20211669 Ver 1_Clearwater Neuse 01 UMBI_ Lowlands Site_ Initial Release Approval

DEPARTMENT OF THE ARMY
WILMINGTON DISTRICT, CORPS OF ENGINEERS
69 DARLINGTON AVENUE
WILMINGTON, NORTH CAROLINA 28403-1343

October 31, 2023

Regulatory Division

SUBJECT: Initial Credit Release for the Clearwater Neuse 01 Umbrella Mitigation Bank
Instrument and Lowlands Wetland Site, Action ID SAW-2015-01815

Mr. Kevin Yates
Clearwater Mitigation
604 Macon Place
Raleigh, NC 27609

Dear Mr. Yates:

Please reference your correspondence of October 30, 2023, regarding the
Clearwater Neuse 01 Umbrella Mitigation Bank (UMB) and Lowlands Wetland Mitigation
Site, Action ID SAW-2015-01815. Your letter requested the initial release of credits for
this bank and transmitted documents required for our review.

The approved UMBI for the Clearwater Neuse 01 Umbrella Mitigation Bank
included the following requirements associated with the initial release of credits:
1. Execution of this UMBI by the Sponsor, the DE, and other agencies eligible for
membership in the IRT who choose to execute this agreement, to include the
approval of any modifications to this agreement when new sites are added to it;
2. Approval of a final Mitigation Plan;
3. Confirmation that the mitigation bank site has been secured;
4. Delivery of executed financial assurances as specified in the site-specific Mitigation
Plan;
5. Delivery of a copy of the recorded long-term protection mechanism as described in
as specified in the site-specific Mitigation Plan, as well as a title opinion covering the
property acceptable to the DE; and
6. Issuance of any DA permits necessary for construction of the mitigation site (if
necessary);
7. Documentation of the establishment of the long-term endowment/escrow account.
With this correspondence, we confirm that you have provided the necessary
documentation to demonstrate that you have successfully met the above requirements.

-2-

Additionally, because the Lowlands Wetland Mitigation Site was converted from an
existing permittee-responsible mitigation site to a mitigation bank site, the initial credit
release associated with this site does not follow the standard release schedule. The
site has already been constructed and monitored for four years, so the Final Approved
Mitigation Plan providers for an initial credit release of 65% of the total credits from the
site upon completion of the following additional milestones:
1. Execution of UMBI;
2. Approval of Amended Mitigation Plan;
3. Approval of most recent Monitoring Report by the Corps;
4. Complete Planting of ACP ROW; and
5. Transfer of the conservation easement to the long-term steward and fully funding the
endowment.
With this correspondence, we also confirm that you have provided the necessary
documentation to demonstrate that you have successfully completed these additional
actions. Accordingly, we confirm that 17.230 Riparian Wetland Credits and 2.041 Non-
Riparian Wetland Credits, constituting 65% of the site’s total credits, are now released
and available for sale.

Please remember that as the bank sponsor you accept all risk, liability, and
responsibility for the success of all mitigation activities associated with the approved
mitigation bank site. Additionally, you must submit annual monitoring reports in
accordance with the approved mitigation plan to demonstrate that the site is meeting the
approved performance standards to receive future releases of credits. Further, it is your
responsibility as the bank sponsor to provide the Corps with signed Mitigation
Responsibility Transfer Forms promptly following all credit sales, and to update the
ledger for the bank site on the Regulatory In-lieu Fee and Bank Information Tracking
System (RIBITS). When all wetland credits have been consumed, no more credits may
be sold from this mitigation site.

Please note that this electronic copy provided to you via email is your official
copy. Should you wish to receive a paper copy of this correspondence, please contact
us. Thank you for your time and cooperation. If you have any questions, please contact
me by email at [e-mail] or by phone at [phone].

Sincerely,

Todd Tugwell
Chief, Mitigation Branch

cc (by email):
NCIRT Distribution List