20200047 Ver 2_Credit Release Task 3_20211004

ROY COOPER.
Governor
ELIZABETH S. BISER
Secretary
S. DANIEL SMITH
Director
NORTH CAROLINA
Environmental Quality
October 4, 2021
Mike Hermann DWR Project #: 2020-0047v2
Watershed Investments NC, LLC Orange County
1630 Weatherford Circle
Raleigh, NC 27604
(via electronic mail: [e-mail] )
Re: Banished Bull Mitigation Banking Instrument (MBI)
Banished Bull Bank Parcel Credit Release — Task 3
Dear Mr. Hermann:
On June 24, 2021, the Division of Water Resources (DWR) received an As -Built Report from
Watershed Investments NC, LLC (WINC) for the Banished Bull Mitigation Site. On August 30,
2021, Katie Merritt with DWR requested additional information to complete her review of the report.
On September 10, 2021, WINC provided Ms. Merritt with the information requested. According to
the As -Built survey submitted with the As -Built Report, there are slight adjustments in the total
amounts of buffer mitigation credits and nutrient offset credits as compared to the approved BPDP.
The subject site has generated 212,901 ft2 of buffer restoration credits and 142,384 ft2 (7,429.793 lbs-
nitrogen, 478.536 lbs-phosphorus) of nutrient offset credits.
On August 26, 2021, DWR received a performance bond (#CE00155800061) issued to WINC from
Philadelphia Indemnity Insurance Company, in the amount of $100,000, to cover monitoring and
maintenance at the subject site. The term of this bond applies beginning August 25, 2021 and ends
with the approval of the Year 1 Monitoring Report by the DWR. Future credit releases will be
dependent on both the renewal of this performance bond and the annual monitoring reports.
In accordance with the MBI, signed on November 17, 2020, the following Project Milestones have
been met and the corresponding credits shall be released:
Task/Milestones Credit
3) Monitoring Financial Assurance Posted & Approval of As -Built Report 10%
By copy of this correspondence, DWR confirms that you have satisfied the above requirements for
the above -referenced tract and therefore, 10% of the Neuse buffer Restoration credits (0.10 x
212,901 ft2 = 21,290.100 ft2) and 10% of the Nitrogen nutrient offset credits (0.10 x 7,429.793 lb-N
= 742.979 lb-N) and 10% of the Phosphorus nutrient offset credits (0.10 x 478.536 lb-P = 47.854
lb-P) are now available to sell. Please update your credit ledgers accordingly.
D_E
NORTH CARDONA `
oeperteent of Fa m...Mal Omit
North Carolina Department of Environmental Quality j Division of Water Resources
512 North Salisbury Street 11617 Mail Service Center I Raleigh, North Carolina 27699-1617
919.707.9000

Banished Bull Site
Watershed Investments NC
October 4, 2021
Please note that nutrient offset credits generated at this site must be used for impacts in HUC
03020201 of the Upper and Lower Falls Watersheds within the Neuse River Basin pursuant to
15A NCAC 02B .0703 which became effective on April 1, 2020. Additionally, the riparian
buffer credits must be used for authorized impacts in the Neuse River Basin according to
guidelines in the Consolidated Buffer Mitigation Rule, 15A NCAC 02B .0295, which became
effective on November 1, 2015.
Please feel free to call me at [phone] if you have any questions regarding this
correspondence.
cc:File Copy (Katie Merritt)
Sincerely,
DocuSigned by:
`yet
A43C72700BD543E...
Katie Merritt
401 & Buffer Permitting Branch
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