Consent - Dan Schluender, City Engineer
Title
Title
Wetland Credit Sale (0.9978 Acres)
end
Executive Summary
The developer Sotarra, LLC is proposing a project in the City of Ramsey that has impacts to wetlands. The applicant has requested to purchase 0.9978 acres of wetland credits from the Site 7 Wetland Bank that are necessary for the proposed project to meet permit requirements.
Background
The developer would like to purchase 0.9978 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 $108,660.42 based on the 0.9978 acres. In addition, the developer will pay the City of Blaine’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 wetland bank received a release of an additional 12 credits this summer 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 $108,660.42 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
No attachments.
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 developer proposes to impact wetlands through development; and
WHEREAS, the Sotarra LLC, development in the City of Ramsey has identified the need to acquire 0.9978 acres of wetland credits and has indicated an interest in purchasing the City of Blaine wetland credits that are necessary for their project.
NOW, THEREFORE, BE IT RESOLVED, by the Blaine, Minnesota City Council, 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 0.9978 acres of City wetland credits to the Sotarra LLC, development project at a cost of $2.50 per square foot plus the City of Blaine’s out of pocket cost for withdrawing credits from the wetland bank.
PASSED by the Blaine City Council this 4th day of October, 2021.