20160393 Ver 1_Credit Release Task 4 final_20190603

ROY COOPER
Governor
MICHAEL S. REGAN
Secretary
LINDA CULPEPPER
Director
Brad Breslow
EBX-EM, LLC
302 Jefferson Street, Suite 110
Raleigh, NC 27605
NORTH CAROLINA
Environmental Quality
June 3, 2019
DWR Project #: 2016-0393
Orange County
Re: Cape Fear Umbrella Banking Instrument (UMBI)
Maple View Farm Nutrient Offset Bank Credit Release— Task 4 (final)
Dear Mr. Breslow,
On October 12, 2018, the Division of Water Resources (DWR) issued a 5% credit release for partial
completion of Task 4. The release was issued for partial approval of the Year 2 Monitoring Report
submitted by EBX-EM, LLC (EBX) for the Maple View Farm Mitigation Bank. It was noted in the
credit release letter that the remaining 5% of the credit release would be issued upon receipt of bond
renewal.
On May 31, 2019, DWR received a performance bond (#SU60137) issued to EBX to cover
monitoring and maintenance at the subject site. This bond supercedes and replaces the performance
bond (#2254242) issued by North American Specialty Insurance Company. Therefore, the DWR
releases EBX-EM, LLC from bond #2254242. The term of this replacement bond applies through
April 17, 2020. EBX is required to renew the performance bond prior to April 17, 2020 and is
required to renew the bond annually for at least 3 more years. Future credit releases will be
dependent on both the renewal of this performance bond and the approval of the annual monitoring
reports.
In accordance with both the UMBI signed on October 9, 2009 and modified on February 17, 2014,
along with the approved BPDP, the following Project Milestones have been met, and the
corresponding credits shall be released:
Task/Milestones
4) Monitoring Report 2 Approved by the DWR (final)
Credit
5%
By copy of this correspondence, DWR confirms that you have satisfied the above requirements for
the above -referenced tract. Therefore, 5% of your generated nitrogen nutrient offset credits (0.05 x
9,848.441b -N = 492.42 lb -N) are available for sale. Additionally, 5% of your generated
phosphorus credits (0.05 x 652.90 lb -P = 32.65 lb -P) are now available for sale. Generated credits
are credits that have not been applied to the appropriate delivery factor.
The delivery factors applied to this bank due to its location in the 14 -digit HUC 03030002060070 are
89% for nitrogen and 71% for phosphorous. Therefore, the total amounts of nutrient offset credits
for this site after application of delivery factors are 8,765 lb -N delivered and 463 lb -P delivered. By
North Carolina Department of Environmental Quality I Division of Water Resources
512 North Salisbury Street 1 1617 Mail Service Center I Raleigh, North Carolina 27699-1617

Maple View Farm Site
EBX
June 3, 2019
copy of this correspondence, 5% of your delivered nitrogen offset credits (0.05 x 8,765 lb -N =
438.25 lb -N) are now available for sale. Additionally, 5% of your delivered phosphorus credits
(0.05 x 463 lbs -P = 23.15 lbs -P) are now available for sale. Please update your ledgers accordingly.
Please note that only the delivered nutrient offset credits can be sold from this bank and must
be used for authorized impacts in the Upper New Hope Sub -watershed.
Please feel free to call Katie Merritt at [phone] if you have any questions regarding this
correspondence.
Sincerely,
J
aren Higgins, Supervisor
401 & Buffer Permitting Branch
KAH/km
cc:File Copy (Katie Merritt)
Caitlan Parker — via electronic email
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