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These recommendations are based on the following factors: <br /> 1. The City has the authority to recover it's costs associated with generating a <br /> mitigation credit as stated in the West Eugene Wetlands Mitigation Bank <br /> Memorandum of Agreement which was signed in 1995 by all regulatory agencies <br /> and cooperating partners. It is recommended by staff that this be accomplished by <br /> an Administrative Order from the Public Works Director. <br /> 2. The State of Oregon, Division of State Lands conducted a study in 1994 which <br /> determined the average cost for generating an emergent wetland credit at $48,700 <br /> based on a national survey. Costs have increased since that time due to inflation, <br /> land values, and improvements in quality for the programs. <br /> 3. Mitigation credit fees at other locations around the Willamette Valley range from <br /> $40,000 to over $76,000 depending on location, based on personal communication <br /> with consultants and private mitigation bank owners. The following table <br /> demonstrates the costs as of Apri12002 (via personal communications). <br /> Bank Name Amount of Cost per Cost per <br /> Credit unit acre <br /> Mud Slough 0 ac $1.25 FtZ $54,450 <br /> '/4 - % ac $1.00 Ft2 $43,560 <br /> %2 - 2 ac $0.92 Ft2 $40, 075 <br /> Weathers 0 -'/4 ac $1.75 Ft2 $76,230 <br /> '/4 - 1 ac $1.38 Ft2 $60,000 <br /> > 1 ac Quote note <br /> Oak Creek 0 - '/4 ac $1.50 Ft2 $65,340 <br /> '/4 - 3/o ac $1.25 FtZ $54,450 <br /> 3/4 + ac $1.15 FtZ $50,094 <br /> 4. The current fee was established in 1995 and was based on limited information <br /> regarding the cost of generating credits and did not include any long term <br /> maintenance. <br /> In summary, the mitigation bank has had a successful track record managing bank finance. The <br /> program has matured and new measures are recommended to update the financial management of <br /> <br /> the bank. <br /> <br />