Administration - Dan Schluender, City Engineer
Title
Title
Wetland Credit Sale for CSF Development
end
Executive Summary
CSF Development group is proposing the Creekside Farms project in Ham Lake and has impacts to wetlands. The applicant has requested to purchase 6,307.488 square feet (0.1448 acres) of wetland credits from the Site 7 Wetland Bank that are necessary for the proposed project to meet their permit requirements.
Background
The CSF Development group Project would like to purchase 6,307.488 square feet (0.1448 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 $15,768.72 based on the 6,307.488 square feet. In addition, the developer will pay the city’s withdrawal fee to BWSR for withdrawing the credits.
Please note, when Site 7 Wetland Bank was created, the pro forma was based on the sale of wetland credits as a unit cost of $1.75-$2.00 per Square foot.
The city’s Site 7 site recently received a release of an additional 12 credits that are now available for sale.
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.
Financial Impact
If approved, the city will add $15,768.72 to the Open Space Development Fund, pursuant to the City’s Capital Improvement Plan.
Public Outreach/Input
N/A
Staff Recommendation
Adopt the 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 Creekside Farms project in Ham Lake and proposes to impact wetlands through development; and
WHEREAS, the Creekside Farms project has identified the need to acquire 6,307.488 square feet (0.1448 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 6,307.488 square feet (0.1448 acres) of City wetland credits to the Creekside Farms project 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 16th day of August, 2021.