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WETLAND MITIGATION PURCHASE AGREEMENT GRANGER WETLANDS MITIGATION BANK WHEREAS, entities proposing to place dredged or fill material into waters of the United States or waters of the State of Ohio, including wetlands, must comply with standards and conditions imposed by the Army Corps of Engineers (the "Corps") and/or the Ohio Environmental Protection Agency (the "Ohio EPA") pursuant to Section 404 of the Clean Water Act, 33 U.S.C. § 1344, and/or Ohio Revised Code Chapter 6111 including, in many cases, the mitigation of wetland impacts; and WHEREAS, the Stream + Wetlands Foundation ("S+W") has participated in the Interagency Review Team ("IRT') review process and received approval from the IRT (which includes the Corps and Ohio EPA) to establish the Granger Wetlands Mitigation Bank ("Granger") and to sell wetland mitigation credits to entities required to mitigate for impacts to wetlands pursuant to the Section 404/401 permit process and Ohio's Isolated Wetland Permit process; and WHEREAS, the Corps and the Ohio EPA have agreed to consider the purchase of wetland mitigation credits in an appropriate service area approved by the IRT to fulfill an entity's requirement to mitigate wetland impacts. THEREFORE, City of North Olmsted ("Client") and S+W agree they will comply with the following guidelines and procedures by which Client will purchase wetland mitigation credits from S+W, representing the restoration of wetlands in the State of Ohio which will be permanently maintained and which will serve to mitigate wetland impacts permitted under Sections 404 and 401 of the Clean Water Act and in accordance with ORC Chapter 6111. RESERVATION OF CREDITS AND PAYMENT TERMS FOR THE CLIENT A. Pursuant to the requirements of Sections 401 and 404 of the Clean Water Act and the regulations promulgated thereunder and/or ORC Chapter 6111, Client is obligated to mitigate for impacts to 1_45 acres of jurisdictional wetlands and 0 acres of isolated wetlands at its North Olmsted South Interceptor Epualization Tank Improvements site located at 6271 Stearns Rd. in the Cit(_ of North Olmsted Cuyahoga County. Ohio . Based on the sale price of $65,000 per acre of mitigation credit, the Client hereby agrees to pay S+W the amount of 104000 in consideration for the purchase of 1_6 forested and 0 non -forested wetland mitigation credits at Granger. S+W will reserve the necessary wetland credits for a period of six (6) months (the "Reservation Period") upon receipt of a signed Purchase Agreement and a deposit payment of 104.000 (equal t -'9%-t t`- total -----t-' Sale _,:.-). If Client has not received the necessary approvals pursuant to Section 404 and/or 401 of the Clean Water Act or the Ohio Isolated Wetland Permit program during the Reservation Period, S+W will extend the Reservation Period for an additional 6 -months upon receipt of an additional 15% deposit received prior to the expiration of the initial 6 - month Reservation Period. The remaining balance shall be paid within 12 -months of the date of this contract. B. If the remaining balance is not paid in full within 12 -months, the Client, at their sole discretion, may extend the Reservation Period an additional 12 months under the following terms: 1) Client notifies S+W in writing of its Intent to extend the agreement beyond the second Reservation Period not less than 30 days after the expiration of the second Reservation Period. 2) At the end of the second Reservation Period, the unit price of the credits will change to match the current unit price for credits from Granger. 3) Client completes a third deposit payment not less than 30 days after the expiration of the second Reservation Period. The third deposit payment shall be equal to forty-five percent of the total purchase price, based on the current unit cost, less previous deposit payments. Page 1 of 3 GRWMWMM24