Consent Agenda - Rebecca Haug, Water Resources Manager
Title
Wetland Credit Sales for the Tavera Development
Executive Summary
The current development proposal of the Tavera plat in the City of Corcoran has impacts to wetlands. The applicant has requested to purchase 60,380 square feet (1.3861 acres) of wetland credits from the Site 7 Wetland Bank that are necessary for the proposed project to meet permit requirements.
Background
U.S. Home Corporation dba Lennar for the Tavera development would like to purchase the necessary 60,380 square feet (1.3861 acres) of wetland credit from the City of Blaine (Site 7) Wetland Bank at a value of $2.50 per square foot. The cost of the wetland credit purchase is $150,946.29 based on 60,380 square feet. In addition, the developer will cover the City’s out of pocket costs for withdrawing the credits.
Please note, when the Site 7 Wetland Bank was created, the pro forma was based on the sale of the wetland credits at a unit cost of $1.75-$2.00 per square foot.
The city’s wetland bank currently has about 8 acres of credits available with an additional 12 acres slated to be made available for sale in the next few months.
Strategic Plan Relationship
The sale of wetland credits provides funding for the city to maintain its open spaces and trails meeting the well maintained infrastructure goal of the strategic plan.
Board/Commission Review
The Natural Resource Conservation Board was made aware of the sale of the wetland credits on Friday, April 2, 2021. Board members did not have any concerns with the sale.
Financial Impact
If approved, the city will add $150,946.29 to the Open Space Development Fund, pursuant to the City’s Capital Improvement Plan.
Staff has verified that the current rate is still $2.50/sf.
Public Outreach/Input
N/A
Staff Recommendation
Adopt the following resolution.
Attachment List
Proposed agreement
Body
BE IT RESOLVED by the Blaine City Council (the “Council”), as follows:
WHEREAS, it is one of the goals and purposes of the Council to sell credits to generate revenue to offset costs to maintain the city’s open spaces and trails; and
WHEREAS, the plat of Tavera proposes to impact wetlands through development; and
WHEREAS, the plat of Tavera has identified the need to acquire 60,380 square feet (1.3861 acres) of wetland credits and has indicated an interest in purchasing the City wetland credits that are necessary for their project.
NOW, THEREFORE, BE IT RESOLVED, by the Blaine City Council, City of Blaine, Minnesota, that the Mayor and City Manager are here by authorized to execute any and all agreements and documents required for the sale and transfer of 60,380 square feet (1.3861 acres) of City wetland credits to the plat of Tavera at a cost of $2.50 per square foot plus the City’s out of pocket cost for withdrawing credits from the wetland bank.
PASSED by the Blaine City Council this 19th day of April, 2021.