20081473 Ver 4_Financial assurance reduction_3-2017_20170310

Water Resources
ENVIRONMENTAL QUALITY
March 10, 2017
Daniel Ingram
EBX Neuse 1, LLC
302 Jefferson Street, Suite 110
Raleigh, NC 27605
(via electronic mail)
Re: Financial Assurance Reduction Approval
Arrington Bridge Phase II Bank Parcel
Dear Mr. Ingram:
ROY COOPER
Governor
MICHAEL S. REGAN
Secretmv
S. JAY ZIMMERMAN
Director
DWQ Project #: 2008-1473v4
Wayne County
On March 7, 2017, the Division of Water Resources, received a request for approval to reduce
the financial assurance required for the monitoring and maintenance performance obligations of
EBX Neuse I, LLC for the Arrington Bridge Phase 1I Nutrient Offset & Riparian Buffer
mitigation bank in Wayne County, North Carolina. Other nutrient offset/buffer mitigation banks
have been allowed per their Mitigation Banking Instruments (MBIs) to reduce their monitoring
bonds/financial assurances by 20% following the approval of each annual monitoring report by
DWR. Since you have requested a change that aligns with the implementation of the financial
assurance provisions of more recent MBIs, we will allow the following:
DWR approved the fourth annual monitoring report for the subject mitigation bank on March 3,
2017, and submitted a credit release letter documenting the approval. Therefore, your request to
reduce the financial assurance (Performance Bond No. 1000964294) from $60,000 to $40,000
from United States Surety Company is hereby approved. This reduction is 60% of the original
financial assurance amount of $100,000.00.
Please feel free to contact Katie Merritt at [phone] if you have any questions regarding
this correspondence.
Sincerely,
IN
Karen Higgins, Supervisor
401 and Buffer Permitting Branch
KAH/kym
cc: File copy (Katie Merritt)
Nichole Howell — EBX Neuse I, LLC (via electronic mail)
State of North Carolina I Environmental Quality I Water Resources
1617 Mail Service Center I Raleigh, North Carolina 27699-1617
919 807 6300