A21_ NOV BLH MITIGATION PURCHASE AGREEMENT.pdf

MITIGATION PURCHASE AGREEMENT

BY AND BETWEEN

[INSERT BANK SPONSOR’S COMPANY NAME]

AND

THE UNITED STATES ARMY CORPS OF ENGINEERS

THIS AGREEMENT is entered this ____ day of __________________, 2020, by and between [INSERT BANK SPONSOR’S NAME] (“Sponsor”), whose mailing address is [INSERT ADDRESS] and the United States Army Corps of Engineers, New Orleans District, whose mailing address is 7400 Leake Avenue, New Orleans, Louisiana 70118 (“USACE”).

WHEREAS, Sponsor owns and operates the [INSERT NAME OF MITIGATION BANK] Mitigation Bank (the “Bank”), which is approved by USACE to provide compensatory mitigation for authorized wetland impacts.

WHEREAS, the operation of the Bank and the obligations of the Sponsor are governed by the Mitigation Banking Instrument (“MBI”) [OR INSERT OTHER NAME OF INSTRUMENT] signed by Sponsor and the USACE, whereby the Sponsor has agreed to perform all necessary work to create, enhance, rehabilitate and/or restore wetland functions and to maintain and to monitor wetland habitats in accordance with the specific requirements of the MBI [or INSERT

OTHER NAME OF INSTRUMENT].

WHEREAS, the Bank is located in [INSERT] Parish, as more particularly described in the MBI.

The property occupied by the Bank is burdened with a duly-recorded perpetual conservation servitude, which protect s i t s n a t u r a l v a l u e s .

WHEREAS, USACE desires to purchase mitigation bank credits in order to satisfy its obligation to compensate for unavoidable habitat losses caused by the construction of the New Orleans to Venice (NOV), Louisiana Project within the Louisiana Coastal Zone (CZ) as set forth in Solicitation No. W912P820R0024.

THEREFORE, for and in consideration of the promises and the payment set forth herein, Sponsor and the USACE agree to the following terms and conditions:

1. Sponsor agrees to satisfy the obligation incurred by the USACE as a result of the construction of the above-referenced project to compensate for unavoidable impacts up to 114.2 Average Annual Habitat Units (AAHUs) of Louisiana Department of Natural Resource (LDNR) Bottomland Hardwood (BLH) habitat.

2. Sponsor will satisfy USACE’s compensatory mitigation obligation by mitigating _______ acres of Bottomland Hardwood habitat [if appropriate, include location] in accordance with the requirements, conditions and performance standards set forth in the MBI.

3. The USACE agrees to pay Sponsor a non-refundable payment of $[INSERT AMOUNT] to purchase mitigation credits from the Bank, which sum will be paid by electronic funds transfer.

4. Upon receipt of this sum, Sponsor accepts and assumes all responsibility for the mitigation of _______ acres of Bottomland Hardwood habitat in accordance with all requirements of the MBI. Sponsor specifically accepts and assumes the responsibility to achieve mitigation success for this acreage and to monitor and to report mitigation performance in accordance with the requirements of the MBI.

5. This Agreement does not grant the USACE any rights to any monies generated by the Bank and it does not grant the USACE any ownership interest in the Bank or any ownership interest in the immovable property occupied by the Bank.

6. This Agreement constitutes the entire agreement between Sponsor and the USACE and it may not be changed, amended or modified except in writing and signed by both parties.

7. This Agreement shall be governed by and construed under the laws of the United States and shall be binding upon and inure to the benefit of the successors and assigns of both parties.

IN WITNESS THEREOF, the parties hereto have caused this Agreement to be duly executed by their duly authorized officers.

AGREED AND ACCEPTED, this __________ day of ______________, 2020.

For: [SPONSOR NAME] By: [PRINT REPRESENTATIVE NAME AND TITLE]

Signed:

AGREED AND ACCEPTED, this __________ day of ______________, 2020.

For USACE:

Stephen Murphy Colonel U.S. Army District Engineer