Credit_Release_Task5_BanishedBull.docx

ROY COOPER
Governor
ELIZABETH S. BISER
Secretary
RICHARb E. ROGERS, JR.
Director
NORTH CAROLINA
Environmental Quality
February 28, 2023
Mike Hermann DWR Project #: 2020-0047v2
Watershed Investments NC, LLC Orange County
1630 Weatherford Circle
Raleigh, NC 27604
(via electronic mail: mherrmanngwatershedinvestmentsnc.net )
Re: Banished Bull Mitigation Banking Instrument (MBI)
Banished Bull Bank Parcel Credit Release — Task 5
Dear Mr. Hermann:
On October 17, 2022, the Division of Water Resources (DWR) received a Year 2 Monitoring Report
from Watershed Investments NC, LLC (WINC) for the Banished Bull site. Overall, site conditions
appear to look satisfactory with the report noting that performance standards for vegetation were not
met across the whole site. WINC implemented an approved supplemental planting effort in January
2023. No encroachment within the conservation easement areas was noted.
DWR received a 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 ends with the approval of the
Year 3 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
5) Monitoring Report #2: Approved by the DWR and Financial 10%
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 (0.10 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.
North Carolina Department of Environmental Quality I Division of Water Resources
512 North Salisbury Street 1 1611 Mail Service Center I Raleigh, North Carolina 27699-1611
NOR1H CAROL Na 919.707.9000

Banished Bull Site
Watershed Investments NC, LLC
February 28, 2023
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,
�DoocuuSiigned by:
W V
A43C72700BD543E...
Katie Merritt
401 & Buffer Permitting Branch
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