20110720 Ver 4_Financial Reduction Approval_20141212

MCDENR
North Carolina Department of Environment and Natural Resources
•
December 12, 2014
Mr. Thomas Rinker
Environmental Banc & Exchange, LLC
909 Capability Drive, Suite 3100
Raleigh, NC 27606
Re: Financial Assurance Reduction Approval
Hatley Mitigation Bank Parcel
Dear Mr. Rinker:
John E Skvarla, III
Secretary
DWQ Project # 2011-0720v4
Orange County
On December 3, 2014, the Division of Water Resources (DWR), received a request for approval to reduce
the financial assurance required for the monitoring and maintenance performance obligations of
Environmental Banc & Exchange, LLC, for the Hatley Nutrient Offset & Riparian Buffer mitigation bank in
Person County, North Carolina. Since your request aligns with the implementation of the financial assurance
provisions of your Upper Neuse Riparian Buffer and Nutrient Umbrella Mitigation Banking Instrument
(UMBI), we will allow the following:
DWR approved the second annual monitoring report for the subject mitigation bank on December 1, 2014
and submitted a credit release letter documenting that approval. Therefore, your request to reduce the
financial assurance (Performance Bond No. 1000964293) from $80,000.00 to $60,000.00 from United States
Surety Company is hereby approved. This reduction is 40% of the original Performance Bond amount of
$100,000.00.
Please feel free to contact Katie Merritt at [phone] if you have any questions regarding this
correspondence.
Sincerely,
Karen Higgins, Supervisor
401 and Buffer Permitting Unit
KAHIkym
cc: File copy (Katie Merritt)
Cara Conder - EBX (via electronic mail)
401 and Buffer Permitting Unit
1617 Mail Service Center, Raleigh, North Carolina 27699-1617
Location: 512 N. Salisbury St. Raleigh, North Carolina 27604
Phone: [phone] \ FAX: [phone]
Internet: www.ncwaterquality.org
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