221123-MBI Amendment Cover Letter

November 23, 2022
Mr. Todd Tugwell
Mitigation Project Manager
Wilmington District, US Army Corps of Engineers
3331 Heritage Trade Drive, Suite 105
Wake Forest, North Carolina 27587
Re: Proposed MBI Amendment (Hidden Lake Mitigation Bank)
Dear Todd,
In our efforts to modernize the current Hidden Lake Mitigation Bank MBI, Hidden Lake,
LLC would like to formally request an IRT review and approval of the proposed MBI
amendments enclosed with this letter. These amendments are needed to address historic
methodologies for establishing credit ratios and calculating overall Bank credits available
for permitting needs.
Proposed amendments include revisions to Items 25, 27, and 28 in the existing MBI.
Suggested changes include revising the ratio used for preservation credits from 5:1 to
10:1 and recalculating those credits contingent on revisions to Items 27 and 28.
Hidden Lake, LLC believes these amendments will update the Bank's MBI to allow for
consistent and currently accepted standards for mitigation credit establishment, while
recognizing the unique ecological values of the Bank on a watershed basis for meeting
compensatory mitigation needs.
We look forward to a favorable review and approval by the IRT to amend the Hidden
Lake MBI as proposed. Thank you for your time and effort through this process. Please
let us know if you have any immediate questions or concerns.
Sincerely,
Douglas J. Frederick, Partner
Hidden Lake LLC
Cc: Mr. Carlyle Franklin, Hidden Lake, LLC
Mr. Scott Frederick, SWE Group, PLLC