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nservanc "TNC" until such time as the membership changes pursuant to the <br /> Co y ( <br /> Memorandum of Understanding (the "MOU") agreed to by Eugene, BLM, and TNC. WET will <br /> advise the City on an annual programmatic direction for the Mitigation Banking Program, <br /> including scheduling mitigation improvement projects and monitoring the success of the <br /> mitigation program. <br /> Eugene shall provide the day-to-day administration of the Mitigation Banking Program. <br /> The Program shall be funded through a dedicated fund (the "Fund") to be established by <br /> Eugene. All monies and assets of the Program shall be placed in the Fund. Property acquired <br /> by BLM shall not become part of the Fund. Monies include cash obtained from the sale of <br /> credits, as well as grants, donations, and contributions from governmental and non- <br /> . governmental entities. All funds and assets in the Fund shall be used to cant' out the <br /> obligations created by this Agreement and implement .the Plan. Those obligations include <br /> funding mitigation ~ bank .projects (including costs/expenses of Eugene staff); monitoring, <br /> maintenance and remediation of mitigation banks; and other expenses of Eugene, BLM or~ TNC <br /> related to implementation of this Agreement (including preparation of reports and accounting <br /> of mitigation credits). i <br /> In order to ensure that adequate funds will be available, to monitor and maintain <br /> individual mitigation bank sites, and to perform remedial measures where necessary, the sales <br /> price for a mitigation credit shall be established at an amount not less than the sum of the <br /> <br /> • following: (a) the estimated cost of performing the work to create that mitigation bank credit <br /> (i.e., the cost of development and implementation of the plans for individual mitigation sites); <br /> and (b) an amount equal to at least 20% of that estimated cost. The additional 20% shall be <br /> set aside to be used to monitor, maintain and, where necessary, undertake remedial measures <br /> on bank sites. If monies nevertheless aze insufficient to perform all of the requirements of this <br /> Agreement, Eugene shall seek additional funding. Nothing in this Agreement, however, shall <br /> require Eugene to expend funds other than those funds belonging to the Fund, or to incur staff <br /> or other costs except to the extent funds are a~railable from the Fund to pay for those costs. <br /> INDIVIDUAL MITIGATION BANK SITES <br /> General Process To Establish Certified Credits .From Mitigation Bank Sites <br /> The areas within which mitigation projects will occur in conjunction with the <br /> Mitigation Banking Program aze described herein and shown on Map 1 in Appendix C. These <br /> azeas include the Long Tom River watershed and its tributary stream, Amazon Creek, as shown <br /> in Appendix C. The azeas are consistent with the West Eugene Wetlands Plan, Study Area <br /> shown on Map No. 2 in the 1992 West Eugene Wetland Plan and the U.S. Bureau of Land <br /> Management's acquisition plan for the azea along the Long Tom River north of Fern .Ridge <br /> Dam. Individual mitigation bank sites will be owned by Eugene, BLM or TNC, or permanent <br /> conservation easements will be obtained by one of these entities to ensure permanent control <br /> of the sites. <br /> Mitigation bank credits can be established in one of three ways. First, Eugene (or its <br /> partners in the Mitigation Banking Program) may undertake wetlands mitigation work on its <br /> own, and then seek certification of credits by the Corps and DSL. In this event, Eugene shall <br /> Page 5 - MOA For West Eugene Wetlands Mitigation Banking Program <br /> <br />