ADMINISTRATION - Dan Schluender, City Engineer
Title
SALE OF WETLAND CREDITS TO BREYEN’S BEND DEVELOPMENT COMPANY
Background
The city’s wetland bank currently has about 6 acres of credits available with an additional 59 acres proposed for approval over the next few years. The City Council previously directed staff to pursue a goal of selling the city’s wetland credits at a price goal $2.50 per s.f. The Breyen’s Bend Development Company approached the city regarding the purchase of wetland credits. They have agreed to the city’s set price. The revenue will go into the Open Space Development Fund.
Attachments
Purchase Agreement for Wetland Banking Credits
Recommendation
The recommendation is that the City adopt the Resolution approving the sale of 0.538 acres of wetland credits to Breyen’s Bend Development Company.
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 Blaine Wetland Sanctuary, open spaces and trails; and
WHEREAS, Breyen’s Bend Development Company proposes to impact wetlands; and
WHEREAS, Breyen’s Bend Development Company has identified the need to acquire 0.538 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 hereby authorized to execute any and all agreements and documents required for the sale and transfer of 0.538 acres of City wetland credits to Breyen’s Bend Development Company at a cost of $2.50 per square foot.
PASSED by the Blaine City Council this 5th day of October, 2020.