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1v- _ _ _ . - _ - _ - - _ . Amazon_Creek Mitigation Bank, LLC - _ -357.49 S rin Nill Road = _ P S. ` _ Creswell,=0R 97426 - _ 541-895-5910 May30, 2002 - - Mr. Kurt Corey, Director - : - City of"Eugene,-Public~Works - - - 858 Pea_rT Sheet-- _ - - . _ Eugene; OR-97401- = - - - - ~ This-letter is intended: to address a concern: that ° the . Eugene ~ Wetland .Mitigation Bank (Bank) -ism _ ~~iolation of the Memorandum-Of Agreemerit_(1VIOA);::signed by the-City with staxe and federal agencies. The MOA states: "The Program shall .establish a=puce for the sale of .mitigation: credits au,~Scient to recover all of the Program's costs associated with: creating m~tgatton credits..-on_ mingatron bank sites, including costs of site preparation, ,seeding, planting, :monitoring, . -maintenance, :remedial.-activities, and an allocable amount for Program-administration .The Program shall review=the pace of credits not less than annually, and.. shall include within the Annual Report,-the then-current price, for credits, as well as any planned .adjustment" to_ the price. " ~ - _ _ ~ - It appears_that the price. per mitigation:credit sold. by the Bank does;not:cover all of.the costs associated . - - " . - with creating hat credit, plus they 20% reserve, as is_ clearly called for in the -Bank's: MOA. This. apparent " violation .has .knowingly -been allowed to continue- for- some -time. This non=compliance has been clearly : - - identified in the-Barilc's Annual •Reports for-years, yet never rectified. -One would assume that the City. - . ~ - has alegal, and ethical :obligation to address and correct this problem in a timely manner. - In the 1997 Annual ,Report it; was stated:that in the following yeaz :"the Bank will focus its attention upon several accounting objectives;"-included°were: - - _ _ . _ - _ Develop asystem by which all=Bank related =expenses can be charged appropriately~such that atl costs - _ - "associated -with the Bank are recorded and accounted for'within its fund" - - ~ " ~ - - - "Assess the cost per credit and make appropriate adjustor-eats In 1998 it was stated that the =Bank=would: - "Continue "development-of a system`by_which all-Bank:related expenses ccm be charged appropriately such thatall costs associated wth.the Bank-are recorded and accounted for within its. fund" _ _ - _ ".Complete the assessment of the cost per credit and make appropriate.adjustments to the credit fee. "