6/28/2016 1:10:58 PM
9/30/2015 11:29:27 PM
Official Document Type
Agenda Item Number
County Administrator Signature
Mary-A Mitigation Bank
Credit Reservation and Purchase Agreement 39th Avenue Paving
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
All rights reserved.
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View plain text
r <br /> � DG7 - 70 j , <br /> MARY-A MITIGATION BANK <br /> CREDIT RESERVATION AND PURCHASE AGREEMENT <br /> THE MARY-A II , LLC , a Florida limited liability company, the owner of the land which <br /> derives the Mary -A Mitigation Bank (hereinafter referred to as "Seller") does hereby reserve and <br /> set aside for future assignment for the sole benefit of Indian River County, Florida hereinafter <br /> referred to as "Buyer"), a total of up to One-tenth ( 1 / 10) (to the nearest tenth of a credit) <br /> mitigation bank credit(s) issued to Seller' s Mary-A Mitigation Bank pursuant to Seller' s <br /> mitigation banking permit from the St. Johns River Water Management District (SJRWMD <br /> Permit Number 4-009- 15931 -6) . <br /> This reservation is for use of credits in connection with mitigating adverse wetland <br /> impacts which may arise as a result of construction or other projects undertaken or to be <br /> undertaken by the Buyer (ERP Permit Application Number (40-061 - 105954- I ) . Seller warrants <br /> that it will take no action inconsistent with the reservation and future assignment described <br /> herein . <br /> At such time that the credits are to be issued for a specified project, Seller agrees to make <br /> formal assignment of the credits by sending notice to the appropriate environmental regulatory <br /> agencies as set forth hereinbelow. Seller warrants that the mitigation credits reserved herein are <br /> and will be available for future assignment to Buyer for application to future projects. <br /> Seller is committed to transfer to Buyer up to One-tenth 1 / 10) (to the nearest tenth of a <br /> credit) mitigation bank credits from its mitigation bank in Brevard County for use in offsetting <br /> wetland impacts, if full payment is made within 180 days from receipt of a deposit equal to 10% <br /> of the purchase price. The purchase price for One-tenth ( 1 /10) credits is Three thousand five <br /> hundred Dollars ($3 , 500 . 00) (hereinafter referred to as the "Purchase Price") and the required <br /> deposit is Three hundred fifty Dollars ($ 350 .00 ). If the Buyer' s environmental permits <br /> authorize the use of less than One-tenth ( 1 / 10) credits, the purchase price shall be re-calculated <br /> according to the following price schedule: <br /> The per-credit price established for St. Johns River Water Management District <br /> Planning Units 20 and 22 is Thirty-five Thousand and No/ 100 Dollars ($ 35 ,000 . 00). <br /> Upon receipt of the deposit, Seller will send a Notice of Credit Reservation to Buyer. <br /> Upon receipt of the total Purchase Price for the credits, Seller will send a Request for Withdrawal <br /> of Mitigation Credits to SJRWMD requesting SJRWMD to withdraw the specified credits from <br /> the Mary-A Mitigation Bank upon its approval of the Buyer' s permit. <br /> The deposit is refundable at a pro-rated interval which fully expires 150 days from the <br /> date the deposit is received. The pro-rated interval terms are as follows: 50% of the deposit shall <br /> be refundable within the first 30 days; 40% of the deposit shall be refundable within 60 days ; <br /> 30% of the deposit shall be refundable within 90 days; 20% of the deposit shall be refundable <br /> within 120 days; 10% of the deposit shall be refundable within 150 days; and 0% of the deposit <br /> shall be refundable thereafter. No refund will be available upon expiration of the 150-day time <br /> interval . However, an extension to reserve the credits for an additional 180 days may be <br /> acceptable if the credits are still available and an additional deposit of 10% of the purchase price <br /> is paid. <br />
The URL can be used to link to this page
Your browser does not support the video tag.