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WETLAND REPLACEMENT AGREEMENT <br />This Agreement is made as of the day of , 2011, by and between the <br />City of Ramsey, Minnesota, a Minnesota municipal corporation (the "City "), and the Lower Rum <br />River Watershed Management Organization, a Minnesota watershed management organization <br />and joint powers agreement ( "LRRWMO "). <br />1. BACKGROUND <br />1.1. The City is the owner of the Ramsey Town Center development site ( "RTC <br />Property ") in the City of Ramsey. <br />1.2. A previous developer of the RTC Property secured approval of a wetland <br />replacement plan for mitigation and replacement of wetlands that were to be <br />impacted by development of the RTC Property. The developer of the RTC <br />Property, or its agent, provided a performance bond from the Travelers Casualty <br />& Surety Company of America ( "Travelers ") to assure performance of the <br />developer's obligations under the approved wetland replacement plan. <br />1.3. The developer defaulted without completing its obligations under the wetland <br />replacement plan and the City has taken title to the RTC Property. <br />1.4. The City wishes to make the RTC Property available for orderly development and <br />has submitted to the LRRWMO an amended wetland replacement plan for the <br />RTC Property entitled RAMSEY TOWN CENTER WETLAND MITIGATION <br />PLAN (hereinafter the "Wetland Mitigation Plan "). <br />1.5. The City submitted the Wetland Mitigation Plan to the LRRWMO, which <br />approved the Plan on September 18, 2010, as Permit No. 03 -07. <br />1.6. The City is willing to assume responsibility for completion of the Wetland <br />Mitigation Plan. Compliance with the Plan includes both purchase of wetland <br />replacement credits (which the City has already completed at a cost of <br />$50,609.76) and the establishment of wetlands. <br />1.7. The City has negotiated with Travelers for payment on the original bond. <br />Travelers is willing to pay to the LRRWMO a cash payment in the amount of <br />$59,000 (the "Bond Settlement ") in exchange for a release by the LRRWMO of <br />all claims on the bond. <br />1.8. The City has requested the LRRWMO to make the proceeds of the Bond <br />Settlement available to the City for the work of restoring and establishing <br />wetlands in accordance with the Wetland Mitigation Plan. The LRRWMO is <br />willing to make such funds available on the following terms. <br />380524v1 CLLLW105 -1 <br />