WORKSHOP ITEM - Rebecca Haug, Water Resources Manager
Title
WETLAND CREDIT SALE TO STATE OF MINNESOTA
Background
The Minnesota Department of Transportation is proposing various road projects throughout the metro area. These projects will have wetland impacts that will need to be mitigated with offsite, need to purchase credits from a wetland bank. The Minnesota Board of Water and Soil Resources on behalf of the Minnesota Department of Transportation approached the City inquiring about available credits from the City’s wetland bank.
The Minnesota Board of Water and Soil Resource is interest in purchasing 10 acres of wetland credits from the city’s wetland bank at a price of $2 per square foot. This would equate to a total purchase price of $871,200.
Please note, that when this wetland bank concept was originally created, the proforma was based on the sale of wetland credits at a unit cost of $1.75-$2.00 per square foot.
The city’s wetland bank currently has about 11.5 acres of credits available with an additional 12 acres slated to be approved in the next few months.
Attachments
Joint Powers Agreement
Recommendation
Have staff prepare a council item authorizing the Mayor and City Manager to sell 10 acres of wetland credits to the State at a rate of $2.00 per square foot for a total purchase price of $871,200.