Credit Release Task6_BanishedBull.docx

DocuSign Envelope In E1ECBED4-BEA3-421C-862D-1EEFC58AF170
ROY COOPER
Governor
ELIZABETH S. BISER
Secretary
RICHARD E. ROGERS, JR.
Director
NORTH CAROLINA
Environmental Quality
January 24, 2024
Mike Hermann DWR Project #: 2020-0047v2
Watershed Investments NC, LLC Orange County
(via electronic mail: mherrmann(c-r�,watershedinvestmentsnc.net )
Re: Banished Bull Mitigation Banking Instrument (MBI)
Banished Bull Bank Parcel Credit Release — Task 6
Dear Mr. Hermann:
On October 27, 2023, the Division of Water Resources (DWR) received a Year 3 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
December 2023, and provided documentation to DWR confirming completion of all work. A minor
encroachment within the conservation easement areas was noted in the report and resolved
accordingly.
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 February 25, 2025.
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
6) Monitoring Report #3: 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 = 219290.100 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
NORTH CARCLINA
919.707.9000

DocuSign Envelope ID: El ECBED4-BEA3-421 C-862D-1 EEFC58AF1 79 Banished Bull Site
Watershed Investments NC, LLC
January 24, 2024
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 contact Katie Merritt at [phone] if you have any questions regarding this
correspondence.
cc:File Copy (Blake Hartshorn)
Sincerely,
Es
Docu/Signed by:
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755ABFOCD8OB428...
Stephanie Goss, Supervisor
401 & Buffer Permitting Branch
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