20160393 Ver 3_Draft_MBI_Bandit_farms_submitted_12222022_20221222

ID#* 20160393
Select Reviewer:
Katie Merritt
Initial Review Completed Date 01/11/2023
Mitigation Project Submittal - 12/22/2022
Version* 3
Is this a Prospectus, Technical Proposal or a New Site?*
Type of Mitigation Project:*
Stream Wetlands Buffer Nutrient Offset
(Select all that apply)
Project Contact Information
Company/Owner: * Environmental Banc & Exchange
Contact Name:*
Jamey McEachran
Project Information
Project Type: DMS • Mitigation Bank
Project Name: Bandit Farms
County: Orange
Document Information
Yes No
Email Address: *
[e-mail]
Mitigation Document Type:*
Mitigation Bank Instrument
File Upload: Draft _MBI_ Bandit _ farms_ submitted_12222022.pdf 875.74KB
Please upload only one PDF of the complete file that needs to be submitted...
Signature
Print Name:* Jamey McEachran
Signature: *

AGREEMENT TO ESTABLISH THE RES BANDIT FARMS MITIGATION BANKING
INSTRUMENT IN THE UPPER NEW HOPE RIVER SUBWATERSHED OF JORDAN
LAKE FOR NUTRIENT OFFSET AND RIPARIAN BUFFER MITIGATION CREDITS
PURSUANT TO THE JORDAN LAKE NUTRIENT MANAGEMENT STRATEGY
TABLE OF CONTENTS
I.PREAMBLE ....................................................................................................................... 2
II.LOCATION AND GEOGRAPHIC SERVICE AREA ...................................................... 2
III.AUTHORITIES .................................................................................................................. 3
IV.ESTABLISHMENT OF BANK PARCEL......................................................................... 3
V.PRE-CONSTRUCTION DOCUMENTATION................................................................. 5
VI.POST CONSTRUCTION DOCUMENTATION FOR THE BANK PARCEL ................ 7
VII.CALCULATION OF MITIGATION CREDITS FOR THE BANK PARCEL ................. 9
VIII.CREDIT RELEASE SCHEDULE .................................................................................... 12
IX.PROCEDURE FOR DEBITING AND CREDITING ...................................................... 12
X.BANK PARCEL CLOSURE ............................................................................................ 14
XI.GENERAL PROVISIONS FOR THE BANK PARCEL ................................................. 15
ATTACHMENTS
A – Division of Water Resources Authority Document
B – Delivered Credit Yield Table for Jordan Sub watersheds dated December 20, 2012
C – Ledger Templates
– Project Credit Table (example)
References
1.Nutrient Offset Credit Trading Rule:
http://reports.oah.state.nc.us/ncac/titl
%20environmental%20management/subchapter%20b/15a%20ncac%2002b%20.0703.pdf
2.Riparian Buffer Mitigation Rule:
http://reports.oah.state.nc.us/ncac/title%2015a%20-y/chapter%2002%20-
%20environmental%20management/subchapter%20b/15a%20ncac%2002b%20.0295.pdf
3.NC Session Law 2019-86 “Nutrient Offset Credits”:
https://www.ncleg.gov/Sessions/2019/Bills/House/PDF/H812v3.pdf
4.Clarified Procedures for Calculating Buffer Mitigation Credits and Nutrient Offset Credits (November 2019):
ues---
Resolutions-Ver-1.0-buffer-mitigation-nutrient-offset.pdf
5.NCDWR – Methodology and Calculations for Nutrient Reduction on the Bank Parcel:
-Buffer-
Credit.pdf
1

I.PREAMBLE
This RES Bandit FarmsMitigation Banking Instrument(“Instrument”)regarding the establishment,
use, operation, and maintenance oftheBandit FarmsNutrient Offset and Buffer Mitigation Bank
Parcel (“Bank Parcel”),to provide Jordan Lake Watershed Riparian Buffer mitigation credits
(“Riparian Buffer Credits”) and Jordan Lake Nutrient Strategy nutrient load reduction credit
(“Nutrient Offset Credits”) is made and entered into by and among Environmental Banc and Exchange,
LLC (“EBX, LLC”) acting as the Bank Sponsor (“Sponsor”), and the North Carolina Department of
Environment – Division of Water Resources (“DWR”). This Instrument is in accordance
with the 15A NCAC 02B .0703 and Consolidated Mitigation Rule 15A NCAC 02B .0295, which
became effective on November 1, 2015, see Attachments and References.

The purpose of this Bank is:

A. To restore and preserve riparian vegetation adjacent to streams and viable ephemeral channels with
within the Upper New Hope Sub watershed of the Jordan Lake
Watershed.

B. To convert agricultural land uses within riparian areas adjacent to streams and viable ephemeral
channels into a dense and diverse, hardwood vegetated state with the intent to significantly reduce
nutrient loadings associated with agricultural practices into streams.

C. To provide buffer mitigation and nutrient offsets sell any resulting Riparian Buffer Credits and/or
Nutrient Offset Credits to third parties in the Upper New Hope Subwatershed of the Jordan Lake
Watershed, for development (both existing and proposed) or to offset NPDES-permitted
wastewater nutrient sources or offset.

II. LOCATION AND GEOGRAPHIC SERVICE AREA
A. The Geographic Service Area (“GSA”) is the designated area wherein a Bank can reasonably be
expected to sell Riparian Buffer Credits and/or Nutrient Offset Credits for impacts
mitigation or offset.

B. The GSA for this instrument is limited to the Upper New Hope Subwatershed of Jordan Lake
watershed as defined in rule 15A NCAC 02B .0262.

C. Sale or transfer of Riparian Buffer Credits shall be limited to Upper New Hope Subwatershed of
the Jordan Lake Watershed, as defined in rule 15A NCAC 02B .0262, unless otherwise authorized
by the DWR or delegated local government in accordance with 15A NCAC 02B .0295.

D. Sale or transfer of delivered Nutrient Offset Credits shall also be limited to Upper New Hope
Subwatershed of the Jordan Lake watershed, as defined in rule 15A NCAC 02B .0262 and in
accordance with 15A NCAC 02B .0703, unless otherwise authorized by the DWR in accordance
with Session Law (S. L.) 2019-86.

2

E.The following table provides site-specific details of the Bank Parcel proposed under this
Instrument, which iswithin the Upper New Hope Subwatershed of the JordanLake Watershed (8-
digit HUC 03030002);
Table 1.0 – Site-specific Details
Bank Parcel County 14-Digit USGS DWR Project # Project Named Receiving Primary Land
Name HUC Location Stream Use/s
Bandit FarmsOrange 03030002060070 Not Assigned 35.974648, Morgan Creek Combination of
-79.150957 forested and non-
forested areas
used for row
crop agriculture
III.AUTHORITIES
A. The Bank Parcel will be used to provide Riparian Buffer Credit and/orNutrient Offset Credit in
accordance with the in the DWR Authority document referenced herein as
“Attachment A” and attached to this Instrument.

B.
Attachment A and any new approved North Carolina (“State”) statutes and rules
for the Jordan Lake Nutrient Sensitive Waters Management Strategy.

C. The selling of credits generated from the Bank Parcel approved under this Instrument, shall be
consistent with approved State statutes and rules for the Jordan Lake Nutrient Sensitive Waters
Management Strategy.

D. Mitigation activities proposed under this Instrument and corresponding Bank Parcel Development
Package (BPDP) to generate Riparian Buffer Credits and Nutrient Offset Credits shall be
consistent with State statutes and rules for the Jordan Lake Nutrient Sensitive Waters Management
Strategy that are in place at the time a complete BPDP is submitted to DWR.
IV.ESTABLISHMENT OF BANK PARCEL
A. In accordance with15A NCAC 02B .0295 and 15A NCAC 02B .0703, DWR has provided a “Site
Viability Letter” for the Bank Parcel proposed under this Instrument. The site viability letter is not
an approval of the site to generate Riparian Buffer Credits andNutrient Offset Credits but is a
preliminary review of the Bank Parcel that details and confirms existing land-use conditions,
defines the riparian sites (Enhancement, Preservation, or Restoration), and identifies features
(streams, ditches, ponds, etc.) that meet general criteria to be suitable to generate Riparian Buffer
Credits and Nutrient Offset Credits. Table 2.0 below outlines when a Site Viability Letter was
issued by DWR for the mitigation site proposed under this Instrument:

Table 2.0 – Site Viability Letter Details
Viability Letter
Viability Letter
Bank Parcel NC DWR Site Visit
Expiration Date
Received
Bandit Farm September 21, 2022 December 9, 2022 December 9, 2024
3

B.the BPDP. Site Viability Letters will
either expire on the dates listed in the table above or upon the submittal of an individual As-Built
Report to the DWR, whichever comes first.If the Site Viability Letter expires prior to submittal
of a complete BPDP as described in Section V to DWR, then the Sponsor must submit a formal

C. The Bank Parcel proposed for inclusion under this InstrumentBPDP be submitted
to, and approved by, the DWR prior to use of the individual Bank Parcel for mitigation purposes
or for any sale or transfer of any associated credits. The contents of the BPDP are provided in
Section V.

D. The BPDP submitted under this instrument will be placed on public notice and made available for
public commenting for 15 calendar days.

E. Riparian Buffer Credit may be achieved through restoration and preservation of DWR riparian
buffers as they are defined in 15A NCAC 02B .0267, and other riparian areas allowed per 15A
NCAC 02B .0295 (n) and (o) on the Bank Parcel. Riparian Buffer Credits are only attainable if the
width of the mitigated area is at least 20 feetas measured perpendicularly from top of bank. The
viability of features to generate riparian buffer credits is provided in the Site Viability Letters for
the Bank Parcel and referenced in Table 2.0 of this Instrument.

F. The Bank Parcel is intended to provide Jordan Lake Riparian Buffer Credit as follows:

1. Planting hardwood trees and shrubs on a Restoration Site as defined in 15A NCAC 02B
.0295(b) adjacent to streams and viable ephemeral channel.
2. Maintaining a Preservation Site as defined in 15A NCAC 02B .0295(b) by placing a
conservation easement around riparian areas adjacent to streams and viable ephemeral
channel as allowed by 15A NCAC 02B .0295 (o).
3. Diffused flow will be maintained onsite to the maximum extent practicable.
4.
maintenance of diffuse flow onsite is unattainable

G. Nutrient Offset Credit may be achieved on this Bank Parcel through restoration of the riparian
areas adjacent to viable streams, where agriculture was determined by DWR to be the predominant
land use. Nutrient Offset Credits are only attainable if the width of the restored riparian areas are
at least fifty (50) feet as measured perpendicular from tops of banks along viable streams. The
width of the restoration area begins at the most landward limit of the top of bank or the rooted
herbaceous vegetation and extends landward a minimum of 50 feet and a maximum of 200 feet on
all sides of the surface waters. The viability of features to generate nutrient offset credits is
provided in the Site Viability Letters for the Bank Parcels and referenced in Table 2.0 of this
Instrument.

H. The Bank Parcel is expected to provide Nutrient Offset Credits in accordance with 15A NCAC
02B .0703 as follows:
4

1.Converting agricultural land uses within riparian areasto a diverse forest by placing a
perpetual conservation easement around riparian areas along viable streams in accordance
with 15A NCAC 02B .0703 (g).
2. Planting hardwood trees and shrubs on a Restoration Site as defined in 15A NCAC 02B
.0295(b) adjacent to viable streams where agriculture has been determined by DWR to be
the predominant land-use.

I. The Bank Parcel submitted for review under this Instrument is anticipated to begin riparian
restoration activities in Spring 2024. The total area of riparian restoration activities on the Bandit
Farms Bank Parcel is expected to be 18.77 acres.

V. PRE-CONSTRUCTION DOCUMENTATION
Bank Parcel Development Package
A. The BPDP submitted under this Instrument shall be submitted to DWR for review and must be
approved by DWR prior to any construction on the Bank Parcel. The BPDP must describe any
changes that have occurred to the site between the date of the Site Viability Letter and the date the
BPDP is submitted to DWR. The BPDP shall include detailed information consistent with the
sections below concerning; 1) site location (14-; 2) existing conditions with
current photos; 3) proposed buffer mitigation and nutrient offset activities including a detailed
vegetation Plan; 4) monitoring and maintenance plans; 5) financial assurances; 6) associated buffer
mitigation/nutrient offset credit calculations, which shall include credit generation, service area,
and accounting as appropriate for each regulatory authority; 7) stream buffer determination letter
from DWR, and 8) Site Viability Letter from DWR; 9) service area figure for each mitigation type
proposed under this Instrument; and 10) all pertinent information including but not limited to
permitting, bank stabilization, culvert removal, installation of any utilities indirectly or directly
affecting the Bank Parcel, endangered or threatened species, presence of historical sites and an
Environmental Data Resources (EDR) report to evaluate environmental risk associated with the
land proposed for the Bank.

B. The Sponsor will obtain all applicable federal, state, and local documentation, permits, or
authorizations needed to construct and maintain the Bank Parcel. This Instrument
as, or substitute for, such documentation, permit, or authorization.

C. Any restoration activities or proposed construction within the streams, riparian buffers, and other
riparian areas on the Bank Parcel to produce Riparian Buffer Credit or Nutrient Offset Credit must
be approved by DWR in writing prior to implementation. The failure of the Sponsor to comply
the Bank Parcel.
D. BPDPmust be submitted to DWR in writing.Written
approval from the DWR must be received prior to implementing any deviation from the approved
BPDP.

Property Disposition & Long-Term Management for the Bank Parcel
5

E.Prior to the release of any credits, the Sponsor shall record permanent conservation easements at
the OrangeCounty Register of Deeds’officethat is sufficient to ensure protection, operation and
maintenance of restored riparian buffers and other riparian areas for the duration specified in the
approved BPDP.

F. The form of the conservation easement shall be consistent with the standards employed by the
State of North Carolina in the protection of restored riparian buffers and riparian areas and shall
be approved by the DWR and USACE prior to the release of any credits.

G. The Sponsor shall not grant additional easements, right of ways, or any other property interest in
or to the project areas, without prior approval from the DWR.

H. The Sponsor agrees to transfer or assign the conservation easement and its interests in perpetuity
-
Revenue Code prior to the first credit release. The holder shall be a land trust or stewardship
program that will hold and enforce the conservation easement and the interests in perpetuity. The
Sponsor shall choose a land trust or stewardship program that is accredited by the Land Trust
Accreditation Commission and/or has been approved by DWR prior to the first credit release. A
land trust must be certified under 501(c)(3) of the Internal Revenue Code.

I. In the event the Sponsor is also the owner of the underlying fee interest in the property, the
conveyance of the conservation easement to a land trust or stewardship fund must be arranged at
the outset of the approved BPDP.

Financial Assurances for Bank Parcel Development
J.Following approval of the BPDP for theBank Parcel, the Sponsor shall provide
Performance/Maintenance Bonds from a surety company that is rated no less than an “A-” as rated
by A.M. Best, to construct the sites according to the approved plans. It is the Sponsor’s
responsibility to confirm that the surety company is rated no less than an “A-” with each annual
bond renewal.

K. The amount of the Performance Bond shall be 100% of the estimated cost for implementation of
the mitigation activities of the Bank Parcel as described in the approved BPDP. No bond shall be
less than $150,000.00 to cover construction costs.

L. Alternatively, in lieu of posting Performance Bonds, the Sponsor may elect to construct the
projects prior to the first credit releases.

M. Once DWR has released all credits for completion of all the items listed below, then the Bank
Item J and K of this section:

1. Instrument and BPDP approved by DWR, Conservation Easement recorded, Financial
Assurance posted.

6

2. All Riparian Earthwork, Planting, and Installation of Monitoring Devices Completed,
performed by DWR.

3. As-Built Report as described in Section VI has been received by DWR; and

4. DWR has submitted a written approval of the As-Built Report.

N. To comply with this section, DWR must be the Obligee on all performance bonds.

VI. POST CONSTRUCTION DOCUMENTATION FOR THE BANK PARCEL
As-Built Report

A. The Sponsor agrees to perform all necessary work, in accordance with the provisions of this
Instrument and corresponding BPDP, to establish, maintain, and monitor Jordan Lake Riparian
Buffers or other riparian areas until Item B (1) and (2) of Section X have been satisfied.

B. Within 30 calendar days after completing the establishment of the nutrient offset areas, the Sponsor
will submit written notification to DWR documenting that all nutrient offset activities have been
completed. Failure to submit written notification within 30 days may result in a modified credit
release schedule or a delay in the issuance of credit releases. Notification shall include all the
following

1. BPDP;
2. Figures representing all riparian restoration and riparian preservation
activities where applicable;
3. Figures representing location of all monitoring plots installed;
4. Detailed planting plan- including type of species planted, density of species
planted, and any modifications to the planting plan from what was approved
in the BPDP;
5. Description of how the conservation easement boundaries were marked;
6. Any major changes to the conservation easement boundary or to the amount
of Riparian Buffer Credits or Nutrient Offset from what was proposed in the
approved BPDP.

C. The Sponsor will submit an as-built Plan and report for the Bank Parcel after completing the
establishment of the buffer mitigation and nutrient offset areas. The as-built report will describe
any deviation from the approved BPDP and will document the following:

1. Riparian restoration and planting details, invasive species control, confirmation of fence
installation (if applicable), monitoring device locations, vegetation plot locations, photo
point locations, as appropriate and confirmation that all boundary markers are installed.
7

2. Boundary Survey of the conservation easement area, signed and sealed by a licensed
surveyor, including an inventoryof the final areas for riparian buffer mitigationand
nutrient offset .
3. As-built map of the mitigation area showing where riparian restoration and riparian
preservation was performed and any deviations to the Bank Parcel from what was approved
in the BPDP.
4. Aerial map of the mitigation area that was included in the approved BPDP.

Financial Assurance for Bank Parcel Monitoring and Maintenance

D. After completion of the restoration/construction on theBank Parcel, a Performance/Maintenance
Bond will be secured for 100% of the estimated cost to implement the monitoring and maintenance
plan as described in the approved BPDP and As-Built Report applicable for the site. The Bond
must be from a surety company that is rated no less than an “A-” as rated by A.M. Best, and it is
the Sponsor’s responsibility to confirm that the surety company is rated no less than an “A-” with
annual bond renewals.

E. A Performance/Maintenance Bond shall be secured each year for a minimum of five years, and
until DWR has released all mitigation credits to the Bank Sponsor. Upon receiving a credit release
letter from DWR approving a monitoring report with no contingencies, the bond may be lowered
for that next year’s monitoring based on the adjusted cost to complete the monitoring. No bond
shall be less than $100,000 initially, to cover monitoring and maintenance costs.

F. Once DWR has released 100% of all credits for completion of all Bank Parcel milestones described
in Table 3.0 of Section VIII and in the corresponding BPDP, the Bank Sponsor willbe released
D and E of this Section.

G. To comply with this section, DWR must be the Obligee on all performance bonds.

Monitoring and Maintenance Reports
H. The Sponsor shall monitor the Bank Parcel as described in the BPDP until such time as DWR
determines that the performance standards described below have been met. The monitoring period
shall be a minimum of five consecutive years.
I. Performance Standards for Vegetation: Native hardwood trees or native hardwood treesand shrub
species should be Planted at a density sufficient to provide 260 stems per acre after five years. A
minimum of four (4) native hardwood trees or four (4) native hardwood tree and shrub species
must be Planted. No one species shall be greater than 50% of the Planted stems. A list of species
for Planting will be detailed in the BPDP for approval. Native hardwood tree volunteer species
may be included to meet performance standards as determined by the DWR.
J.A “stem” means a woody seedling, sapling, shrub, or tree, no less than 10 centimeters in height
and shall apply, on the Bank Parcel, to the minimum height that a planted tree or shrub shall be at
included in the annual vegetation data included with the monitoring reports.
8

K.If the performance standards of the vegetation are not met, supplemental Plantings may be
Supplemental Plan
and maintained for five years. Bank Parcel maintenance, such as ensuring diffuse flow, managing
invasive species, and pest control will be included in the BPDP.

L. Monitoring Reports for Riparian Buffer Credit or Nutrient Offset Credit: Reporting criteria
of the vegetationshall be based on the Carolina Vegetation Survey (CVS) –EEP Protocol for
Recording Vegetation Level 2 Plot Sampling only version 4.0 or any updated versions of this
protocol in place on the date of acceptance of the BPDP. The Sponsor shall submit to the DWR an
annual monitoring report no later than December 31 of each year for a minimum of five
consecutive years after the first full growing season. Vegetation data shall not be collected prior
to late August of each year. This report will describethe conditions of theBank Parcel, including
an evaluation ofthe performance standards of the vegetationcontained within the approved BPDP.
Reports shall contain the following:

1. A U.S. Geological Survey map showing location of the Bank Parcel;
2. A detailed narrative with supporting photos summarizing the condition of the Bank Parcel
along with any maintenance or remediation performed that year; and
3. Amap, survey, or other figure showing locations of sampling plots, permanent photo
points, location of transects, etc.; and
4. Monitoring data, including specific vegetative counts showing that the trees or tree and
shrub species Planted are meeting performance standards and updated photographs; and
5. A copy of the most recent Bank credit/debit ledgers; and
6. Corresponding verification letters from designated local governments ; and
7. Corresponding Mitigation Transfer Certificates ; and
8. Proof of performance bond renewal to cover the next monitoring year (if applicable)

Contingency Plans/Remedial Actions

M.In the event the Bank Parcel fails to achieve the performance criteria described in this Instrument
and the approved BPDP, the Bank Sponsor shall develop necessary contingency plans in
coordination with the DWR and implement appropriate remedial actions for the Bank Parcel and
the Bankthe DWRmay modify the
monitoring period.

VII. CALCULATION OF CREDITS FOR THE BANK PARCEL
Riparian Buffer Credits

A. All Riparian Buffer Credits shall be determined based on the ratios and percentages provided in
15A NCAC 02B .0295(m) and (n) following the guidance provided in the Clarified Procedures
for Calculating Buffer Mitigation Credits and Nutrient Offset Credits letter issued by the DWR,
see reference # 4, including the most recent Project Credit Table Template provided online.

B.Riparian buffer restoration on the Bank Parcel, as described in 15A NCAC 02B .0295(n)and (o)(3)
and defined in 15A NCAC 02B .0295(b) may be used for Riparian Buffer Credit. Some riparian
9

restoration areas may also be used for Nutrient Offset Credit as indicated in the Site Viability
Letter.
C.Riparian buffer preservation on the Bank Parcel, as described in 15A NCAC 02B .0295 (o)and
defined in 15A NCAC 02B .0295 (b), canonly be used for Riparian Buffer Credit.

D. Riparian Buffer Credit is defined as one (1)
credits per one acre.

Nutrient Offset Credits
E.Parcel submitted under this Instrument
will be determined by applying the applicable ratio as provided in 15A NCAC 02B .0295(m) for
a Restoration Site following the guidance provided in the Clarified Procedures for Calculating
Buffer Mitigation Credits and Nutrient Offset Credits issued by the DWR, including the most
recent Project Credit Table Templateprovided onlineby DWR, see reference # 4. All riparian
areas proposed for Nutrient Offset Credits must be a minimum of 50 feet from the top of the stream
banks on land noted in a Site Viability Letter as agriculture.

F. Nutrient Offset Credits cannot be achieved through the preservation activities performed on this
Bank Parcel.

G. Nutrient Abatement of Restored Riparian Area/Buffers within land use determined to be
agriculture: The Sponsor and DWR agree to the following:
a. Pursuant to the Jordan Trading Rule Item 15A NCAC 02B .0273(2)(a), load reductions
eligible for credit are only those that exceed reduction needs calculated by applying the
strategy subwatershed percentage reduction goals as provided in 15A NCAC 02B .0262(5).
For the Upper New Hope
yielded per acre for restored riparian buffers when compared with the credit given in other
river basins. Table 3.0 below lists the generated credit per acre of restored riparian buffer
for the Upper New Hope Subwatershed.

Table 3.0. Generated credit yields for forest buffer restoration in Upper New Hope
Subwatershed
Credit Generated (lbs/30 yrs/ac)
Jordan Subwatershed NitrogenPhosphorus
Upper New Hope 7,766.328 444.654

H. 15A NCAC 02B .0703, the party seeking to sell credit
must account for differences in instream nutrient losses between the location of the reduction need
and excess loading reduction being delivered to the affected area of Jordan Lake. Attachment B
produced the delivered Jordan Lake Total Nitrogen (TN) and Jorden Lake Total Phosphorus (TP)
credit yields per acre of buffer restoration by each Jordan Lake 14-digit HUC subwatershed.
10

a.Delivered credits are calculated by applying the delivery factors in Table 4.0 below and the
acreage of riparian restoration to the generated credit yields from Table 3.0 above. The
delivery factors for the Bank Parcel under this Instrument for Total Nitrogen (TN) and
Total Phosphorus (TP) are provided in Table 4.0 below using Attachment B for reference.
The amount of delivered credits for each Bank Parcel will be detailed in the BPDP for the
Bank Parcel.
Table 4.0 – Delivery Factors
1
Delivery Factors& Credit Conversion Ratio
Bank ParcelTNTP
Bandit Farms67% 60%
28.90375 504.83277
1
Clarified Procedures for Calculating Buffer Mitigation Credits and Nutrient Offset Credits letter
issued by the DWR in November 2019

b. The Bank Sponsor shall report the pounds of nitrogen and phosphorus credit per acre of
restored riparian buffer in the Bank Parcel’s Plan for both credits generated at the site of
the nutrient reduction activity and the credit delivered to Jordan Lake.
I. The Sponsor and DWR agree the methodology and calculations for determining nitrogen and
phosphorus reduction, associated with restoration of riparian areas as described in Section IV of
this Instrument, shall be fixed as part of the approval of this Instrument, with the fixed amount not
changing during the BPDP review or credit release schedule for the bank parcel. For further details
on the approved method and calculations for determining nutrient reductions associated with the
riparian restoration on this Bank Parcel refer to the NCDWR - Methodology & Calculations for
Nutrient Reductions document found in reference # 5.

11

VIII.CREDIT RELEASE SCHEDULE
A. Upon submittal of all appropriate documentation by the Sponsor
DWR, it is agreed that the mitigation credits associated with theBank Parcel will become available
for sale to a third party in accordance with the Credit Release Schedule below in Table 5.0.

Table 5.0 -Credit Release Schedule for Riparian Buffer Credits and Nutrient Offset Credits

% Credit Available
Task Project Milestone
for sale

Instrument and BPDP Approved by DWR, Conservation Easement Recorded
25
and Assigned according to Item B (1) of Section X in this Instrument has been
1
completed and approved by DWR.* and Financial Assurance Posted

All Riparian Earthwork, Planting and Installation of Monitoring Devices
20
Completed, , and all applicable
2
permits obtained.A site visitbyDWRis for this task.
10
3 Monitoring Financial Assurance Posted and Approval of As-Built Report
10
Monitoring Report #1: Approved by the DWR** & financial assurance
4
renewed
Monitoring Report #2: Approved by the DWR** & financial assurance 10
5
renewed
Monitoring Report #3: Approved by the DWR** & financial assurance 10
6
renewed
Monitoring Report #4: Approved by the DWR** & financial assurance 5
7
renewed
10
Monitoring Report #5: Approved by the DWR** and final site visit by DWR
has been conducted
8

Total 100%
* For specification, please see Section VIII in this Instrument
** DWRApproval provided upon a determination that the site is meeting performance standards contained within the
approved BPDP

B.DWR maymodify the credit release schedules based on the information submitted orthe order in
which is received. DWR will notify the Sponsor of any modification to the
credit release schedule.

C. DWR may consider a Credit Release Schedule for a Bank Parcel based on the extent of change
between current onsite conditions and proposed post construction conditions.

IX. PROCEDURE FOR DEBITING AND CREDITING
Credit Ledgers
A. The Bank Sponsor shall maintain a credit ledger for each mitigation type for the bank parcel under
this Instrument: The credit ledger shall provide the accounting for Riparian Buffer Credit
feet and acres feet.

12

B.Each credit ledger shall be submitted on a separate 8 ½ inch by 11-inchspreadsheet with legible
font style and font size. The ledger shall be submitted using the templates provided in Attachment
C of this Instrument or any updated versions to these templates as provided by DWR.
C
redit Processing
Credits must be calculated for the Bank Parcel using the most recent Project Credit Table template
(see attachment ), which is referenced in the guidance provided in the Clarified Procedures for
Calculating Buffer Mitigation Credits and Nutrient Offset Credits letter issued by the DWR, see
reference # 5
Riparian Buffer Credits generated on this Bank Parcel will be used to provide mitigation for
authorized buffer impacts within the Upper New Hope Subwatershed of the Jordan Lake
Watershed according to 15A NCAC 02B .0295(g).
Nutrient Offset Credits generated on this Bank Parcel will be used to offset nitrogen and
phosphorus nutrient loads within the Upper New Hope Subwatershed of the Jordan Lake, in
accordance with 15A NCAC 02B .0703.
Available Riparian Buffer Credits (credits that have been released by DWR but not sold by the
Sponsor) that are generated from riparian restoration on land designated as agriculture and meet
criteria for nutrient offset credits as outlined in Section VII of this Instrument, the Site Viability
Letter, and the corresponding Plan can be converted from Riparian Buffer Credits to Nutrient
Offset Credits upon written approval from DWR.
completion of Task 3 per Table 5.0 in this Instrument. Once a credit has been converted to another
credit type, the transaction is permanent, and the credit cannot be converted again.
Available Nutrient Offset Credits (credits that have been released by DWR but not sold by the
Sponsor) that are generated from riparian restoration within 0-100' from tops of banks and meet
criteria for riparian buffer credits as outlined in Section VII of this Instrument, the Site Viability
Letter, 15A NCAC 02B. 0295 and the corresponding Plan can be converted from Nutrient Offset
Credits to Riparian Buffer Credits upon written approval from DWR. Credit conversions can only
5.0 in this Instrument. Once a credit has been
converted to another credit type, the transaction is permanent, and the credit cannot be converted
again.
Riparian Buffer Preservation credits generated on this Bank Parcel are not transferrable into
Nutrient Offset Credits.
Credit conversions must be calculated using the guidance provided in the Clarified Procedures for
Calculating Buffer Mitigation Credits and Nutrient Offset Credits letter issued by the DWR, see
reference # 5.
local government in the Upper New Hope Subwatershed of the Jordan Lake Watershed or DWR
prior to debiting Riparian Buffer Credits from the individual Bank Parcel.
13

K.The Bank Sponsor shall obtain verification of nutrient offset need from a designated local
government in the Upper New Hope Subwatershed of the Jordan Lake Watershed or DWR, prior
to debiting Nutrient Offset Credits from the Bank Parcel.
L.All credit and debit transactions for the bank parcel under this Instrument shall be accurately
depicted in the credit ledgers. The Bank Sponsor shall provide DWR up-to-date credit ledgers for
th
the Bank by the tenth (10
hard copy of updated credit ledgers along with the corresponding Mitigation Credit Transfer
Certificates andall corresponding letters from the designated or delegated local governments or
DWR where applicable once a year. Notification of all credit sales shall be provided to DWR until
all credits that have been released have been sold.

Mitigation Credit Transfer Certificates
M.All credit sales will include a Mitigation Credit Transfer Certificate (“Certificate”) that
to be provided to the buyer of Riparian Buffer Credits and/or Nutrient Offset Credits, that will
include, at a minimum, the following information:
1. Bank Details: (1)Bank Sponsor Name, (2) Bank Parcel as it appears in this Instrument, (3)
DWR project number for the Plan as it appears in Table 1.0.

2. Credit Details: (1) date of receipt, (2) identify if full or partial payment, (3 – when
applicable) amount of nitrogen credits purchased in pounds and confirmation from the
designated 4 – when applicable) amount of
phosphorus credits purchased in pounds and confirmation from the designated local
– when applicable) amount of Riparian Buffer
Credits DWR or the local government
of the amou

3. Permitted Project Details: (1) projectname as it appears on DWR or local government
permits and/or certifications, (2) 14-digit HUC, (3) the subwatershed within the Jordan
Lake Watershed, (4-when applicable) nutrient strategy applicable to the project, (5 – when
applicable) designated Nutrient Offset Credits, and/or (6)
DWR or Riparian Buffer Credits for this project.

N. If the DWR determines that the Bank is operating at a deficit (e.g.the Sponsor is closing on sales
and/or transferring credit that is not available), or the Bank is selling credits out of compliance
with statutes, rules or this Agreement, the sale/transfer of credits will immediately cease, and the
DWR, in consultation with the Sponsor, will determine what remedial actions are necessary.

X. BANK PARCEL CLOSURE
A. Bank Parcel Closure shall be identified as the event when the Sponsor is relieved of all of its
responsibilities to the Bank Parcel and there are no Riparian Buffer Credits or Nutrient Offset
Credits left to sell.
14

B.Bank ParcelClosure shall commence only after all of the following events have occurred:

1. Transfer or assign the conservation easement and all of its interests, in perpetuity, to a land
trust or stewardship program as described in Section V of this Instrument.

2. All five years of monitoring completed, and all monitoring reports submitted and approved
by DWR.

3. All credits have been released and debited and updated ledgers showing zero credit
balances have been submitted and approved by DWR.

XI. GENERAL PROVISIONS FOR THE BANK PARCEL
A. Upon the presentation of proper credentials, and during normal business hours, the Sponsor and
the landowner shall grant permission to the Directorof DWR, or authorized representative of the
Director of DWR, to enter the property containing the Bank Parcel.
B.Amendments: This Banking Instrument may be amended or modified only with written approval
of all signatory parties.

C. Any transfer of the Sponsor’s rights or obligations outlined in this Instrument, or any other
agreement referenced in this Instrument to a third party must be approved by DWR prior to the
transfer.

D. Force Majeure: After 100% of all of the credits have been released according to the credit release
schedule in Section VIII and confirmation has been received by the DWR that the Conservation
Easement has been successfully assigned in compliance with Item H of Section V, the Sponsor
will not be responsible for Bank failure that is attributed to natural catastrophes including but not
limited to flood, drought, disease, regional pest infestation, etc. that are beyond the control of the
Sponsor.
E.However, if an event occurs before 100% of all of the credits have been released according to the
credit release schedule in Section VIII, then the Sponsor shall take remedial action to restore the
property to its condition prior to the event, in a manner
to cover credits that were sold prior to the occurrence of the event. Such remedial action shall be
taken by the Sponsor only to the extent necessary and appropriate, as determined by DWRand the
Sponsor.
DWR must concur in writing that a force majeure event has occurred for this provision to apply.
F. Oversight:Actions taken by DWRmay include, but are not limited to, the following:
1. Site visits,
2. Issuance of Site Viability Letters,
3.BPDPreview and approval of items listed in Section V of this Instrument,
4. As-Built Report review, and approval of items listed in Section VI of this Instrument,
15

5. Monitoring Report review, and approval of items listed in Section VIof this Instrument,
6.Credit Ledger review and approval of items listed in Section IXof this Instrument,
7. Certificate review of items listed in Section IX of this Instrumentand cross analysis to
credit ledgers and,
8.

Reports, ledgers, files, and other information shall be made available to DWR
otherwise specified in this or any other document.

G. Validity of the Banking Instrument: This Instrument will become valid on the date of the last
party’s signature.

H. Specific Language of Banking InstrumentShall Be Controlling: To the extent that specific
language in this document changes, modifies, or deletes terms and conditions contained in those
documents that are incorporated into the Instrumentby reference, and that are not legally binding,
the specific language within the Instrument shall be controlling.

I. Any disputes over decisions regarding this Instrument, shall be referred to the Director of DWR
for a decision. The Director’s decision is subject to review as provided in Articles 3 and 4 of G.S.
150B.

J. This Agreement shall be binding upon the parties and is entered into knowingly, intelligently, and
voluntarily.

K. Notices: Aor made
by any party to the other shall be in writing and shall be deemed to have been properly given and
received on the date delivered in person or deposited in the United States mail, registered or
certified, electronic mail, o the addresses set out below, or at such other
addresses as specified by written notice delivered in accordance herewith.

If to Bank Sponsor: Environmental Banc & Exchange, LLC
Attention: Mrs. Jamey McEachran
3600 Glenwood Ave.
Suite 100
Raleigh, North Carolina 27612

Jamey Mceachran
[e-mail]
If to DWR: NC Division of Water Resources – 401 & Buffer Permitting Branch
Attn: Nutrient Offset and Buffer Banking Coordinator
1617 Mail Service Center
Raleigh, NC 27699-1617
16

L.Applicable Law: This Agreement shall be construed under the laws of the State of North Carolina.
ENVIRONMENTAL BANC & EXCHANGE, LLC
By:Jamey Mceachran(Print)
(Signature)
RegulatoryManager
Title:
Date:
NORTH CAROLINA DEPARTMENTOF ENVIRONMENT-DIVISION OF WATER
RESOURCES
By:(Print)
(Signature)
Title:Director, Division of Water Resources
Date:
17

bǒƷƩźĻƓƷ hŅŅƭĻƷ tƩƚŭƩğƒ ε .ǒŅŅĻƩ aźƷźŭğƷźƚƓ tƩƚŭƩğƒ…ƦķğƷĻķ
!ǒƷŷƚƩźƼĻƭ ŅƚƩ …a.LΉa.L ЉЌΉЋЏΉЋЉЊЌ
Attachment A
All Basins
General Statutes:
G.S. §143-214.1 Water; water quality standards andclassifications; duties ofCommission
G.S. §143-214.11 Ecosystem EnhancementProgram
G.S. §143-214.26 Nutrient Offset Credits
G.S.§143-214.20-24 Riparian Buffer Protection Program
G.S. §143-214.7 Stormwater runoff rules andprograms
G.S. §143-215.3(a)(1) General powers of Commission and Department; auxiliary powers
G.S. §143-215.6A Enforcement Procedures: Civil Penalties
G.S. §143-215.6B Enforcement Procedures: Criminal Penalties
G.S. §143-215.6C Enforcement Procedures: Injunctive Relief
G.S. §143-215.8B Basinwide Water Quality Management Plans
G.S. §143B-282 Environmental Management Commissioncreation; powersandduties
Session Laws
S.L. 2012-200 (Amendment to G.S.§143-214.23 and G.S. §143-215.1)
S.L. 2011-343 (Amendment toG.S.§143-214.11)
S.L. 2009- 337 (Amendment toG.S.§143-214.11)
AdministrativeRules:
15ANCAC 02B.0202 Definitions
15ANCAC 02B.0223 Nutrient SensitiveWaters
15ANCAC 02B.0237 Best Management Practice Cost-Effectiveness Rate
15ANCAC 02B.0240 Nutrient Offset Payments
15ANCAC 02B.0269 Riparian Buffer Mitigation Fees tothe NC Ecosystem EnhancementProgram
15ANCAC 02B.0274 Nutrient Offset Payment Ratesfor the NC Ecosystem Enhancement Program
15ANCAC02B .0301 Stream Classifications

Jordan Buffer and Jordan Water Supply Nutrient Strategy
General Statutes and Session Laws:
G.S. §143-214.5 Water Supply Watershed Protection)
S.L. 2012-201
S.L. 2012-187
S.L. 2009-216
S.L. 2009-484
S.L. 2006-259 (Section 31(a))
S.L. 2005-190
S.L. 1999-329 (part of G.S. 143B-282)
Administrative Rules:
15A NCAC 2B .0262 Purpose and Scope
15A NCAC 2B .0263Definitions
15A NCAC 2B .0264 Agriculture
15A NCAC 2B .0265 Stormwater Management for New Development
15A NCAC 2B .0267 Jordan Water Supply Nutrient Strategy
15A NCAC 2B .0268 Mitigation for Riparian Buffers
15A NCAC 2B .0270 Wastewater Discharge Requirements
15A NCAC 2B .0271 Stormwater Requirements for State and Federal Entities
15A NCAC 2B .0272Fertilizer Management
15A NCAC 2B .0273 Options for Offsetting Nutrient Loads

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Attachment B

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only
Release
are
Purchaser
below
shown
Date
Sale/
Release
*Credits

Gov'tRequiring
Acres
Balance
Credit
Feet
Square
Buffer
Bank
Debited/Sold
FeetAcres
From
Ledger
Credits
Credit
to
#:
Name)
Date:
Built.
To
As
Project
and
Bank
Credits
Updated:
Instrument
FeetAcresSquare
&
Released
Parcel
BPDP,
Buffer
Last
Released/Available
Square
#)
Bank
Name
Date
UMBI,
R
Credits
HUC
the
DW
#
w/
Total
by
(Sponsor
HUC
w/
Name
approved
Project
(Parcel
credits
mitigation
Credit
for
%
or
only
Release
are
Purchaser
below
shown
Date
Sale/
Release
*Credits

Gov'tRequiring
Acres
Balance
Credit
of
Nitrogen
Nutrient
Pounds
From
Acres
Bank
of
Debited/Sold
Ledger
Nitrogen
Pounds
Credits
name)
#:
Credit
Date:
To
Acres
Built.
Project
As
Nitrogen
Updated:
Instrument
Bank
#)
and
&
Released
to
Parcel
of
Released/Available
Last
HUC
BPDP,
name
Nitrogen
Date
Credits
w/
Pounds
Credits
DWRBank
UMBI,
Total
Name
the
(Sponsor
#
by
HUC
(Parcel
w/
approved
Project
credits
mitigation
Credit
for
%
or
only
Release
are
Purchaser
below
shown
Date
Sale/
Release
*Credits

Gov'tRequiring
Acres
Balance
Credit
of
Nitrogen
Nutrient
Pounds
From
Acres
Bank
of
Debited/Sold
Nitrogen
Credit
Pounds
Credits
name)
#:
Date:
To
Acres
Built.
Updated:
Project
As
#)
Instrument
Bank
Last
&
and
Released
to
Parcel
of
Released/Available
HUC
Date
w/
BPDP,
name
Bank
Nitrogen
Credits
Pounds
Credits
Ledger
DWR
UMBI,
Name
Total
the
(Sponsor
#
by
(Parcel
HUC
w/
approved
Project
credits
mitigation
Credit
for
%
or
only
Release
are
Purchaser
below
shown
Date
Sale/
Release
*Credits

———————————————————
0.000
P (lbs)
Delivered
Nutrient Offset:
———————————————————
0.000
N (lbs)
Delivered
Nutrient Offset:
Convertible to
Nutrient Offset?
——————————————————
—
0.000
Credits
Riparian Buffer
—————
Buffer?
Riparian
Riparian
Buffer Credits
Convertible to
Ratio (x:1) Ratio (x:1)
Final Credit Final Credit
% Full Credit% Full Credit
Ratio (x:1)Ratio (x:1)
Initial Credit Initial Credit
Ephemeral Reaches as % TABMPreservation as % TABM
))
22
0000
N/A
0.0%0.0%
Area of Buffer
Mitigation (ftMitigation (ft
Area for Buffer
Total (Creditable) Total (Creditable)
)
2
0000000
Total Area (sf)
Total Area (ft
):):):
222
) for Credit:
Totals (ft2):
2
Feature NameTotal Buffer (ft2):Feature Name
Total Nutrient Offset (ft2):
/pound)
/pound)
2
2
Preservation Area Subtotals (ft
Total Eligible Ephemeral Area (ft
Total Eligible for Preservation (ft
Width (ft)Width (ft)
Total Ephemeral Area (ft
Min-Max Buffer Min-Max Buffer
Mitigation ActivityMitigation Activity
Project AreaN Credit Conversion Ratio (ftP Credit Conversion Ratio (ft
0.0000.0000.0000.0000.0000.000
CreditsCredits
Feature TypeFeature Type
)
1
00000
NO if
ditch
Subject?
Square FeetSquare Feet
ephemeral or
Subject? (enter
19.16394
297.54099
Nitrogen:
Tar-Pamlico 03020105
LocationLocation
Phosphorus:
TOTAL NUTRIENT OFFSET MITIGATION
Restoration:
Preservation:
TOTAL AREA OF BUFFER MITIGATION (TABM)
Enhancement:
Mitigation TotalsMitigation Totals
Total Riparian Buffer:
Buffer
Credit TypeCredit Type
Nutrient Offset:
Table 1. \[INSERT PROJECT NAME\], \[INSERT PROJECT NUMBER\], Project Credits
Enter Preservation Credits Below
1. The Randleman Lake buffer rules allow some ditches to be classified as subject according to 15A NCAC 02B .0250 (5)(a).last updated 08/03/2020