means
as allowed by site conditions and/or conservation easement. Boundary markers disturbed,damaged,or
destroyed will be repaired and/or replaced on an as needed basis. The easement boundaries will be checked
annually as part of monitoring activities with the status of the boundaries reported in annual monitoring
reports.
4.0 MITIGATION POTENTIAL
An area of 8.156 acres at the site is being restored with credits being divided between Buffer Mitigation
(212,901 ft2 or 4.887 acres) and Nutrient Offset(142,384 ft2 or 3.269 acres). Applying DWR's credit
generation for calculating nutrient reduction for riparian restoration of agricultural land detailed in the Site's
MBI,the proposed nutrient offset area would generate reductions of 7429.793 nitrogen and 478.536 lbs.
phosphorus. Detailed credit calculations are included in Tables 1A-1D (Appendix A).
The following table details restoration activities per drainage feature. In accordance with the Consolidated
Buffer Rule 15A NCAC 02B. 0295 (o)(7) the area of the mitigation Site on ephemeral channel(i.e., 11%) is
less than 25 percent of the total buffer mitigation area.
Mitigation Area by Drainage Feature- Banished Bull
Feature Name Riparian Buffer Total Area (ac) Total Area (%)
Restoration Area(ft2)
0-100 feet
Mainstem 188,931 4.337 89%
UT to Mainstem 23,970 0.550 11%
Total Area 212,901 4.887 100%
The Sponsor will maintain the following three credit ledgers:
• •3 �
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DWR Pmject#2020-0047

1. Buffer restoration credit ledger;
2. Nitrogen nutrient offset credits;and
3. Phosphorus nutrient offset credit ledger.
Pursuant to the Site's MBI,the transfer any nutrient offset credits in 101-200'to buffer mitigation credits is
not allowed.
As allowed in the Site MBI and upon written approval from DWR,Riparian Buffer mitigation credits may be
used to generate either Neuse riparian buffer credit or nutrient offset credit.With each conversion and
transfer request submitted to the NCDWR,the Sponsor will provide all updated credit ledgers showing all
transactions that have occurred up to the date of the request.
5.0 PROJECT MONITORING AND PERFORMANCE STANDARDS
5.1 Success Criteria
Pursuant to criteria found in the Consolidated Buffer Mitigation Rule 15A NCAC 02B .0295 and Banished
Bull MBI,vegetative success for the Site will require the survival of at least 260 planted trees per acre at the
end of Year 5 based on monitoring data compiled for the site and site visits by the DWR. Additional
measures of vegetative success include the survival of at least four native hardwood tree species,where no
one species is greater than 50 percent of the established stems. Desirable native volunteer species may be
included to meet the performance standards as determined by NC Division of Water Resources
DWR.
A visual assessment of the conservation easement will also be performed each year to confirm:
• No encroachment has occurred;
• No invasive species in areas where invasive species were treated;
• Diffuse flow is being maintained in the conservation easement areas;and
• There has not been any cutting,clearing, filling,grading,or similar activities that would
negatively affect the functioning of the buffer.
5.2 Project Monitoring Plan
Riparian vegetation monitoring will be based on the CVS Level 1-2 Protocol for Recording Vegetation, Version 4.2
(Lee et al. 2008). Annual vegetation monitoring will occur each year during the fall season with the first year
for each Phase occurring at least 5 months after initial planting of the Tract/s.Vegetation monitoring plots
measure 0.0247 acre in size and cover 2%of the planted area. Accordingly,eight (8)permanent vegetative
plots will be used to monitor vegetation plots.A reference photo will be taken of each plot. All planted stems
in the plots will be marked with flagging tape and recorded. Data collected will include species,height,
planting type (planted stem or volunteer),and grid location. Baseline data was collected on February 4,2021
by Axiom Environmental and derived an average density of 718 planted stems per acre (excluding livestakes)
(Table 7,Appendix B).
The Sponsor shall submit to DWR an annual monitoring report for each phase,no later than December 31 of
each year for five consecutive years. Reports will document the success of the vegetation and any
maintenance, supplemental planting,or encroachment within the easement areas.
• • •
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Banished BullAsbuilt&Baseline Document Watershed Investments NC
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5.3 Adaptive Management Plan
In the event that the Site,or a specific component of the Site,fails to achieve the defined performance
standards,WINC will develop necessary adaptive management plans and/or implement appropriate remedial
actions for the Site in coordination with DWR. Remedial actions will be designed to achieve the performance
standards specified previously,and will include identification of the causes of failure,remedial design
approach,work schedule,and monitoring criteria that will take into account physical and climatic conditions.
If mowing is deemed necessary by WINO during the monitoring period,WINC must receive approval by the
DWR prior to any mowing activities to ensure that no buffer violations have been performed.Failure to
receive approval to mow within the Neuse River buffer,as defined in 15A NCAC 02B. 0233,by the DWR
could result in Neuse buffer violations and violations of the conservation easement.If necessary,WINO will
develop a species-specific control plan.
5.4 Long Term Management Plan
WINC acting as the Bank Sponsor,recorded the Conservation Easement with the Orange County Register of
Deeds Office.The Conservation Easement has been assigned to Unique Places to Save.All monitoring
activities,including periodic inspections of the Site to ensure that restrictions required in the Conservation
Easement are upheld,are the responsibility of WINO until the Bank Parcel is transferred to Unique Places to
Save.Endowment funds required to uphold the Banished Bull Bank Parcel conservation easement in
perpetuity shall be negotiated prior to Site transfer to Unique Places to Save.The Bank Sponsor will ensure
that the Conservation Easement has allowed for the implementation of an initial monitoring phase,which will
be developed during the design phase and conducted by the Bank Sponsor.The Conservation Easement will
allow for yearly monitoring and,if necessary,maintenance of the Parcel during the initial five-year
monitoring phase.These activities will be conducted in accordance with the terms and conditions of the
Banished Bull Riparian Buffer Mitigation Banking Instrument made and entered into by WINC and DWR.
6.0 FINANCIAL ASSURANCE
To comply with the MBI,a monitoring bond will cover the monitoring costs for the entire Site,or,at a
minimum,be in the amount of at least$100,000 and shall be able to cover 100 percent of the costs associated
with the monitoring and maintenance of the riparian restoration areas for five years.
Performance bonds for monitoring shall be renewed to cover the next years monitoring period,with
confirmation of renewal provided to DWR with each annual monitoring report when applicable.DWR
reserves the right to alter the credit release schedule if monitoring reports are submitted without proof of
bond renewals when applicable.
• •5 �
Banished BullAsbuilt&Baseline Document Watershed Investments NC
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7.0 REFERENCES
Griffith, G.E.,Omernik,J.M., Comstock,J.A.,Schafale,M.P.,McNab,W.H.,Lenat,D.R.,and MacPherson,
T.F.,2002,Ecoregions of North Carolina,U.S. Environmental Protection Agency,Corvallis,OR.
Lee,M.T.,R.K.Peet,S.D.Roberts,and T.R.Wentworth. 2008. CVS-EEP Protocol for Recording
Vegetation,Level 1-2 Plot Version 4.2. Ecosystem Enhancement Program,North Carolina
Department of Environment and Natural Resources.
Shafale,M.P.,and Weakley,A.S. 1990. Classification of the natural communities of North Carolina,third
approximation. NC Department of Environment and Natural Resources,Natural Heritage Program.
Raleigh,NC.
• • •
6
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DWR Pmject#2020-0047

APPENDIX A
GENERAL FIGURES AND TABLES
Figure 1. Site Location
Figure 2. Current Conditions Plan View
Figure 3. Component and Asset Map
As-built Survey
Table 1. Project Credits
Table 2. Project Activity and Reporting History
Table 3. Project Contacts Table
Table 4. Project Baseline Information and Attributes
Appendices
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DWR Pmject#2020-0047

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LEGEND: z \-., TOTAL NUTRIENT
STREAM ASBUILT TOB-TOB \
J\ OFFSET 142384.10 3.26
CONSERVATION EASEMENT LINE \ \
STATE ROAD
_ TOB-100 FT RIPARIAN BUFFER CREDIT AREA
\ \
(PERENNIAL STREAM)
_ 101 -200 FT NUTRIENT OFFSET CREDIT AREA \
(PERENNIAL STREAM)
' CONSERVATION \
TOB-100 FT RIPARIAN BUFFER CREDIT AREA
, C/�
_ (EPHERAL STREAM) ed EASEMENT AREA 1 Q� \ W `� °flip
_ 101 -200 FT NUTRIENT OFFSET CREDIT AREA �f 7.61 ACRES± ���
(EPHERAL STREAM) A;%' \ C
i NO CREDIT AREA GAF �NT Isl cr1'
r
Q \ c�
\
WATERSHED WATERSHED r �1
INVESTMENTS NC,LLC INVESTMENTS NC,LLC \ \
D.B.6626,PG.1384 D.B.6626,PG. 1384 \
SURVEYORS CERTIFICATION(S)
Surveyor's disclaimer: No attempt was made to locate any cemeteries,wetlands,
co hazardous material sites, underground or aboveground utilities or any other features
.. above, or below ground other than those shown.
cIT I certify that the survey is of another category(as-built survey), such as the
0 recombination of existing parcels, a court-ordered survey, or other exception to the b
definition of subdivision.
01* I certify that this plat does not meet G.S.47-30 as amended. Z a 0 >- .2 ,
CONSERVATION Ad 7 Q y z > .a CD
?� I, John A. Rudolph,certify that this map was drawn under my direct supervision from o c - cc
EASEMENT AREA 2 m o 3 a =
1.11 ACRES± an actual survey made under my supervision. That the ratio of precision is o H D 7 o
1:10,000±,that this map was prepared in accordance with the standards of practice = cO `m 0 U) m t
for land surveyors in North Carolina,witness my hand and seal,this 8th day of co , ? Cl) 17,
September,2021. CO a) m (I)SEAL OR STAMP w o cn N n
ID
(A" ,.\`.eN CARo0.001I110/1 /// a
P.L. 103, PG.32 JOHNSON,SUSAN R ETAL \N 'C'.• -' "S'• Z/ '/
•
•
ORANGE COUNTY I 18-E-549 so S/o�9�• 9 i DRAWN BY: FGR
•
D.B.4433,PG.542 I _• :Q < .
DATE: 09/08/21
SEAL L 4194
L-4194 SURVEYED BY: J.A.R.
< = Professional Land Surveyor License Number
• ' y Q : Z DWG.NO.
0 50 100 200 ti� -� Q
-- _/• y..„. SUR�J,G,•'.O�\ HER396AB21
1"=200' �'4q`SNLEY R'��\\\ SHEET
��"111111�1��\ 1 OF 1

Table 1.Banished Bull,NC DWR ID#2020-0047,Project Credits
Neuse 03020201-Upper Falls Lake Project Area
19.16394 N Credit Conversion Ratio(ft2/pound)
297.54099 P Credit Conversion Ratio(ft2/pound)
Subject?(enter Total(Creditable) Convertible to Delivered Delivered
NO if Min-Max Buffer Initial Credit Final Credit Riparian Buffer Convertible to
Credit Type Location Feature Type Mitigation Activity Feature Name Total Area(ft2) Area of Buffer %Full Credit Riparian p Nutrient Offset: Nutrient
ephemeral or Width(ft) , Ratio(x:1) Ratio(x:1) Credits Nutrient Offset?
ditch') Mitigation(ft) 1 Buffer? N(Ibs) Offset:P(Ibs)
Buffer Rural Yes I/P Restoration 0-100 Mainstem 188,931 188,931 1 100% 1.00000 Yes 188,931.000 Yes 9,858.655 634.974
Buffer Rural No Ephemeral Restoration 0-100 UT to Mainstem 23,970 23,970 1 100% 1.00000 Yes 23,970.000 Yes 1,250.787 80.560
Nutrient Offset Rural Yes I/P Restoration 101-200 Mainstem 133,498 133,498 1 33% 3.03030 No — Yes 6,966.106 448.671
Nutrient Offset Rural No Ephemeral Restoration 101-200 UT to Mainstem 8,886 8,886 1 33% 3.03030 No — Yes 463.686 29.865
Totals(ft2): 355,285 355,285 212,901.000 18,539.234 1,194.070
Total Buffer(ft2): 212,901 212,901
Total Nutrient Offset(ft2): 142,384 N/A
Total Ephemeral Area(ftz)for Credit: 23,970 23,970
Total Eligible Ephemeral Area(ftz): 53,225 11.3% Ephemeral Reaches as%TABM
Enter Preservation Credits Below Total Eligible for Preservation(ftz): 70,967 0.0% Preservation as%TABM
Total(Creditable)
Min-Max Buffer Initial Credit Final Credit Riparian
Credit Type Location Subject? Feature Type Mitigation Activity Feature Name Total Area(sf) Area for Buffer %Full Credit
Width(ft) i Ratio(x:1) Ratio(x:1) Buffer Credits
Mitigation(ft')
Rural Yes I/P 0-100 0 0 10 100% —
Rural Yes Ephemeral 0-100 0 0 10 100% —
Preservation Area Subtotals(ft2): 0 0
TOTAL AREA OF BUFFER MITIGATION(TABM)
Mitigation Totals Square Feet Credits
Restoration: 212,901 212,901.000
Enhancement: 0 0.000
Preservation: 0 0.000
Total Riparian Buffer: 212,901 212,901.000
TOTAL NUTRIENT OFFSET MITIGATION
Mitigation Totals Square Feet Credits
Nutrient Offset: Nitrogen: 7,429.793
142,384
Phosphorus: 478.536
1.The Randleman Lake buffer rules allow some ditches to be classified as subject according to 15A NCAC 0213.0250(5)(a).
last updated 08/03/2020

Table 2. Project Activity and Reporting History
Activity or Report Data Collection Completion or Delivery
Banished Bull Bank Parcel Mitigation Banking Instrument Signed - November 17,2020
DWR Staff Site Visit for Project Viability&Service Area Approval - February 19,2020
Revised BPDP Submitted - September 22,2020
Revised BPDP Approved - November 17,2020
Site Preparation&Invasive Controls - October 14,2020
Site Planting - December 2020
Conservation Easement Recorded June 21,2021
Draft As-Built&Baseline Monitoring Document February 4,2021 June 24,2021
Restoration work verification site visit with DWR Staff - August 12,2021
Supplemental Baseline Transect Monitoring Data Submitted August 19,2021 August 19,2021
Revised 2nd Version of the As-Built document submitted. October 24,2021
Table 3. Project Contacts Table
Site Prep and Planting Contractor Surveying
Ripple EcoSolutions K2 Design Group
215 Moonridge Road 5688 US Hwy 70 East
Chapel Hill,NC 27516 Goldsboro,NC 27534
[e-mail] [e-mail]
919-818-3984 919-751-0075
Conservation Easement Preparation Banking Documents and Reports Preparation
Harriss &Marion,PLLC Watershed Investments NC
3326 Durham-Chapel Hill Blvd 1630 Weatherford Circle
P.O Box 51009 Raleigh,NC 27604
Durham,NC 27717 [e-mail]
[e-mail] 919-559-6264
919-493-8421
Seedling Supplier Monitoring Services
Dykes and Son Nursery Axiom Environmental Inc
825 Maude Etter Road 218 Snow Avenue
McMinnville,TN 37110 Raleigh,NC 27603
931-668-8833 919-215-1693
[e-mail]
Appendices
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DWR Pmject#2020-0047

Table 4. Project Baseline Information&Attributes Table
Project Information
Project Name Banished Bull Mitigation Site
County Orange
Project Coordinates 36.1500,-79.0461
Planted Acreage 8.72 acres
Project Watershed Summary Information
Physiographic Province Piedmont
River Basin Neuse
USGS Hydrologic Unit 8-digit 03020201 USGS Hydrologic Unit 14-digit 03020201020020
DWQ Sub-basin 03-04-01
Falls Lake Subwatershed Upper Falls Lake
Appendices
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DW R Pmject#2020-0047

APPENDIX B
BASELINE VEGETATION DATA
Table 5. Planting List
Table 6. Riparian Buffer Vegetation Totals
Table 7. Planted and Total Stems by Plot and Species
Table 8. Seed Mix
Vegetation Plot Photographs
Herbicide Application Logs
Site Soils Report
Appendices
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DWR Pmject#2020-0047

Table 5. Planting List
Bottomland Hardwoods
Acreage Planted 8.72 acres
Bare Root Species Total Stems
Planted
River Birch (Betula nigra) 950
Hackberry(Celtis occidentalis) 600
Persimmon (Diospyros viiginiana) 300
Tulip poplar(Liriodendron tuli ifera) 900
Black Gum (Nyssa sylvatica) 600
American Sycamore (Platanus occidentalis) 950
White Oak(Quercus alba) 600
Swamp Chestnut Oak(Quercus michauxiz) 650
Southern Red Oak(Quercus falcata) 300
Willow Oak(Quercus phellos) 300
Total Bare Root 6150
Live Stake Species Total Stems
Planted
Silky dogwood (Cornus amomum) 75
Black Willow(Salix nigra) 25
Silky Willow(Salix sericea) 50
Total Live Stake 150
TOTAL 6300
Table 6. Riparian Buffer Vegetation Totals
Plot # Riparian Buffer Stems' Success Criteria Met?
(per acre)
1 769 Yes
2 931 Yes
3 647 Yes
4 647 Yes
5 809 Yes
6 526 Yes
7 607 Yes
8 809 Yes
Project 718 Yes
Avg
1 Buffer Stems=Native planted hardwood trees. Does NOT include shrubs. No pines. No vines.
Appendices
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DWR Project#2020-0047

Table 7. Planted and Total Stems by Plot and Species
Project Code 21004. Project Name: Banished Bull
Current Plot Data (MYO 2021) Annual Means
21004-01-0001 21004-01-0002 21004-01-0003 21004-01-0004 21004-01-0005 21004-01-0006 21004-01-0007 21004-01-0008 MYO(2021)
Scientific Name Common Name Species Type PnoLS P-all T PnoLS P-all T PnoLS P-all T PnoLS P-all T PnoLS P-all T PnoLS P-all T PnoLS P-all T PnoLS P-all T PnoLS P-all T
Betula nigra river birch Tree 5 5 5 3 3 3 2 2 2 2 2 2 6 6 6 3 3 3 2 2 2 5 5 5 28 28 28
Celtis occidentalis common hackberry Tree 4 4 4 3 3 3 3 3 3 3 3 3 2 2 2 1 1 1 16 16 16
Diospyros virginiana common persimmon Tree 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4
Liriodendron tulipifera tuliptree Tree 2 2 2 4 4 4 2 2 2 2 2 2 1 1 1 1 1 1 3 3 3 15 15 15
Nyssa sylvatica blackgum Tree 1 1 1 6 6 6 3 3 3 5 5 5 2 2 2 1 1 1 18 18 18
Platanus occidentalis American sycamore Tree 1 1 1 1 1 1 2 2 2 1 1 1 2 2 2 3 3 3 10 10 10
Quercus oak Tree 7 7 7 4 4 4 3 3 3 4 4 4 4 4 4 3 3 3 2 2 2 7 7 7 34 34 34
Quercus alba white oak Tree 2 2 2 1 1 1 3 3 3
Quercus lyrata overcup oak Tree 1 1 1 1 1 1
Quercus michauxii swamp chestnut oak Tree 1 1 1 1 1 1 2 2 2
Quercus phellos willow oak Tree 2 2 2 3 3 3 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 11 11 11
Stem count 19 19 19 23 23 23 16 16 16 16 16 16 20 20 20 13 13 13 15 15 15 20 20 20 142 142 142
size(ares) 1 1 1 1 1 1 1 1 8
size(ACRES) 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.20
Species count 7 7 7 8 8 8 6 6 6 8 8 8 6 6 6 6 6 6 8 8 8 8 8 8 11 11 11
Stems per ACRE 768.9 768.9 768.9 930.8 930.8 930.8 647.5 647.5 647.5 647.5 647.5 647.5 809.4 809.4 809.4 526.1 526.1 526.1 607 607 607 809.4 809.4 809.4 718.3 718.3 718.3
Color for Density
Exceeds requirements by 10% PnoLS= Planted excluding livestakes
Exceeds requirements, but by less than 10% P-all = Planting including livestakes
Fails to meet requirements, by less than 10% T=All planted and natural recruits including livestakes
Fails to meet requirements by more than 10% T includes natural recruits

Table 8. Seed Mix
Riparian Seed Mix
Seeded at 10 lbs per acre Percent of Total
Red Top (Agrostis alba) 10
Virginia Wild Rye (Elymus viiginicus) 15
Switchgrass (Panicum viigatum) 15
Gamma Grass (Tripsicum dactyloides) 5
Pennsylvania Smartweed (Polygonum pennsylvanicum) 5
Little Bluestem (Schiiachyrium scoparium) 5
Soft Rush (Pincus effusus) 5
Tickseed (Bidens aristosa) 10
Lance-leaved Coreopsis (Coreopsis lanceolata) 10
Deer Tongue (Panicum clandestinum) 10
Big Bluestem (Andropogon gerardii) 5
Indiangrass (Sorgastrum nutans) 5
TOTAL 100
Appendices
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DWR Project#2020-0047

Banished Bull Buffer and Nutrient Offset Bank Parcel
MVO (2021) Vegetation Monitoring Photographs (taken February 4, 2021)
Plot 1 Plot 2
z
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! 4..- .. ',� �*-' , ,: -, .�a 7€ era-^ a ., ..l57 r.. x ' . r ei �<�1 %' a+r F Y :. -` .._n-
Plot 7 r ----7 Plot 8
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Appendices
Banished Bull Asbuilt&Baseline Document Watershed Investments NC
DWR Project#2020-0047

Ripple EcoSolutions I
Vegetation Managment Report rate: r(J i '
Applicata Lic nse# SVc�D
Site: }��2� Hrs J Method of removal
Crew Leader
51-t7
Crew M embers DC]
IChemicals sprayed Rate I I Weather conditions
AA I_ - icy
Areas Completed I
04;----
Target species

NCDA&CS Agronomic Division Phone: [phone] Website: www.ncagr.gov/agronomi/ Report No. FY21-SL000554
k5 i I"14'4+'' Client: Michael Herrmann Advisor:
. .i. Predictivek .-.!.':•:-:( 1630 Weatherford Cir.
Raleigh, NC 27604
�- I Soil Report Mehlich-3 Extraction
- '% • .: Sampled County : Orange
''"''"'" Links to Helpful Information
Client ID: 386971 Advisor ID:
Sampled: 07/09/2020 Received: 07/13/2020 Completed: 07/21/2020 Farm:
Sample'_ .,. _ .,... • . ,,, --
.-._._ _
Lime Hi:
Test Re: Next page shows data from Banished Bull Site.
HM% )3-N
0.22
Sample BBN - Composite Soils test taken from North of Mainstem.
Lime Hi:
Test Re: BBS Composite Soils taken from South of Mainstem.
HM% )3-N
0.32
Sample
Lime Hi:
I 2-I-larawooa, M u.0 OU-"ILU /U JU U U U U I Note: "1"1
Test Results [units -W/V in g/cm3; CEC and Na in meq/100 cm3; NO3-N in mg/dm3]: Soil Class: Mineral
HM% W/V CEC BS% Ac pH P-I K-I Ca% Mg% S-I Mn-I Mn-All Mn-Al2 Zn-I Zn-Al Cu-I Na ESP SS-I NO3-N
0.36 0.85 5.4 76 1.3 5.7 6 23 54 20 18 898 91 91 49 0.1 2
C11orth Carolina Reprogramming of the laboratory-information-management system that makes this report possible is being funded
through a grant from the North Carolina Tobacco Trust Fund Commission.
.# ilip
rThank you for using agronomic services to manage nutrients and safeguard environmental quality.
- Steve Troxler, Commissioner of Agriculture
Tatari iru�k f and('. irn skm

NCDA&CS Agronomic Division Phone: [phone] Website: www.ncagr.gov/agronomi/ Report No. FY21-SL000554
Michael Herrmann Page 2 of 3
Sample ID: BBN Recommendations: Lime Nutrients(lb/acre) More
Crop (tons/acre) N P2O5 K2O Mg S Mn Zn Cu B Information
Lime History: 1 -Hardwood, E 0.0 0 0 30 0 0 0 0 Note: 11
2-Hardwood, M 0.0 80-120 0 0 0 0 0 0 Note: 11
Test Results [units -WN in g/cm3; CEC and Na in meq/100 cm3; NO3-N in mg/dm3]: Soil Class: Mineral
HM% W/V CEC BS% Ac pH P-I K-I Ca% Mg% S-I Mn-I Mn-All Mn-Al2 Zn-I Zn-Al Cu-I Na ESP SS-I NO3-N
0.27 0.82 11.3 91 1.0 6.4 156 50 73 16 28 461 240 240 95 0.1 1
Sample ID: BBS Recommendations: Lime Nutrients(lb/acre) More
Crop (tons/acre) N P2O5 K2O Mg S Mn Zn Cu B Information
Lime History: 1 -Hardwood, E 0.0 0 0 70 0 0 0 0 Note: 11
2-Hardwood, M 0.0 80-120 0 40 0 0 0 0 Note: 11
Test Results [units -WN in g/cm3; CEC and Na in meq/100 cm3; NO3-N in mg/dm3]: Soil Class: Mineral
HM% W/V CEC BS% Ac pH P-I K-I Ca% Mg% S-I Mn-I Mn-All Mn-Al2 Zn-I Zn-Al Cu-I Na ESP SS-I NO3-N
0.18 0.74 12.6 95 0.6 6.8 232 18 81 13 31 303 268 268 96 0.1 1

NCDA&CS Agronomic Division Phone: [phone] Website: www.ncagr.gov/agronomi/ Report No. FY21-SL000554
Michael Herrmann Page 3 of 3
Understanding the Soil Report: explanation of measurements, abbreviations and units
Recommendations Report Abbreviations
Lime Ac exchangeable acidity
If testing finds that soil pH is too low for the crop(s)indicated, a lime recommendation will be given in units of either B boron
ton/acre or lb/1000 sq ft. For best results, mix the lime into the top 6 to 8 inches of soil several months before planting. BS% % CEC occupied by basic cations
For no-till or established plantings where this is not possible, apply no more than 1 to 1.5 ton/acre (50 lb/1000 sq ft)at one Ca% % CEC occupied by calcium
time, even if the report recommends more. You can apply the rest in similar increments every six months until the full rate CEC cation exchange capacity
is applied. If MG is recommended and lime is needed, use dolomitric lime. at-1 copper index
ESP exchangeable sodium percent
Fertilizer HM% percent humic matter
Recommendations for field crops or other large areas are listed separately for each nutrient to be added (in units of K-I potassium index
lb/acre unless otherwise specified). Recommendations for N (and sometimes for B) are based on research/field studies K20 potash
for the crop being grown, not on soil test results. K-I and P-I values are based on test results and should be > 50. If they Mg% % CEC occupied by magnesium
are not, follow the fertilizer recommendations given. If Mg is needed and no lime is recommended, 0-0-22 (11.5% Mg)is MIN mineral soil class
an excellent source; 175 to 250 lb per acre alone or in a fertilizer blend will usually satisfy crop needs, SS-I levels appear Mn manganese
only on reports for greenhouse soil or problem samples. Mn-All Mn availability index for crop 1
Mn-Al2 Mn-availability index for crop 2
Mn-I manganese index
Farmers and other commercial producers should pay special attention to micronutrient levels. If$, pH$, $pH, C or Z M-O mineral-organic soil class
notations appear on the soil report, refer to $Note: Secondary Nutrients and Micronutrients In general, homeowners do not N nitrogen
need to be concerned about micronutrients. Various crop notes also address lime fertilizer needs; visit Na sodium
ncagr.gov/agronomi/pubs.htm. NO3-N nitrate nitrogen
ORG organic soil class
Recommendations for small areas, such as home lawns/gardens, are listed in units of lb/1000 sq ft . If you cannot find pH current soil pH
the exact fertilizer grade recommended on the report, visit www.ncagr.gov/agronomi/obpart4.htmisfind information that P-I phosphorus index
may help you choose a comparable alternate. For more information, read A Homeowner's Guide to Fertilizer. P205 phosphate
S-I sulfur index
Test Results SS-I soluble salt index
W/V weight per volume
Zn-AI zinc availability index
The first seven values [soil class, HM%, W/V, CEC, BS%, Ac and pH] describe the soil and its degree of acidity. The Zn-I zinc index
remaining 16 [P-I, K-I, Ca%, Mg%, Mn-I, Mn-AI1, Mn-Al2, Zn-I, Zn-Al, Cu-I, S-I, SS-I, Na, ESP, SS-I, NO3-N (not routinely
www.ncagr.gov/agronomi/uyrst.htm
available)] indicate levels of plant nutrients or other fertility measurement. Visit

APPENDIX C
NCDWR STREAM DETERMINATION
Appendices
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DWR Project#2020-0047

.ME STATo,
u3
ROY COOPER 0 _= k y
Governor "D q"-., e
Av
MICHAEL S.REGAN \ ^*tn11;-
Secretary vn0='
S.DANIEL SMITH NORTH CAROLINA
Director Environmental Quality
February 12, 2020
DWR Project# 2020-0047
Orange County
Watershed Investments NC, Inc.
Attn: Michael Herrmann
1630 Weatherford Circle
Raleigh, NC 27604
Subject: On-Site Determination for Applicability to the Neuse Buffer Rules (15A NCAC 02B .0233)
Project Name: Banished Bull
Address/ Location: Adjacent to 4211 Schley Rd, Rougemont, NC
Determination Date: January 28, 2020 Staff: Niki Maher
Dear Mr. Herrmann:
On January 28, 2020, Niki Maher of the Division of Water Resources conducted an on-site review of
features located on the subject property at the request of Watershed Investments NC, LLC to
determine the applicability to the Neuse Riparian Area Protection Rules (15A NCAC 02B .0233).
The enclosed map(s) depict the feature(s) evaluated. This information is also summarized in the
table below. Streams that are considered "Subject" have been located on the most recently
published NRCS Soil Survey of Orange County and/or the most recent copy of the USGS Topographic
(at 1:24,000 scale) map(s), have been located on the ground at the site, and possess characteristics
that qualify them to be at least intermittent streams. Features that are considered "Not Subject"
have been determined to not be at least intermittent or not present on the property or not
depicted on the required maps.
This determination only addresses the applicability to the buffer rules and does not approve any
activity within buffers or within waters of the state. There may be other streams or features
located on the property that do not appear on the maps referenced above. Any of the features
on the site may be considered jurisdictional according to the US Army Corps of Engineers and
subject to the Clean Water Act.
The following table addresses the features rated during the DWR site visit:
„0,00-----------
North Carolina Department of Environmental Quality I Division of Water Resources
512 North Salisbury Street 1617 Mail Service Center I Raleigh,North Carolina 27699 1617
NORTH CAROLINA �.
DepartrroW a (waft 919.707.9000

DWR#2020-0047,Banished Bull
Orange County
Page 2 of 4
Feature Subject Depicted Depicted on
ID E/I/P/Other to Buffer Start @ Stop @ on USGS Topo
Rules Soil Survey
Reach 1 Perennial Yes South boundary(mid- East property yes Yes
property) boundary @ Schley Rd
Reach 2 Not present No (Pond outfall) (Reach 1) yes Yes
Reach 3 Other No West property boundary, Reach 1 yes No
(wetland) near SW corner of parcel (crenulation)
Reach 4 Ephemeral No South property boundary, Confluence with no No
woods in SE quadrant Reach 1 (crenulation)
This on-site determination shall expire five (5)years from the date of this letter. Landowners or
affected parties that dispute a determination made by the DWR may request a determination by
the Director. An appeal request must be made within sixty(60) calendar days of the date of this
letter to the Director in writing.
If sending via U.S. Postal Service: If sending via delivery service (UPS, FedEx, etc.)
DWR 401 & Buffer Permitting Branch DWR 401 & Buffer Permitting Branch '
Supervisor Supervisor
1617 Mail Service Center 512 N Salisbury St.
Raleigh, NC 27699-1617 Raleigh, NC 27604
This determination is final and binding as detailed above, unless an appeal is requested within sixty
(60) calendar days.
This letter only addresses the features on the subject property and within the proposed project
easement and does not approve any activity within buffers or within waters of the state. If you
have any additional questions or require additional information, please call Niki Maher at (919) 707-
3633.This determination is subject to review as provided in Articles 3 &4 of G.S. 150B.
Sincerely,
0, ..e.,...,, --C-;--.e.----•
ri°4—
Mac Haupt, Acting Supervisor
401 & Buffer Permitting Branch
Enclosures: USGS Topographical Map, NRCS Soil Survey, Site Map
cc: 401 & Buffer Permitting Branch files
Filename: 20200047 BanishedBullDetermination 2-7-2020.docx

DWR#2020-0047,Banished Bull
Orange County
Page 3 of 4
USGS Topo Map 2019 Caldwell quad
SC N r I`fU Map attributes are approximately shown
..ir- \ i
U--
ifieil / J
)i
-�
„• Ippi,,,Aik _
each 3
Read 1 1;,,,4
' '
j Reach 4
/
y—J �� _ c
/
i
r
NCRS Soil Survey- 1977 Orange County Map, Sheet 11
_._.
• . ;' '' ;oil Su r•. r ..--,;:: ''• •',••' ''::;•:;: Map attributes are approximately shown .
.,.., T.�ti•a•:�f :r,4• r.':',',''r.•::•,:: �;;,:•. , '•r, '1 : .+`;,;y;.ryy,�.;.�r�:;a,+
'!'.":fPrf:+. ;"r':'a': ':{•., ..',.}.j 1. ',.a:, 'a•".'•'+:•:,•:� i �':�"::•r:: �':' :r
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APPENDIX D
CONSERVATION EASEMENTS
Appendices
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DWR Project#2020-0047

1
Of)
111111111111111111111
Doc No: 30050261
Recorded: 06/21/2021 11:07:27 AM
Fee Amt: $26.00 Page 1 of 12
OrExcise Tax:my 0
N w
Orange County North Carolina (/,J�
Mark Chilton,Register of Deeds WWI
BK 6728 PG 2139 -2150 (12)
STATE OF NORTH CAROLINA o J `'' b y
feC-
COUNTY OF ORANGE
PERMANENT CONSERVATION EASEMENT
THIS CONSERVATION EASEMENT("Conservation Easement")made this 215� day of June, 2021 by and
between WATERSHED INVESTMENTS NC, LLC ("Grantor")and UNIQUE PLACES TO SAVE
("Grantee").
The designation Grantor and Grantee as used herein shall include said parties,their heirs, successors, and
assigns,and shall include singular, plural,masculine, feminine or neuter as required by context.
RECITALS
WHEREAS,Grantor owns in fee simple certain real property situated, lying and being in Orange County,
North Carolina,more particularly described in Exhibit A attached hereto and incorporated herein(the
"Property");
WHEREAS,WHEREAS, Grantee is a charitable,not-for-profit or educational corporation,association, or trust
qualified under§ 501 (c)(3)and § 170 (h)of the Internal Revenue Code, and N.C. Gen. Stat. § 121-34 et seq.,
the purposes or powers of which include one or more of the purposes(a)—(d) listed below;
(a)retaining or protecting natural, scenic, or open-space aspects of real property;
(b)ensuring the availability of real property for recreational, educational, or open-space use;
(c)protecting natural resources;
(d)maintaining or enhancing air or water quality.
1

BK 6728 PG 2140 DOC# 30050261
WHEREAS, Grantor and Grantee recognize the conservation, scenic, natural, or aesthetic value of the Property
in its natural state, which includes the following natural communities: riparian buffer areas adjacent to streams
and drainage-ways. The purpose of this Conservation Easement is to maintain streams and riparian resources
and other natural values of approximately 8.72_acres,more or less, and being more particularly described in
Exhibit B attached hereto and incorporated fully herein by reference(the"Conservation Easement Area"),and
prevent the use or development of the Conservation Easement Area for any purpose or in any manner that would
conflict with the maintenance of its natural condition.
WHEREAS,the restoration, enhancement and preservation of the Conservation Easement Area is a condition
of the approval of the Agreement to Establish the Banished Bull Mitigation Banking Instrument in the Neuse
River Basin for Riparian Buffer("MBI")and for the Banished Bull Buffer Mitigation and Nutrient Offset Bank
Parcel Development Package("BPDP"),North Carolina Division of Water Resources("NCDWR") Project ID
#2020-0047 which was approved by the NCDWR on November 17, 2020,and will be made and entered into by
and between Watershed Investments NC, LLC, acting as the Bank Sponsor,and the NCDWR. The Banished
Bull Riparian Buffer and Nutrient Offset Site is intended to be used to compensate for riparian buffer and
nutrient impacts to surface waters.
WHEREAS,Grantor and Grantee agree that third-party rights of enforcement shall be held by the NCDWR(to
include any successor agencies)("Third- Parties"), and may be exercised through the appropriate enforcement
agencies of the State of North Carolina, and that these rights are in addition to, and do not limit,the rights of
enforcement under the NCDWR Project ID# #2020-0047 or any permit or certification issued by the Third-
Parties.
NOW,THEREFORE,for and in consideration of the covenants and representations contained herein and for
other good and valuable consideration,the receipt and legal sufficiency of which is hereby acknowledged,
Grantor hereby unconditionally and irrevocably grants and conveys unto Grantee, its heirs, successors and
assigns, forever and in perpetuity a Conservation Easement of the nature and character and to the extent
hereinafter set forth, over the Conservation Easement Area described on Exhibit B,together with the right to
preserve and protect the conservation values thereof, as follows:
ARTICLE I. DURATION OF EASEMENT
This Conservation Easement shall be perpetual. This Conservation Easement is an easement in gross, runs with
the land and is enforceable by Grantee against Grantors, Grantor's personal representatives,heirs, successors and
assigns, lessees,agents and licensees.
ARTICLE II. PROHIBITED AND RESTRICTED ACTIVITIES
Any activity on,or use of,the Conservation Easement Area inconsistent with the purpose of this Conservation
Easement is prohibited.The Conservation Easement Area shall be preserved in its natural condition and
restricted from any development that would impair or interfere with the conservation values of the Conservation
Easement Area.
Without limiting the generality of the foregoing,the following activities and uses are expressly prohibited,
restricted or reserved as indicated hereunder:
2

BK 6728 PG 2141 DOC# 30050261
A. Disturbance of Natural Features. Any change disturbance,alteration or impairment of the natural
features of the Conservation Easement Area or any intentional introduction of non-native plants and/or animal
species is prohibited.
B. Construction. There shall be no constructing or placing of any building,mobile home,asphalt or
concrete pavement,billboard or other advertising display, antenna, utility pole,tower, conduit, line, pier,
landing,dock or any other temporary or permanent structure or facility on or above the Conservation Easement
Area.
C. Industrial,Commercial and Residential Use. Industrial, residential, and/or commercial activities,
including any rite of passage for such purposes are prohibited.
D. Agricultural,Grazing and Horticultural Use. Agricultural, grazing, animal husbandry, and
horticulture use of the Conservation Easement Area are prohibited.
E. Vegetation. There shall be no removal, burning, destruction,harming, cutting or mowing of trees,
shrubs,or other vegetation in the Conservation Easement Area except as provided in the BPDP. Mowing of
invasive and herbaceous vegetation for purposes of enhancing planted or volunteer trees and shrubs approved in
the Mitigation Plan is allowable once a year for no more than five consecutive years from the date on page 1 of
this Conservation Easement, except where mowing will negatively impact vegetation or disturb soil. Mowing
activities shall only be performed by Watershed Investments NC and shall not violate any part of Item M in
Article II.
F. Roads and Trails. There shall be no construction of roads,trails or walkways on the Conservation
Easement Area; nor enlargement or modification to existing roads,trails, or walkways.
G. Signage.No signs shall be permitted on or over the Conservation Easement Area,except the posting of
no trespassing signs, signs identifying the conservation values of the Conservation Easement Area, signs giving
directions or proscribing rules and regulations for the use of the Conservation Easement Area and/or signs
identifying the Grantor as owner of the Conservation Easement Area.
H. Dumping or Storage. Dumping or storage of soil,trash, ashes, garbage, waste, abandoned vehicles,
appliances,machinery or hazardous substances, or toxic or hazardous waste,or any placement of underground
or aboveground storage tanks or other materials on the Conservation Easement Area is prohibited.
I. Excavation,Dredging or Mineral Use. There shall be no grading,filling,excavation, dredging, mining
or drilling;no removal of topsoil, sand,gravel,rock,peat,minerals or other materials,and no change in the
topography of the land in any manner on the Conservation Easement Area,except to restore natural topography
or drainage patterns.
J. Water Quality and Drainage Pattern.There shall be no diking,draining, dredging,channeling,
filling, leveling, pumping, impounding or related activities, or altering or tampering with water control
structures or devices on or within the Conservation Easement Area, or disruption or alteration of the restored,
enhanced,or created drainage patterns. In addition, diverting or causing or permitting the diversion of surface or
underground water into,within, or out of the easement area by any means,removal of wetlands,polluting or
discharging into waters, springs,seeps, or wetlands, or use of pesticide or biocides is prohibited.
3

BK 6728 PG 2142 DOC# 30050261
K. Development Rights.No development rights that have been encumbered or extinguished by this
Conservation Easement shall be transferred pursuant to a transferable development rights scheme or cluster
development arrangement or otherwise.
L. Subdivision.The Grantor and Grantee agree that the entire Conservation Easement Area is comprised
of two [2] separate Conservation Easement Areas that make up a portion of one legal parcel in Orange County.
The Grantor may not further subdivide or separately sell the two Conservation Easement Areas, except with the
prior written consent of the Grantee. If Grantor elects to further subdivide any portion of the Conservation
Easement Area, Grantor must provide the Grantee the name, address, and telephone number of new owner(s)of
all Conservation Easement Areas, if different from Grantor.No subdivision of the Conservation Easement Area
shall limit the right of ingress and egress over and across the Conservation Easement Area for the purposes set
forth herein. Further, in the event of any subdivision of the Conservation Easement Area (whether inside or
outside of the Conservation Easement Area)provision shall be made to preserve not only Grantee's perpetual
rights of access to the Conservation Easement Area, as defined herein,but also Grantee's right of perpetual
access to any conservation easements on properties adjacent to the Conservation Easement Area which form a
part of or are included in the Banished Bull BPDP.Creation of a condominium or any de facto division of the
Conservation Easement Area is prohibited. Lot line adjustments or lot consolidation without the prior written
consent of the Grantee is prohibited. The Grantor may convey undivided interests in the real property
underlying the Conservation Easement Arca. The Grantor shall notify the Grantee immediately of the name,
address,and telephone number of any grantee of an undivided interest in any property within the Conservation
Easement Area.
M. Vehicles. "l he operation of mechanized vehicles, including,but not limited to,motorcycles,dirt bikes,
all-terrain vehicles, cars and trucks is prohibited on the Conservation Easement Area other than for temporary or
occasional access by the Grantee, its employees and agents, successors, assigns, and NCDWR for purposes of
constructing,maintaining, and monitoring the restoration,enhancement,and preservation of streams,wetlands,
and riparian areas within the Conservation Easement Area.
N. Other Prohibitions.Any other use of,or activity on,the Conservation Easement Area which is or may
become inconsistent with the purposes of this grant, the preservation of the Conservation Easement Area
substantially in its natural condition,or the protection of its environmental systems, is prohibited.
ARTICLE III. GRANTORS' RESERVED RIGHTS
The Grantor expressly reserves for themselves,their personal representatives,heirs, successors or assigns,the
right to continue the use of the Conservation Easement Area for all purposes, not inconsistent with this
Conservation Easement, including, but not limited to,the right to quiet enjoyment of the Conservation Easement
Area,the rights of ingress and egress,the right to hunt, fish, and hike on the Conservation Easement Area,the
right to sell,transfer, gift or otherwise convey the Conservation Easement Area, in whole or in part, provided
such sale,transfer or gift conveyance is subject to the terms of, and shall specifically reference,this
Conservation Easement.
Notwithstanding the foregoing Restrictions, Grantor reserves for Grantee, its successors and assigns, including
Watershed Investments NC, LLC the right to construct and perform activities related to the restoration,
enhancement, and preservation of streams and riparian areas within the Conservation Easement Area in
accordance with the approved Banished Bull MBI (signed and approved by NCDWR November 17,2020 )and
4

BK 6728 PG 2143 DOC# 30050261
the "Banished Bull BPDP" approved by NCDWR on November 17, 2020 and described in the Recitals of this
Conservation Easement.
ARTICLE IV. GRANTEE'S RIGHTS
The Grantee or its authorized representatives, successors, and assigns, and NCDWR, shall have the right to enter
the Property and Conservation Easement Area at all reasonable times for the purpose of inspecting said
Conservation Easement Area to determine if the Grantor, or their personal representatives, heirs, successors, or
assigns, is complying with the terms, conditions, restrictions, and purposes of this Conservation Easement.The
Grantee shall also have the right to enter and go upon the Conservation Easement Area for purposes of making
scientific or educational observations and studies and taking samples.The easement rights granted herein do not
include public access rights.
ARTICLE V. ENFORCEMENT AND REMEDIES
A. To accomplish the purposes of this Conservation Easement,the Grantee and NCDWR are allowed to
prevent any activity on or use of the Conservation Easement Area that is inconsistent with the purposes of this
Conservation Easement and to require the restoration of such areas or features of the Conservation Easement
Area that may be damaged by such activity or use. Upon any breach of the terms of this Conservation Easement
by Grantor that comes to the attention of the Grantee,the Grantee shall notify the Grantor in writing of such
breach. The Grantor shall have 30 days after receipt of such notice to correct the conditions constituting such
breach. If the breach remains uncured after 30 days,the Grantee may enforce this Conservation Easement by
appropriate legal proceedings including damages, injunctive and other relief.Notwithstanding the foregoing,the
Grantee reserves the immediate right,without notice,to obtain a temporary restraining order, injunctive or other
appropriate relief if the breach of the terms of this Conservation Easement is or would irreversibly or otherwise
materially impair the benefits to be derived from this Conservation Easement. The Grantor and Grantee
acknowledge that, under such circumstances,damage to the Grantee would be irreparable and remedies at law
will be inadequate. The rights and remedies of the Grantee provided hereunder shall be in addition to,and not in
lieu of, all other rights and remedies available to Grantee in connection with this Conservation Easement. The
costs of a breach, correction or restoration, including the Grantee's expenses, court costs, and attorneys' fees,
shall be paid by Grantor, provided Grantor is determined to be responsible for said breach.NCDWR shall have
the same rights and privileges as the said Grantee to enforce the terms and conditions of this Conservation
Easement
B. No failure on the part of the Grantee to enforce any covenant or provision hereof shall discharge or
invalidate such covenant or any other covenant, condition, or provision hereof or affect the right to Grantee to
enforce the same in the event of a subsequent breach or default.
C. Nothing contained in this Conservation Easement shall be construed to entitle Grantee to bring any
action against the Grantor for any injury or change in the Conservation Easement Area resulting from causes
beyond the Grantor's control, including,without limitation, fire, flood, storm,war, acts of God or third parties,
except Grantors' lessees or invitees; or from any prudent action taken in good faith by Grantor under emergency
conditions to prevent, abate, or mitigate significant injury to life, damage to property or harm to the
Conservation Easement Area resulting from such causes.
5

BK 6728 PG 2144 DOC# 30050261
ARTICLE VI. MISCELLANEOUS
A. Warranty. Grantor warrants, covenants and represents that it owns the Property in fee simple, and that
Grantor either owns all interests in the Property which may be impaired by the granting of this Conservation
Easement or that there are no outstanding mortgages,tax liens, encumbrances,or other interests in the Property
which have not been expressly subordinated to this Conservation Easement. Grantor further warrants that
Grantee shall have the use of and enjoy all the benefits derived from and arising out of this Conservation
Easement, and that Grantor will warrant and defend title to the Property against the claims of all persons.
B. Subsequent Transfers. The Grantors agree to incorporate the terms of this Conservation Easement in
any deed or other legal instrument that transfers any interest in all or a portion of the Conservation Easement
Area. The Grantor agrees to provide written notice of such transfer at least thirty(60)days prior to the date of
the transfer. The Grantor and Grantee agree that the terms of this Conservation Easement shall survive any
merger of the fee and easement interests in the Conservation Easement Area or any portion thereof and shall not
be amended,modified or terminated without the prior written consent and approval of NCDWR.
C. Assignment.The parties recognize and agree that the benefits of this Conservation Easement are in
gross and assignable provided, however that the Grantee hereby covenants and agrees,that in the event it
transfers or assigns this Conservation Easement,the organization receiving the interest will be a qualified holder
pursuant to 33 CFR 332.7 (a)(1),N.C. Gen. Stat. § 121-34 et seq.and§ 501 (c)(3)and § 170(h)of the Internal
Revenue Code,and the Grantee further covenants and agrees that the terms of the transfer or assignment will be
such that the transferee or assignee will be required to continue in perpetuity the conservation purposes
described in this document.
D. Entire Agreement and Severability. The Banished Bull MBI and BPDP and this Conservation
Easement sets forth the entire agreement of the parties with respect to the Conservation Easement and
supersedes all prior discussions,negotiations, understandings or agreements relating to the Conservation
Easement. If any provision is found to be void or unenforceable by a court of competent jurisdiction,the
remainder shall continue in full force and effect.
E. Obligations of Ownership. Grantor is responsible for any real estate taxes,assessments, fees, or
charges levied upon the Property and the Conservation Easement Area. Grantor shall keep the Property and the
Conservation Easement Area free of any liens or other encumbrances for obligations incurred by Grantor.
Grantee shall not be responsible for any costs or liability of any kind related to the ownership, operation,
insurance, upkeep, or maintenance of the Property and the Conservation Easement Area, except as expressly
provided herein.Nothing herein shall relieve the Grantor of the obligation to comply with federal, state or local
laws,regulations and permits that may apply to the exercise of the Reserved Rights
F. Long-Term Management. If livestock operations will be maintained on the areas of the Property
outside the Conservation Easement Area, Grantor is responsible for all long-term management activities
associated with fencing to ensure livestock do not have access to the Conservation Easement Area. These
activities include the maintenance and/or replacement of fence structures, as deemed necessary by the Grantee,
to ensure the aquatic resource functions within the boundaries of the Conservation Easement Area are sustained.
G. Extinguishment. In the event that changed conditions render impossible the continued use of the
Conservation Easement Area for the conservation purposes,this Conservation Easement may only be
extinguished, in whole or in part, by judicial proceeding.
6

BK 6728 PG 2145 DOC# 30050261
H. Eminent Domain. Whenever all or part of the Conservation Easement Area is taken in the exercise of
eminent domain so as to substantially abrogate the restrictions imposed by this Conservation Easement, Grantor
and Grantee shall join in appropriate actions at the time of such taking to recover the full value of the taking,and
all incidental and direct damages due to the taking.
I. Proceeds. This Conservation Easement constitutes a real property interest immediately vested in
Grantee. In the event that all or a portion of the Conservation Easement Area is sold, exchanged,or involuntarily
converted following an extinguishment or the exercise of eminent domain, Grantee shall be entitled to the fair
market value of this Conservation Easement as determined at the time of the extinguishment or condemnation.
J. Notification.Any notice, request for approval, or other communication required under this
Conservation Easement shall be sent by registered or certified mail,postage prepaid,to the following addresses
(or such address as may be hereafter specified by notice pursuant to this paragraph):
To Grantors:
Watershed Investments,NC
Attn: Mike Herrmann
1630 Weatherford Circle
Raleigh,NC 27604
To Grantee:
Unique Places to Save
PO Box 1183
Chapel Hill,NC 27514
To NCDWR:
NC Division of Water Resources
401 & Buffer Permitting Branch
1617 Mail Service Center,
Raleigh,NC 27699 -1617
K. Failure of Grantee. If at any time Grantee is unable or fails to enforce this Conservation Easement, or
if Grantee ceases to be a qualified grantee, and if within a reasonable period of time after the occurrence of one
of these events Grantee fails to make an assignment pursuant to this Conservation Easement,then the Grantee's
interest shall become vested in another qualified grantee in accordance with an appropriate proceeding in a court
of competent jurisdiction.
L. Amendment. This Conservation Easement may be amended, but only in writing signed by all parties
hereto,and provided such amendment does not affect the qualification of this Conservation Easement or the
status of the Grantee under any applicable laws, and is consistent with the conservation purposes of this grant.
Present Condition of the Conservation Easement Area. The scenic, resource,environmental,and other
natural characteristics of the Conservation Easement Area,and its current use and state of improvement,are
described in the Banished Bull MBI (signed by NCDWR on November 17, 2020 )and the Banished Bull BPDP
(signed and approved by NCDWR on November 17, 2020)and acknowledged by the Grantor and Grantee to be
7

BK 6728 PG 2146 DOC# 30050261
complete and accurate as of the date hereof. Both Grantor and Grantee have copies of this report. It will be used
by the parties to assure that any future changes in the use of the Conservation Easement Area will be consistent
with the terms of this Conservation Easement. However,this report is not intended to preclude the use of other
evidence to establish the present condition of the Conservation Easement Area if there is a controversy over its
use.
TO HAVE AND TO HOLD the said rights and easements perpetually unto Grantee for the aforesaid purposes.
IN TESTIMONY WHEREOF,the Grantors have hereunto set their hands and seals,the day and year first above
written.
GRANTOR:
WATERSHED INVESTMENT NC, LLC
B ILLJ Date:
Y
Print: if "l t �2 t't2-I I \
Title: i!° ok c r
NORTH CAROLINA
COUNTY OF
I,ft iro'.e m Ma/pa, a Notary Public in and for the County and State aforesaid,do hereby
certify that inithoj Hen , Grantor,personally appeared before me this day and acknowledged
the execution of the foregoing instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and Notary Seal this the I 411 day of
,20 pi �N�►►►►►��
•
Norq cn
Notary Public — q O-_
My commission expires: teC1c aZz
Cuw(w G, aoaa- '',cou t.c) •'��
8

BK 6728 PG 2147 DOC# 30050261
GRAN
By: Date: W I tit J ,Zj
Jeffrey her,Board Chair
NORTH CAROLINA
COUNTY OF
Ci;dhei I, aric� E 1° ,a Notary Public in and for the County and State aforesaid,do hereby
certify that] i4. ,Grantor,personally appeared before me this day and acknowledged
the execution of the for4going instrument.
IN ITNESS WHEREOF I ave hereunto set my hand and Notary Seal this the / day of
,2 • 11111/
it+Aati-0 e.49?"-Z-r \‘‘ ONE z /4,
:� O •i
Notary Public � N 0 T A R Y
My commission expires: • PU B L 1 C
rA ij ,DP&
i/ F COON'``\'
9

BK 6728 PG 2148 DOC# 30050261
EXHIBIT A
Being certain portions of the property lying and being in Orange County,North Carolina,and more particularly
described as follows:
TRACT ONE BEGINNING at an iron stake se:in the center of the right-of-way to Schley.Road iSf(15481.said stake
being located by measuring along the arc e.t.a circle to the ri]rt haying a radius of 894.39 feet and a distance s:f 29 i.19
feet from the northeast earner of a to act hciongirn to Stephen Wayne Johnson as described by deed recorded in I lied
Ronk 436 at Page i11 of the Orange()Nulty Registry:running thence from said beginning point North 85"14.01'West
1422 3(1 feet to an iron stake in the western line ofkerns,thence with Kirby South 03'41T 58"W'esr 305 fret to a point
exnered with Tract 3 on map hereinafter referred to:thence with Tract 3 South 85'14'01'East 1552.43 feet to a point
in the center of the right-of-.say to Schley Road;thence with the center of the righter:f-was to Schley Road North 19: 15'
IS"West 31.3.86 feet to the place and point of BEGINNING and being designated Its Tract 2 containing 10.4124 acre,
acceding to plat of survey entitled'Pruner.)of Stephen N'.Johnson'dated Tune 9,1989 and reviseti December 19,
1991 by Robert A tones Land Survey my
TRACT TWO nF:ClINNIN(i at a railroad spike set in the center of the ris,hl.rf•way to Schley Read{NC SR 1548),the
northeast corner ni property of Ned Lloyd Johnson_mmning ihcnre with lohnssn North 84'55'58'West tJ77 72 iiet to
an iron stake corner with pmperty of Kirby,thence with Kirby North 115`25'14'West 842.0 feet tO an iron stake..
thence with Kirby North 0?"40'58"Fast 525 feet to a point;thence South R5 14 I I'East 1552 41 feet a point in the
center of the nght-of-way to Schley Road:thence with the center of the nght-ot-way to Schley Road the following
courses and distansxs:South 19'15' 15'East 399 39 feet to an iron stake and along the arc of the circle to the tight
having a radio.of 1528.31 feet a distance of 181.72 feet to the place and point of BEGINNING aid being designated as
'tract A 1 containing t9.9970 acre.aorordcnu too pint entitled"Property of Stephen W ti lInson".dated June 9, 198N and
revised December 19, 1991 by Robert A ;ones Land Surveying.
TRACT ONE AND TRACT two have been combined to form the parcel identified as PIN 9%147-7?-860-1 by
frame County Land Records
10

BK 6728 PG 2149 DOC# 30050261
EXHIBIT B
BEING all of CONSERVATION EASEMENT AREA 1, comprised of 7.61 Acres, and CONSERVATON
EASEMENT AREA 2, comprised of 1.11 acres,as shown on Survey entitled"Sheet 1 of 1, Conservation
Easement Survey for Unique Places to Save,Over and Across a Portion of the Land Owned by Watershed
Investments NC, LLC,Recorded in D. B. 6626, Pg. 1384",prepared by John Ashley Rudolph, Registered Land
Surveyor, and recorded in Plat Book 123, Page 109,reference to which is made for a more particular description
of same. The aforementioned plat is attached hereto as Exhibit B.
11

BK 6728 PG 2150 DOC# 30050261
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APPENDIX E
DIVISION OF WATER RESOURCE PROJECT VIABILITY LETTER
Appendices
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DWR Project#2020-0047

4 ^IL^.tt.
./r %
ROY COOPER '�f- f( r` nti
Governor ` —, I - �g21.
MICHAEL S.REGAN ' R�* .' -.
Secretary `va *"
S.DANIEL SMITH NORTH CAROLINA
Director Environmental Quality
February 19, 2020
Michael Herrmann DWR# 2020-0047
Watershed Investments NC, LLC
1630 Weatherford Circle
Raleigh,NC 27604
(via electronic mail: [e-mail])
Re: Site Viability for Buffer Mitigation&Nutrient Offset—Banished Bull Site
Adjacent to 4211 Schley Rd, Hillsborough,NC
Neuse 03020201, Upper Falls Lake
Dear Mr. Herrmann,
On December 5, 2019, Katie Merritt, with the Division of Water Resources(DWR), received a
request from you on behalf of Watershed Investments NC, LLC (WINC) for a site visit near the
above-referenced site in the Upper Falls Lake Watershed of the Neuse River Basin within the 8-digit
Hydrologic Unit Code 03020201. The site visit was to determine the potential for riparian buffer
mitigation and nutrient offset within a proposed Easement Boundary, which is more accurately
shown in the attached map labeled"Figure 1". On January 28, 2020, Ms. Merritt performed a site
assessment of the subject site. Staff with WINC were also present.
Ms. Merritt's evaluation of the features onsite and their associated mitigation determination for the
riparian areas are provided in the table below. This evaluation was made from Top of Bank(TOB)
and landward 200' from each feature for buffer mitigation pursuant to 15A NCAC 02B .0295
(effective November 1, 2015) and for nutrient offset credits pursuant to 15A NCAC 02B .0240.
-4 North Carolina Department of Environmental Quality I Division of Water Resources
DE 512 North Salisbury Street 11611 Mail Service Center I Raleigh,North Carolina 27699-1611
Ne, TH CraOUHA
D.a. me..em.. 919.707.9000

Banished Bull Site
Watershed Investments NC, LLC
February 19,2020
Feature Classification 'Subject Riparian Land uses Buffer 3Nutrient 4'5MitigationType_Determination
onsite adjacent to Feature aulit Offset w/in riparian areas
Buffer 10-200'l Viable Viable
Elile
1 Stream Yes Non-forested pasture Yes Yes Restoration Site per 15A NCAC 02B
grazed by cattle. .0295(o)(n)
Minor bank stabilization needed where
bank stability is compromised;live
stakes will need to be planted to assist in
bank stability
2 Not present No N/A No No N/A
3 Not present No N/A No No N/A
4 Ephemeral No Non-forested pasture 2Yes Yes Restoration Site per 15A NCAC 02B
grazed by cattle. .0295(o)(7)
'Subjectivity calls for the features were determined by DWR in correspondence dated February 12,2020 using the 1:24,000 scale
quadrangle topographic map prepared by USGS and the most recent printed version of the soil survey map prepared by the NRCS
2The area of the mitigation site on ephemeral channels shall comprise no more than 25 percent(25%)of the total area of buffer
mitigation per 15A NCAC 02B.0295(o)(7).
'NC Division of Water Resources-Methodology and Calculations for determining Nutrient Reductions associated with Riparian Buffer
Establishment
4 Determinations made for this Site are determined based on the proposal provided in maps and figures submitted with the request.
5AI1 features proposed for buffer mitigation or nutrient offset,must have a conservation easement established that includes the tops of
channel banks when being measured perpendicular and landward from the banks,even when no credit may be viable within the 50'
riparian area.
Determinations provided in the table above were made using a proposed easement boundary showing
proposed mitigation areas. Maps representing the proposal for the Site are attached to this letter and
initialed by Ms. Merritt on February 19,2020. Substantial changes to the proposed easement
boundary could affect the Site's potential to generate buffer and nutrient offset credits.
This letter does not constitute an approval of this Site to generate buffer and nutrient offset credits.
Pursuant to 15A NCAC 02B .0295, a mitigation proposal and a mitigation plan shall be submitted to
DWR for written approval prior to conducting any mitigation activities in riparian areas and/or
surface waters for buffer mitigation credit. Pursuant to 15A NCAC 02B .0240, a proposal regarding a
proposed nutrient load-reducing measure for nutrient offset credit shall be submitted to DWR for
approval prior to any mitigation activities in riparian areas and/or surface waters.
All vegetative plantings,performance criteria and other mitigation requirements for riparian
restoration,enhancement and preservation must follow the requirements in 15A NCAC 02B .0295 to
be eligible for buffer and/or nutrient offset mitigation credits. For any areas depicted as not being
viable for nutrient offset credit above, one could propose a different measure, along with supporting
calculations and sufficient detail to support estimates of load reduction, for review by the DWR to
determine viability for nutrient offset in accordance with 15A NCAC 02B .0240.
Page 2 of 3

Banished Bull Site
Watershed Investments NC, LLC
February 19, 2020
This viability assessment will expire on February 19,2022 or upon approval of a mitigation
plan by the DWR,whichever comes first. This letter should be provided in any nutrient offset,
buffer,stream or wetland mitigation plan for this Site.
Please contact Katie Merritt at(919) 707-3637 if you have any questions regarding this
correspondence.
Sincerely,
Mac Haupt, Acting Supervisor
401 and Buffer Permitting Branch
MH/kym
Attachments: Figure 1, DWR Stream Determination map
cc: File Copy(Katie Merritt)
Page 3 of 3

RW_ e. 1 Orange Coun
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November 20, 2019
PIN: 9887738604
OWNER 1: WATE ED INVESTMENTS NC 1:2,400
o 0.02 0.04 0.08 mi
Easement Boundary ` 4
0 0 0325 0 065 0.13 km
ORANGE COUNTY
NORTH CAROLINA

DWR ri 2020-0047,Banished Bull
Orange County
Page 4of4
Site Map, 4711 Schley Road
I *71,:, ,, Features Evaluated: Reaches 1-4
.-- Subject ,
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APPENDIX F
FINANCIAL ASSURANCE
Appendices
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DWR Pmject#2020-0047

DocuSign Envelope ID: D1 ED1 B0E-C1 BA-4107-8187-AE5DFB37161 F
PERFORMANCE BOND Philadelphia Indemnity Insurance Company
One Bala Plaza Suite 100 Bala Cynwyd, PA 19004
FOR MONITORING
Bond No. CE00155800061
KNOW ALL MEN BY THESE PRESENTS, that we,Watershed Investments NC. LLC,as Principal,and philadelohiq jndemnity
Insurance Company,licensed to do business in the State of North Carolina as Surety, are held and firmly bound unto North Carolina
Department of Environmental Quality-Division of Water Resources(Obligee),in the penal sum of One Hundred Thousand&
no/100 Dollars ($100,000.00).lawful money of the United States of America,for the payment of which sum, well and truly to be made,
the Principal and Surety do bind themselves,their heirs,executors,administrators, and successors and assigns,jointly and severally,
firmly by these presents.
THE CONDITION OF THIS OBLIGATION IS SUCH, that whereas the above bounden Principal has entered into certain written
Agreements with the above named Obligee, effective the 27th day of October.2020 for the Banished Bull Buffer and Nutrient Offset
Mitigation Bank and the Banished Bull Mitigation Banking Instrument as more fully described in said Agreements, a copy of which
are attached,which Agreements are made a part hereof and incorporated herein by reference,except that nothing said therein shall
alter,enlarge,expand or otherwise modify the term of the bond as set out below.
NOW,THEREFORE,if Principal, its executors,administrators,successors and assigns shall promptly and faithfully perform the
monitoring obligations, according to the terms,stipulations or conditions thereof,then this obligation shall become null and void,
otherwise to remain in full force and effect.This bond is executed by the Surety and accepted by the Obligee.
Notwithstanding the provisions of the Contract,the term of this bond shall apply from puaust 25.2021 and end with the written approval
of the Year 1 monitoring report by the North Carolina Department of Environmental Quality-Division of Water Resources but may be
extended by the surety via continuation certificate for future monitoring years 2—5. However, neither nonrenewal by the Surety,nor the
failure or inability of the Principal to file a replacement bond in the event of nonrenewal, shall itself constitute a loss to the Obligee
recoverable under this bond or any renewal or continuation thereof. The liability of the Surety under this bond or any continuation
certificates issued in connection therewith shall not be cumulative and shall in no event exceed the amount as set forth in this bond or in
any additions,riders,or endorsements properly issued by the Surety as supplements thereto.
Sealed with our seals and dated this 25th day of August,2021 .
Watershed Investments NC. LLC
Witness Principal
Philadelphia Indemnity Insurance ComPanv
Witness Surety
Julie McElligott,Attorney-in-Fact
McGriff Insurance Services, Inc.
4309 Emperor Blvd,#300
Durham,NC 27703
Agreed and acknowledged this day of , 2021
IDocuSigned by:
/pa.w, Zdoto�vr 9/1/2021
By: -949.1391• EOF4€0...
Obligee

DocuSign Envelope ID: D1 ED1 BOF-C1 BA-4107-8187-AE5DFB37161 F
PHILADELPHIA INDEMNITY INSURANCE COMPANY
One Bala Plaza,Suite 100
Bala Cynwyd,PA 19004-0950
Power of Attorney
Surety Bond Number: CE00155800061
Principal: Watershed Investments NC,LLC
Obligee: North Carolina department of Environmental Quality-Division of Water Resources
KNOW ALL PERSONS BY THESE PRESENTS:That PHILADELPHIA INDEMNITY INSURANCE COMPANY(the Company),a corporation organized and
existing under the laws of the Commonwealth of Pennsylvania,does hereby constitute and appoint Julie McElli9ott its true and lawful Attorney-in-fact
with full authority to execute on its behalf bonds,undertakings,recognizances and other contracts of indemnity and writings obligatory in the nature thereof,issued in
the course of its business and to bind the Company thereby,in an amount not to exceed$25,000,000.
This Power of Attorney is granted and is signed and sealed by facsimile under and by the authority of the following Resolution adopted by the Board of Directors of
PHILADELPHIA INDEMNITY INSURANCE COMPANY on the 14's of November,2016.
RESOLVED: That the Board of Directors hereby authorizes the President or any Vice President of the
Company: (l) Appoint Attomey(s) in Fact and authorize the Attomey(s) in Fact to
execute on behalf of the Company bonds and undertakings,contracts of indemnity and
other writings obligatory in the nature thereof and to attach the seal of the Company
thereto; and (2) to remove, at any time, any such Attorney-in-Fact and revoke the
authority given. And,be it
FURTHER
RESOLVED: That the signatures of such officers and the seal of the Company may be affixed to any
such Power of Attorney or certificate relating thereto by facsimile,and any such Power of
Attorney so executed and certified by facsimile signatures and facsimile scat shall be
valid and binding upon the Company in the future with respect to any bond or
undertaking to which it is attached.
IN TESTIMONY WHEREOF, PHILADELPHIA INDEMNITY INSURANCE COMPANY HAS CAUSED THIS INSTRUMENT TO BE SIGNED AND ITS
CORPORATE SEALTO BE AFFIXED BY ITS AUTHORIZED OFFICE THIS 27n'DAY OF OCTOBER,2017.
stortorry
25 19_27 1-1
(Seal)
Robert D.O'Leary Jr.,President&CEO
Philadelphia Indemnity Insurance Company
On this 27`s day of October,2017,before me came the individual who executed the preceding instrument,to me personally known,and being by me duly sworn said
that he is the therein described and authorized officer of the PHILADELPHIA INDEMNITY INSURANCE COMPANY;that the seal affixed to said instrument is
the Corporate seal of said Company;that the said Corporate Seal and his signature were duly affixed.
WNMOVWEALTHOp ba 4,Nn p..b IVhNI 51 1 V
HOTARUL SEAL
yMerup T.p.A n,go.P.,y-C Nota Publte:
y7[owns'smn EvannAssoc .pv.npn 5.2P21
,rirlVuswt58(NMMN xo K+
residing at: Bala Cynwyd,PA
(Notary Seal)
My commission expires: September 25,2021
1,Edward Sayago,Corporate Secretary of PHILADELPHIA INDEMNITY INSURANCE COMPANY,do hereby certify that the foregoing resolution of the Board of
Directors and this Power of Attorney issued pursuant thereto on this 27th day of October,2017 are true and correct and are still in full force and effect. I do further
certify that Robert D.O'Leary Jr.,who executed the Power of Attorney as President,was on the date of execution of the attached Power of Attorney the duly elected
President of PHILADELPHIA INDEMNITY INSURANCE COMPANY,
In Testimony Whereof I have subscribed my name and affixed the facsimile seal of each Company this 75th day of August ,2021.
piµ, lNN
o' tatty,aa
�`� .`Qfi
c1927_ = Edward Sayago,Corporate Secretary
., mvE :4 PHILADELPHIA INDEMNITY INSURANCE COMPANY

APPENDIX G
AS-BUILT SITE VISIT COMMUNICATIONS
Appendices
Banished BullAsbuilt&Baseline Document Watershed Investments NC
DWR Pmject#2020-0047

[External] Banished Bull As-Built Walk-through / Report
On Aug 16, 2021, at 7:30 PM, "Merritt, Katie" <[e-mail]> wrote:
Hey Mike,
As a follow-up to my site visit at the Banished Bull Mitigation Site to confirm Task 2 was completed in its entirety,the
following items were noted:
• Outer Easement Boundaries were adequately marked with signs, but it was difficult to determine where the
easement line was in reference to the fenced boundary. It was told to DWR,that the fence did not mark the
easement boundary, but the distance between the fence and where that easement boundary is was difficult to see in
the field.
• All plots were established
• Diversity of planted stems was good
• Access crossing needed another strand of electric fencing. Additional measures must also be taken at the ford
crossing where there is a large gap between the ground and the first strand of fencing.
• Two-strands usually isn't sufficient at keeping cattle fenced out/in. Sponsor will need to keep a close eye on cattle
throughout the years of monitoring to ensure that the fence is adequately keeping cows out of the conservation
easement area.
• Due to extensive overgrowth of herbaceous vegetation since planting, DWR was unable to confirm that stems were
planted at the correct density of at least 260/acre or the documented density of 718 stems/acre.
• Flagging of stems was not present in some of the monitoring plots.
• Stem counts in plots did not match stem counts provided in Table 7 in the As-Built Report. DWR staff was unable to
find the same quantity of stems as was included in Table 7.
Actions Required prior to issuance of Credit Release for Tasks 1&2:
1. Provide 8 transects to represent plots—Each transect should be near or around each Monitoring Plot
2. Provide 2 additional transects—One transect shall be located near the western portion of the project boundary and
placed parallel to the access road. One transect shall be located between plots 1& 3.
Transects shall be representative in size of all permanent plots, but can be of any shape. DWR recommends that some
transects be rectangular in shape. Transect data shall include Species/Common Name &Quantity. At this time,transect
data will only be required once unless there are other reason to request it in future monitoring years.
Actions Required that must be documented in the Year 1 Monitoring Report:
1. Confirmation of the installation of additional strands of fencing along access road and additional measures installed
at ford crossing,

2. Adequate stem counts in all plots,
3. confirmation of completion of flagging of all planted stems in plots where flagging was missing
4. Include photo documentation of areas where live stakes were planted.
5. Transect Data pulled for purposes of this email.
Thank you for your patience,
Katie

[External] Banished Bull As-Built Walk-through / Report
1 attachments (2 MB)
BanishedBull_MYO_Transects.pdf;
On Aug 19, 2021, at 3:54 PM, Phillip Perkinson <[e-mail]> wrote:
Katie,
We visited Banished Bull today and collected transect data to supplement the As-built report. We surveyed ten
random transects throughout the site, the end points were flagged as well as the trees in each transect in the
event DWR wants to revisit the site. The endpoints for each transect was GPSed in the field. Nine transects
were above 260 stems per acre. Transect-8 did not meet success at only 121 stems per acre this is likely due to
competition from dense Seteria parviflora in this particular transect. The site average is 441 stems per acre.
Trees we located were generally vigorous, we found several dead nyssa sylvaticas.
I have attached a map of the site depicting our transect locations and a table of our findings. Please let me
know if there is any additional information you need. Thank you for accommodating us and letting us get out
to the site and submit our findings.
Thanks!
Phillip
From: Merritt, Katie <[e-mail]>
Sent: Wednesday, August 18, 2021 12:49 PM
To: Phillip Perkinson <[e-mail]>; [e-mail]
Cc: Grant Lewis <[e-mail]>
Subject: RE: [External] Banished Bull As-Built Walk-through/ Report
Thank you. Please make sure to include a Figure along with your submittal, showing where the transects were
taken.

MVO Temporary Vegetation Plot Data
Banished Bull Buffer and Nutrient
Species T-1(88°)T-2(92°)T-3(28°)T-4(38°)T-5(11°)T-6(243°)T-7(200°)T-8(22°)T-9(216°) T-10(260°)
Betula nigra 2 1 1 1 1
Celtis occidentalis 3 1 1 1 1 1 2
Diospyros virginiana 2 2 3 2 1
Liriodendron tulipifera 1 1 1 1 1 1
Nyssa Spp. 1 1 1
Platnus occidentalis 6 2 5 7 7 5 4 1 6 6
Quercus spp. 1 2 1 1
Quercus alba 5 2 1 2 1 3
Quercus michauxii 2 1 1 2
Total Number of Stems 19 8 12 14 13 10 8 3 12 10
Stems/Acre 769 324 486 567 526 405 324 121 486 405

Legend •• ._. f / . ;z Y •f N
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• - ` -•1.- ! •'t- _ _sc, t R� •Y , r• .• .s
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. . . .
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/ .. +• Pii �' ISKiQi57 Fi7vi';iM�-'{;il;p;Inc,
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? MAY 2021
- ,� Scale:
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