20200047 Ver 2_Credit Release Task4_BanishedBull_20220323

March 23, 2022

Mike Hermann DWR Project #: 2020-0047v2
Watershed Investments NC, LLCOrangeCounty
1630 Weatherford Circle
Raleigh, NC 27604
(via electronic mail: nifssnbooAxbufstifejowftunfoutod/ofu)
Re:Banished BullMitigation Banking Instrument (MBI)
Banished BullBank Parcel Credit Release Task 4
Dear Mr. Hermann:
On October 24, 2021, the Division of Water Resources (DWR) received a Year 1 Monitoring Report
from Watershed Investments NC, LLC(WINC) for the Banished Bull site. Overall, site conditions
appear to look good, performance standards for vegetation are met and no encroachment within the
conservation easement areas was noted.
DWR received a bond rider and continuation certificate for the performance bond
(#CE00155800061) issued to WINC from Philadelphia Indemnity Insurance Company, in the
amount of $80,000, to cover monitoring and maintenance at the subject site. The term of this bond
applies beginning February 25, 2022and ends with the approval of the Year 2Monitoring 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 bereleased:

Task/MilestonesCredit
4)Monitoring Report #1: Approved by the DWR and Financial10%
Assurance renewed

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 (0.10x
2
2
212,901 ft= 21,290.100ft) and 10%of the Nitrogen nutrient offset credits (0.10x 7,429.793 lb-N
= 742.979lb-N) and 10% pg!uif!Qiptqipsvt!nutrient offset credits (0.10x 478.536 lb-P= 47.854
lb-P) are now available to sell. Please update your credit ledgers accordingly.
North Carolina Department of Environmental Quality Division of Water Resources
512 North Salisbury Street 1611 Mail Service Center Raleigh, North Carolina 27699-1611
919.707.9000

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!!Banished Bull Site
Watershed Investments NC, LLC
March 23, 2022

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.

Sincerely,

Katie Merritt
401 & Buffer Permitting Branch

cc:File Copy (Katie Merritt)

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