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