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Agreement to Purchase Coyote Prairie North Wetland Mitigation Credit <br /> City of Eugene ' :;Ttract 2020-05412 <br /> BETWEEN: The City of Eugene, an Oregon Muni_+pal Corporation (City) <br /> AND: Yuwen Yuan, Magnificence Development, LLC (Buyer) <br /> DATED: March 31, 2020 <br /> RECITALS <br /> A. City has established a Mitigation Bank Instrument dated June 22, 2011 in agreement with <br /> the U.S. Army Corps of Engineers (USACE) and Oregon Department of State Lands (DSL), <br /> which describes the establishment, use, operation, maintenance, and long-term <br /> management of the Coyote Prairie North Wetland Mitigation Bank. <br /> B. It has been mutually agreed between USACE, DSL, and the City that compensatory wetland <br /> mitigation requirements for proposed impacts from the 5690 Barger Subdivision project <br /> located at 44.084052 Latitude and -123.19920 Longitude and 5690 Barger Drive in Eugene, <br /> Lane County, Oregon can be satisfied through the purchase of wetland mitigation credit <br /> from the Coyote Prairie North Wetland Mitigation Bank. <br /> C. Under permits to be issued for DSL application number 62417-GP and USACE application <br /> number NWP-2019-556 the Buyer is responsible for securing 0.189 wetland mitigation <br /> credit. <br /> D. Buyer desires to purchase 0.189 wetland mitigation credit from the City's Coyote Prairie <br /> North Wetland Mitigation Bank. <br /> E. City is currently charging $62,540.00 per mitigation credit to recover City's cost of <br /> developing and maintaining mitigation wetlands. <br /> AGREEMENT <br /> 1. This Agreement to Purchase Wetland Mitigation Credits shall begin on the date of <br /> execution by all parties and shall remain in effect for 30 days. <br /> 2. Buyer bears all risk and responsibility associated with delays related to permitting, <br /> financing, or other issues that may impact timely full payment of funds to City. <br /> 3. Buyer agrees to provide funds to the City in the total amount of $11,820.06 within 30 days <br />