20071843 Ver 1_Other Agency Comments_20090413

()7- 1843

Regulatory Division
Action ID. 2003-00682
DEPARTMENT OF THE ARMY
WILMINGTON DISTRICT, CORPS OF ENGINEERS
PO BOX 1890
WILMINGTON NC 28402-1890
April 10, 2009
Ms. Virginia Williamson
Ocean Isle Investment Company
11 Causeway Drive
Ocean Isle Beach, North Carolina 28469
Dear Ms. Williamson:
A.PR i
t'v'ETLA%'DSAN SpORMINATERRRANCH
This correspondence is in reference to the establishment of the Stone Farm Mitigation Bank
(Bank) located north of Georgetown Road (SR 1163) and east of Seaside Road (SR 1165),
adjacent to the Little Caw Caw Canal/Creek and Drowned Bay, just east of Calabash, Brunswick
County, North Carolina. The purpose of this letter is to confirm the initial release of credits from
the Bank. Please reference our January 5, 2009 letter executing the Mitigation Banking
Instrument (MBI) entitled, Stone Farm Regional Mitigation Bank, also dated January 5, 2009,
which establishes the total credits at 541 riverine and non-riverine wetland credits and 20,335
linear feet of stream credits.
Pursuant to Item, or paragraph, 19 and 20 of the (MBI), fifteen percent (15%) of the Bank's
total credits shall be available for sale immediately upon completion of all of the following:
a. Execution of this MBI by the Sponsor, the USACE, and other agencies on the MBRT
who chose to execute this agreement;
b. Approval of the final Mitigation Plan;
c. Delivery of the financial assurance as described in Section 6 of this MBI;
d. Recordation of the preservation mechanism described in Section 5 of the MBI, as well
as a title opinion covering the property acceptable to the USACE;
By copy of this correspondence, we confirm that you have satisfied the above requirements,
and 81.2 wetland credits and 3,050 linear feet of stream credits constituting 15% of the Bank's
total credits are now available for sale. The 81.2 wetland credits will be comprised of 30 credits
of riverine and 51.2 credits of non-riverine. As shown in Table 3(a,b,&c) of the MBI, the credit
release schedule is separated into three mitigation areas: 1) Carolina Bay wetland area, 2) Phase 2
-2-
wetland area, and 3) stream restoration. These separate schedules were developed in order to
accommodate the different construction time frames. The above credits account for the initial
Task 1 completion, but do not include the completed construction of the Carolina Bay wetland
area, which is Task 2.0 in Table 3a. With this completed task confirmed by our office, an
additional 21.8 non-riverine wetland credits will be released. This brings the total release to 103
credits of wetlands (30 riverine and 73 non-riverine) and 3,050 linear feet of stream credits.
Please be reminded that you must also complete the initial physical and biological improvements
for the Phase 2 wetland area and the stream restoration pursuant to the mitigation plan no later
than the first full growing season following initial debiting of the Bank.
In addition, you have provided a copy of a proposed Amendment to the MBI pursuant to
Section 4.0, paragraph 20 of the MBI. This amendment permits you, the sponsor, to transfer the
credits to Stone Farm Mitigation Bank, LLC, the third party transferee entity. In order to execute
this agreement, the enclosed amendment must be signed and returned to our office for final
signature. Please be reminded that the transferee must assume, without limitations, the
accounting and reporting procedures in accordance to the MBI.
Thank you for your time and cooperation. If you have any questions, please do not hesitate
to contact Mr. Mickey Sugg at the Wilmington Regulatory Field Office at [phone].
Sincerely,
Enclosure
Copies Furnished (without enclosure):
Mr. DeCarol Williamson
Ocean Isle Investment Company
2618 New Village Way
Wilmington, North Carolina 28405
Ms. Ladane Williamson
Ocean Isle Investment Co.
Post Office Box 2588
Shallotte, North Carolina 28459
S. Kenneth Jolly, Chief
Regulatory Division
Messrs. Brent Manning
and Christian Preziosi
Land Management Group, Inc.
Post Office Box 2522
Wilmington, North Carolina 28402
-3-
Mr. Mike Satterfield
Fletcher, Ray, and Satterfield, L.L.P.
131 Racine Drive, Suite 201
Wilmington, North Carolina 28403
Ms. Molly Ellwood
N.C. Wildlife Resources Commission
127 Cardinal Drive Extension
Wilmington, North Carolina 28405
Mr. Pete Benjamin
U.S. Fish and Wildlife Service
Fish and Wildlife Enhancement
Post Office Box 33726
Raleigh North Carolina 27636-3726
Ms. Tammy Hill
Division of Water Quality
N.C. Department of Environment
and Natural Resources
2321 Crabtree Boulevard
Raleigh, North Carolina 27626-0535
Mr. Ron Sechler
National Marine Fisheries Service
Pivers Island
Beaufort, North Carolina 28516
Ms. Kathy Matthews
U.S. Environmental Protection Agency
Wetlands Regulatory Section- Region IV
109 T.W. Alexander Drive
Durham, North Carolina 27711
Mr. Jim Gregson
Division of Coastal Management
N.C. Department of Environment
and Natural Resources
400 Commerce Avenue
Morehead City, North Carolina 27699-1638
Ms. Cyndi Karoly
ivision of Water Quality
.C. Department of Environment
and Natural Resources
2321 Crabtree Boulevard, Suite 250
Raleigh, North Carolina 27626-0535
Mr. Tom C. Welborn, Chief
Wetlands Section - Region IV
Water Management Division
U. S. Environmental Protection Agency
61 Forsyth Street
Atlanta, Georgia 30303-8960
Mr. Howard Hall
U.S. Fish and Wildlife Service
Fish and Wildlife Enhancement
Post Office Box 33726
Raleigh North Carolina 27636-3726
Mr. Steve Everhart
Division of Coastal Management
N.C. Department of Environment
and Natural Resources
127 Cardinal Drive Extension
Wilmington, North Carolina 28405