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Economic Development Manager Sullivan presented the staff report. <br /> Member Howell asked if task one has already been completed or whether there would be more <br /> work needed to complete that in addition to the delineation that was completed. <br /> Economic Development Manager Sullivan replied that the delineation work in task one has been <br /> completed but more wetland analysis was yet to be done. He explained that in order to complete <br /> a delineation, the vegetation has to be growing and therefore that was completed during the <br /> appropriate season to ensure there would not be additional delay to complete the report. <br /> Member Howell asked how these project costs would be recouped through development. <br /> Economic Development Manager Sullivan replied that some of these costs have been identified in <br /> the CIP, such as Zeolite Street improvements. He stated that the other costs are able to be funded <br /> through TIF or could be scheduled through the CIP or street improvement program. He stated that <br /> most of the costs, aside from building the waterfront park, are TIF eligible expenses. He explained <br /> that those costs could be spent now and reimbursed later if TIF is used. He stated that once the <br /> costs are better known, staff would present more specific options for funding. He noted that the <br /> study itself could be funded through TIF. <br /> Member Stewart asked for clarification on purchasing wetland somewhere else. <br /> Economic Development Manager Sullivan replied that in the past if you filled a wetland there were <br /> a few options in that you could create additional wetlands onsite, you could purchase wetland <br /> credits, or purchase wetlands offsite. <br /> Member Stewart asked where the new wetlands would be purchased and whether that would be <br /> somewhere the City does not want to develop in the future. <br /> Kevin Kielb,Bolton&Menk, stated that people establish wetlands in certain watersheds and areas <br /> in the state. These wetlands are "certified and banked" and are available for purchase to offset <br /> other wetlands that are filled in. He noted that other parties can then purchase the credits from that <br /> bank to offset their wetland impacts. He provided additional details on the process for the creation <br /> of wetland credits. He provided some general estimates of the cost for wetland credits, noting that <br /> price fluctuates depending on availability and geographic location. He stated that thus far they <br /> have delineated the wetlands in the COR and they are researching where wetlands have been <br /> moved or created. He explained that if one acre of wetlands is disturbed, two acres would need to <br /> be replaced. He reviewed some of the additional details that would be within the report that will <br /> help to eliminate hidden costs. <br /> Chairperson Olson asked if the wetland credits would be local. <br /> Mr. Kielb replied that the credits would need to be within a reasonable watershed, noting that he <br /> was unsure of the exact boundaries but advising that it would be within the regional area. <br /> Economic Development Authority/October 13, 2022 <br /> Page 2 of 5 <br />