HomeMy WebLinkAboutItem No. 19 - Agreement Riverpark Mitigation Bank Credit Summerhill Drive Road Extension Project
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REPORT TO CITY COUNCIL
To:Honorable Mayor and Members of the City Council
From:Jason Simpson, City Manager
Prepared by:Remon Habib, City Engineer
Date:May 23, 2023
Subject:Riverpark Mitigation Bank Credit Reservation Agreement for Summerhill
Drive Road Extension Project
Recommendation
Authorize the City Manager to execute a Mitigation Credit Reservation Agreement in the initial
deposit amount of $128,350 to be applied towards the purchase of mitigation credits pursuant to
an Agreement for Sale of Credits in the total amount of $1,283,500, in substantially the form
attached and in such final form as approved by the City Attorney.
Background
The City has completed the design, specifications, and Right of Way documents for the extension
of Summerhill Drive from Ponte Russo to Greenwald for an approximate extension of 4,200 ft.
Currently, the City’s environmental Consultant Glenn Lukos is providing professional services in
order to complete permitting and acquire mitigation credits for the project.
The professional services agreement with Glenn Lukos was approved by Council on January 18,
2019 to perform the necessary biological studies and to prepare and process the regulatory
agency permits that are required prior to construction of the Summerhill Drive extension. A
Professional Services Agreement with Hunsaker and Associates was approved by Council on
May 14, 2019 to complete the design documents for the project.
Discussion
The Summerhill Drive Extension Project has been authorized to purchase 1.51 re-establishment
CDFW mitigation credits, and 1.51 rehabilitation CDFW mitigation credits at the Riverpark
Mitigation Bank. The credits are not available currently, but are expected to be available at a later
date. The Credit Reservation Agreement will enable the City to reserve the credits necessary for
Summerhill Road Project Bank Credit
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mitigation by the project, allowing the project to move forward when construction funding is
available.
Fiscal Impact
The Summerhill Extension project is programmed in the City’s CIP budget. The immediate fiscal
impact to the City under the Credit Reservation Agreement is 10% of the total purchase price, or
$128,350. The $1,155,150 remaining balance of the purchase price will be due within 14 days of
the notice of credit availability. If credits are not available by March 31, 2024, the City can elect
to extend the agreement or receive a full refund of the deposit.
Attachments
Attachment 1- Letter from McCollum and Sweetwater
Exhibit A- Summerhill Drive Extension Credit Reservation Agreement
McCollum & Sweetwater
Mitigation and Conservation Banking
www.mccollum.com/mitigation
May 8, 2023
Mr. Remon Habib
City of Lake Elsinore
130 South Main Street
Lake Elsinore, CA 92530
RE: Riverpark Mitigation Bank Credit Reservation Agreement
Dear Mr. Habib:
Thank you for your request to purchase 1.51 re-establishment CDFW mitigation Credits and
1.51 rehabilitation CDFW mitigation Credits at the Riverpark Mitigation Bank at
$1,283,500.00 to satisfy certain mitigation requirements for resource impacts on the Summerhill
Drive Extension Project. The Bank Sponsor is working with the IRT to release Credits from
Phase C of the bank. Meanwhile, in response to your request to reserve Credits from that
upcoming release, please execute the accompanying Riverpark Mitigation Bank Credit
Reservation Agreement and remit to EIP III Credit Co., LLC, via wire or ACH payment, the
deposit amount specified below.
Payment By ACH or Wire
Email sales@ecosystempartners.com to request wire instructions.
Including the project name in your request is helpful.
EIP III Credit Co., LLC 1.51 Credit re-establishment
and
1.51 Credit rehabilitation
$1,283,500.00
Deposit due on or before May 22, 2023 $-128,350.00
Remaining total due within 14 days of notice of
Credit availability
$1,155,150.00
223 Town Center Parkway #1881 1064 Chalcedony St
Spring Hill, TN 37174 San Diego, CA 92109
(916) 708-2727 * mccollum@mccollum.com (619) 742-2068 * barryjones_seb@yahoo.com
Mr. Remon Habib
May 8, 2023
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A PDF copy of the signed Riverpark Mitigation Bank Credit Reservation Agreement may be
delivered via email to:
Michael McCollum
mccollum@mccollum.com
With a cc of your transmittal to:
Joseph Williams
joe@ecosystempartners.com
We will notify you when Phase C credits are released by the IRT and provide instructions for
forwarding the balance due and closing the transaction.
Thank you for your interest in the Riverpark Mitigation Bank. Please contact me if you have
questions.
Sincerely,
Michael McCollum
(916) 708-2727
attachments:Riverpark Mitigation Bank Credit Reservation Agreement
cc:Mr. Joseph Williams, Ecosystem Investment Partners / via email
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Riverpark
Mitigation Bank
RIVERPARK MITIGATION BANK
CREDIT RESERVATION AGREEMENT
This Reservation Agreement (“Agreement”) is made and entered into this ___ day of May,
2023 (“Effective Date”) by and between EIP III Credit Co., LLC, a Delaware limited liability
company (“Bank Sponsor”) and CITY OF LAKE ELSINORE (“Project Proponent”). Bank
Sponsor and Project Proponent may be referred to individually as “Party” or collectively as the
“Parties.” The Parties agree as follows:
1. INTRODUCTION.
1.1. Riverpark Mitigation Bank. The Riverpark Mitigation Bank (“Mitigation
Bank” or “Bank”) has been authorized by the Army Corps of Engineers, Los Angeles District
(“Corps”), United States Fish and Wildlife Service (“USFWS”), California Regional Water
Quality Control Board, Region 8 (“RWQCB”) and the California Department of Fish and Wildlife
(“CDFW”), collectively the Interagency Review Team, or “IRT”, pursuant to a Mitigation Bank
Enabling Instrument (“BEI”) that was fully executed on October 25, 2019, to operate as a
mitigation bank with credits (“Credits”) available for sale. The Credits consist of Waters of the
U.S., Waters of the State, and Covered Habitat Credits.
1.2. Project Proponent. Project Proponent is seeking to implement the
Summerhill Drive Extension Project (“Project”) located within the City of Lake Elsinore,
Riverside County, California, which may impact jurisdictional waters, wildlife, and/or habitat
values, and seeks to reserve Credits from the Mitigation Bank to compensate for the loss. Project
Proponent alone shall be responsible for obtaining the approval of the applicable agencies to
mitigate the impacts of its Project(s). In that regard, Bank Sponsor has made no, and makes no,
representation, warranty, or guaranty that the applicable agencies will approve the Mitigation Bank
as suitable mitigation for the Project.
1.3. Purpose. The purpose of this Agreement is to grant Project Proponent an
exclusive right to purchase 1.51 re-establishment Credits and 1.51 rehabilitation Credits from the
Bank.
1.4. Purchase and Sale Agreements. Bank Sponsor and Project Proponent shall
execute a Purchase and Sale Agreement (“Exhibit A”) to provide the Project Proponent with the
required Credit amounts indicated in Section 2 below. This form of Purchase and Sale Agreement
is as required by the Riverpark Bank Enabling Instrument, and this transaction shall be reported
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by the Bank Sponsor to the regulatory agencies in accordance with the Riverpark Bank Enabling
Instrument.
1.5. Effective Date. The effective date (“Effective Date”) of this Agreement
shall be the date that a duly executed copy of this Agreement is entered into by both Parties as
indicated by the date entered above and equal to the date of the last signature provided on Page 5
of this Agreement.
2. RESERVATION. Upon execution of this Agreement and delivery of the
Reservation Payment (defined below), Bank Sponsor hereby grants Project Proponent an exclusive
right (the “Reservation”) to purchase 1.51 re-establishment Credits and 1.51 rehabilitation
Credits from the Bank when they become available as provided for in Section 2.2. Project
Proponent must exercise his/her/its right to reserve the Credits and provide the Reservation
Payment by May 19, 2023.
2.1. Reservation Term. The term (“Reservation Term”) of the Reservation shall
commence on the Effective Date and, unless sooner terminated as provided herein, shall end March
31, 2024.
2.2. Exercise. The Reservation shall be exercised by executing the Agreement
for Sale of Credits, which is attached as Exhibit A. Such exercise and payment of the remaining
Purchase Price balance must be made within 14 days of Bank Sponsor providing notice to Project
Proponent that the IRT has released a sufficient number of Credits to satisfy the Reservation and
all Credits reserved for other project proponents as of the Effective Date (“Credit Release Notice”).
3. PURCHASE AND SALE. If Project Proponent exercises the Reservation, Bank
Sponsor shall sell, and Project Proponent shall buy, the Credits on the terms and conditions as set
forth below and in the Agreement for Sale of Credits (Exhibit A).
3.1. Purchase Price. The purchase price (“Purchase Price”) shall be an amount
equal to One Million Two Hundred Eighty-three Five Hundred dollars ($1,283,500.00), which is
based upon Four Hundred Twenty-five Thousand dollars ($425,000.00) per Credit.
3.2. Project Proponent shall provide payment of One Hundred Twenty-eight
Thousand Three Hundred Fifty dollars ($128,350.00), which is 10% of the total Purchase Price
(“Reservation Payment”), in accordance with Section 2, above. The Reservation Payment is
nonrefundable except as described in Section 3.3 below. The remaining Purchase Price balance,
$1,155,150.00, must be made within 14 days of Bank Sponsor providing Credit Release Notice to
Project Proponent. Upon Credit Release Notice, should Project Proponent fail to exercise his/her
right to purchase the total number of Credits reserved (i.e., partial purchase), at the election of the
Bank Sponsor this reservation may be declared terminated and the Reservation Payment shall
remain nonrefundable.
3.3 Refund and Credit Release Requests. If Bank Sponsor receives the full
amount of the Reservation Payment in accordance with the Provisions of Section 3.1 but does not
provide Project Proponent the Credit Release Notice by the end of the Reservation Term, then
Bank Sponsor would, at the election of the Project Proponent, either: (a) extend the Agreement, or
(b) refund to the Project Proponent the Reservation Payment.
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3.4. Termination. If Bank Sponsor has not received the Reservation Payment by
May 19, 2023, Bank Sponsor shall automatically be released from its obligation to reserve the
Credits for Project Proponent, and Project Proponent shall have no further right to any of the
Credits from Bank Sponsor.
In the event of a termination under this Section 3.4, the Parties shall have no further rights or
obligations with respect to each other.
4. LIMITATION OF OBLIGATIONS, RIGHTS OF PROJECT PROPONENT.
4.1. Limitation of Obligations. Project Proponent shall have no obligation
whatsoever by reason of the use of the Mitigation Bank, to support, pay for, monitor, report on,
sustain, continue in perpetuity, or otherwise be obligated or liable for the success or continued
expense or maintenance in perpetuity of that site.
4.2. Limitation of Rights. Nothing in this Agreement shall result in Project
Proponent having any right, title, or interest in the Mitigation Bank greater than that specifically
granted by this Agreement. Project Proponent’s sole right shall be to purchase Credits from the
Bank Sponsor that serve as the required mitigation for the Project.
4.3. Joint Use. Bank Sponsor shall reserve the Credits for the sole use of the
Project Proponent. This reservation shall in no way restrain Bank Sponsor from selling mitigation
values or credits at the Mitigation Bank to others, so long as the aggregate number of mitigation
values or credits sold to all parties, including Project Proponent, does not exceed the aggregate
number of mitigation values or credits that are either anticipated in future credit releases or
authorized for sale.
4.4. Project Approvals. Project Proponent alone shall be responsible for
obtaining the approval of the applicable agencies to mitigate the impacts of the Project with the
Mitigation Bank. In that regard, neither Bank Sponsor nor the Bank make any representation,
warranty, or guaranty that the applicable agencies will approve the Mitigation Bank as suitable
mitigation for the Project. Notwithstanding the foregoing, Bank Sponsor shall reasonably
cooperate with Project Proponent's efforts to obtain applicable agencies’ approval for use of the
Credits by providing information required by applicable agencies and executing documents
required by the applicable agencies. Bank Sponsor shall not be obligated to bear any cost greater
than a nominal expense or incur any additional liability in connection with such cooperation.
4.5. Limitations on Assignment; Transfer. Project Proponent acknowledges that
Bank Sponsor is not willing to sell mitigation values or the Credits which could be resold in
competition with the remaining mitigation values or Credits available for sale within the Mitigation
Bank. This Reservation Agreement applies solely to the Project and cannot be transferred to
another entity or another project.
5. MISCELLANEOUS PROVISIONS
5.1. Notices. Any notices, requests, demands, or other communications required
or permitted to be given under this Agreement shall be in writing and shall be deemed to have been
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duly given on the date of service if served personally (FedEx and similar services shall be
considered to be personal service) or by telephone facsimile or other electronic transmission
(provided that the sender of a telephone facsimile or other electronic transmission has received a
return receipt signed by the Party so notified, or has other written evidence of receipt), and upon
the second business day after mailing, if mailed to the Party to whom notice is to be given, by first-
class mail, registered or certified, postage prepaid, return receipt requested, and properly addressed
as follows:
Bank Sponsor:
Joseph Williams
EIP III Credit Co., LLC
5550 Newbury Street, Suite B
Baltimore, MD 21209
Telephone: (410) 982-0240
Email: joe@ecosystempartners.com
Project Proponent:
Remon Habib
City of Lake Elsinore
130 South Main Street
Lake Elsinore, CA 92530
Telephone: (951) 674-3124
Email rhabib@lake-elsinore.org
Any Party may change its address for purposes of this section by giving the other Party written
notice of the new address in the manner set forth above.
5.2. Modification. No waiver, alteration, modification, or termination of this
Agreement shall be valid unless made in writing.
5.3. Payments. Any and all obligations of the Project Proponent under this
Agreement, whether financial or otherwise, shall be payable solely from the revenues, income,
rents, and receipts earned by the Project Proponent. Nothing herein shall be deemed to prevent
the Project Proponent from making any payments from any other legally available source. The
financial obligations of the Project Proponent payable after the current fiscal year are contingent
upon funds for that purpose being appropriated, budgeted, and otherwise made available.
5.4. Jurisdiction. The Parties hereby consent to the exclusive jurisdiction of
Riverside County, California in any action on a claim arising out of, under or in connection with
this Agreement or the transactions contemplated by this Agreement. Each Party further agrees that
personal jurisdiction over him or her may be effected by service of process by registered or
certified mail addressed as provided in Section 5.1 of this Agreement, and that when so made shall
be as if served upon him or her personally within the State of California.
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5.5. Non-Binding Mediation. In the event that the Parties are unable to resolve
any differences concerning the terms of this Agreement, the Parties agree to participate in
nonbinding mediation concerning such differences prior to the commencement of litigation.
5.6. Governmental Immunity and Limitations. No term or condition of this
Agreement shall be construed or interpreted as a waiver, expressed or implied, of any of the
immunities, rights, benefits, protections, or other provisions of the California Constitution or the
Federal Tort Claims Act, 28 U.S.C. §§ 1346(b) and 2671 et seq., as applicable now and hereafter
amended.
5.7. Interpretation; Entire Agreement. The headings or captions to the sections
of this Agreement are not a part of the Agreement and shall have no effect upon the construction
or interpretation of any part thereof. This Agreement sets forth the entire understanding between
the Parties as to the subject matter of the Agreement and merges all prior discussions, negotiations,
letters of understanding, or other promises, whether oral or in writing.
5.8. Attorneys' Fees. In the event any of the Parties shall commence legal
proceedings for the purpose of enforcing any provision or condition hereof, or by reason of any
breach arising under the provisions hereof, then the prevailing Party in such proceeding shall be
entitled to court costs and reasonable attorneys' fees. Without limiting the generality of the
foregoing, the prevailing Party shall be entitled to recover its attorneys' fees and other legal
expenses incurred in connection with a bankruptcy or other insolvency-related proceeding of the
other Party (and including such fees and expenses incurred in efforts, whether successful or not,
to obtain adequate protection, annulment, modification, or termination of the automatic stay).
IN WITNESS WHEREOF, the Parties have executed this Credit Reservation Agreement
as of the Effective Date.
BANK SPONSOR
EIP III CREDIT CO., LLC, a Delaware
limited liability company
By: ________________________________
Name: Aidan Riordan
Its: Chief Operating Officer
Date: _______________________
PROJECT PROPONENT
City of Lake Elsinore
By: ________________________________
Name: Richard J. MacHott
Its: Planning Manager
Date: _________________________
Name: Jason Simpson
Its: City Manager
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EXHIBIT A
DRAFT CREDIT PURCHASE AND SALE AGREEMENT TEMPLATE
Riverpark
Mitigation Bank
AGREEMENT FOR SALE OF CREDITS
This Agreement is entered into this ____ day of _________, 2023, by and between EIP
III CREDIT CO., LLC, a Delaware limited liability company (Bank Sponsor) and CITY
OF LAKE ELSINORE (Project Proponent), jointly referred to as the “Parties,” as
follows:
RECITALS
A. The Bank Sponsor has developed the Riverpark Mitigation Bank (Bank)
located in Riverside County, California; and
B. The Bank has been developed pursuant to a Bank Enabling Instrument
(BEI) entered into by and between Bank Sponsor, the Los Angeles District of the U.S.
Army Corps of Engineers (USACE) (File No. SPL-2015-00318), United States Fish and
Wildlife Service (USFWS), the California Regional Water Quality Control Board,
Region 8 (Regional Water Boards), and the California Department of Fish and Wildlife
(CDFW) (Tracking No. 1798-2015-01-R6), on December 17, 2019, and
C. Project Proponent is seeking to implement the project descri bed on Exhibit
“A” attached hereto (Project), which would unavoidably and adversely impact Riverine
Wetland, and seeks to compensate for the loss of Riverine Wetland by purchasing Credits
from Bank Sponsor; and
D. Project Proponent has been authorized by CDFW: EPIMs-RIV-15993-
R6 to purchase from the Bank 1.51 re-establishment CDFW mitigation Credits, and
1.51 rehabilitation CDFW mitigation Credits; and RWQCB: SARWQCB R8-2022-
0052 to purchase from the Bank 1.23 re-establishment CDFW mitigation Credits, and
1.26 rehabilitation CDFW mitigation Credits (which is a subset of the 1.51 re-
establishment CDFW mitigation Credit and 1.51 rehabilitation Credit and not in
addition to the 1.51 CDFW re-establishment Credit and 1.51 CDFW rehabilitation
Credit) and USACE: SPL-2021-00291-GS to purchase from the Bank ____ re-
establishment USACE mitigation Credits and ____ rehabilitation USACE mitigation
Credits (which is a subset of the 1.51 re-establishment CDFW mitigation Credit and
1.51 rehabilitation Credit and not in addition to the 1.51 CDFW re-establishment Credit
and 1.51 CDFW rehabilitation Credit), upon confirmation by the Bank Sponsor of
Credit availability/adequate balance of Credits remaining for Transfer; and
E. Project Proponent desires to purchase from Bank Sponsor and Bank
Sponsor desires to sell to Project Proponent 1.51 re-establishment CDFW mitigation
Credits and 1.51 rehabilitation CDFW mitigation Credits;
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1. Bank Sponsor hereby sells to Project Proponent and Project Proponent
hereby purchases from Bank Sponsor 1.51 re-establishment CDFW mitigation Credits
and 1.51 rehabilitation CDFW mitigation Credits. The Bank Sponsor will upon receipt of
the Purchase Price deliver to Project Proponent an executed Bill of Sale in the manner
and form as attached hereto and marked Exhibit “B”. The Purchase Price for said Credits
shall be paid by ACH payment or wire transfer of funds according to written instructions
provided by Bank Sponsor to Project Proponent.
2. The sale and transfer herein are not intended as a sale or transfer to Project
Proponent of a security, license, lease, easement, or possessory or non-possessory interest
in real property, nor the granting of any interest of the foregoing.
3. Project Proponent shall have no obligation whatsoever by reason of the
purchase of the Credits, to support, pay for, monitor, report on, sustain, continue in
perpetuity, or otherwise be obligated or liable for the success or continued expense or
maintenance in perpetuity of the Credits sold, or the Bank. Pursuant to the BEI and any
amendments thereto, Bank Sponsor shall monitor and make reports to the appropriate
agency or agencies on the status of any Credits sold to Project Proponent. Bank Sponsor
shall be fully and completely responsible for satisfying any and all conditions placed on
the Bank or the Credits by all state or federal jurisdictional agencies.
4. The Credits sold and transferred to Project Proponent shall be non-
refundable, non-transferable and non-assignable to any project other than the one listed
herein and shall not be used as compensatory mitigation for any other project or purpose,
except as set forth herein.
5. Project Proponent must exercise his/her/its right to purchase the Credits
within 14 days of the date this Agreement is provided to the Project Proponent. Without
Bank Sponsor approval, after the 14-day period this Agreement will be considered null
and void.
6. Upon purchase of the Credits specified in Recital D above, the Bank
Sponsor shall submit to the parties listed in the Notices section of the BEI, copies of the:
a) Agreement for Sale of Credits; b) Bill of Sale; c) Payment Receipt; and d) an updated
ledger. The updated ledger must detail: i) Project Proponent; ii) Project Name; iii) Status
(sale complete/sale not complete); iv) Credit Sale Date; v) Permitting Agency
File/Tracking Number; vi); vii) Total Number of Credits Authorized to Sell; viii) Total
Number of Credits Sold to Date (inclusive); and ix) Balance of all Credits Available. The
ledger should include all sales data from bank establishment to the present.
IN WITNESS WHEREOF, the Parties have executed this Agreement the day and year
first above written.
BANK SPONSOR
EIP III CREDIT CO., LLC, a Delaware limited liability company
By: ___________________________________
Name: Aidan Riordan
Its: Chief Operating Officer
PROJECT PROPONENT
CITY OF LAKE ELSINORE
By: ____________________________________
Name: Richard J. MacHott
Its: Planning Manager
Exhibit “A”
DESCRIPTION OF PROJECT TO BE MITIGATED
Name of Project:
Summerhill Drive Extension Project
Project Location:
City of Lake Elsinore, Riverside County, CA
Permitting Agencies File/Tracking Number:
CDFW: EPIMs-RIV-15993-R6 [Operation of Law]
RWQCB: SARWQCB R8-2022-0052
USACE: SPL-2021-00291-GS
Project Description:
The Project consists of the extension of Summerhill Drive from its existing terminus north
of Ponte Russo to its proposed terminus at Greenwald Avenue, which is necessary to
provide secondary fire access to the Tuscany South Development in compliance with the
State of California Fire Code, Appendix D-107.1, which states developments of one- or
two-family dwellings where the number of dwelling units exceeds 30 shall be provided
with two separate and approved fire apparatus access roads. Under current conditions,
the Tuscany South Development has only one fire access road and not two. The extension
to Summerhill Drive will provide the City and the Tuscany South Development with its
second, approved access road in compliance with state law.
Additionally, the extension of Summerhill Drive will comply with the requirements
contained in the Tuscany Hills Specific Plan. The road extension will cover approximately
three-quarters (3/4) of a mile (approximately 4,100 linear feet).
The City of Lake Elsinore Circulation Element and the Tuscany Hills Specific Plan
identifies Summerhill Drive as a secondary roadway which would be a four-lane road with
a total 90-foot wide right-of-way. The roadway would consist of a 14-foot wide median
with four, 11-foot wide travel lanes, two six (6)-foot wide bike lanes, and a five (5) to ten
(10)-foot wide sidewalk and transition zone. The Circulation Element identifies the bike
lanes as Class II bikeways, which are considered as restricted right-of-way for the
exclusive or semi-exclusive use of bicycles with the permitting of vehicle parking and
vehicle/pedestrian cross flows. The Class II bikeways are the principal provision of
bicycle travel in the City.
Species/Habitat Affected:
General and focused biological surveys were conducted for the Study Area by GLA in
2019 in order to characterize and identify the presence of state- or federally listed plants
and animals, or suitable habitat for listed species. A summary of biological survey results
is provided below.
Plant Species
No state-listed, threatened, or endangered plant species were observed within the Study
Area during biological surveys conducted in 2019, and none are expected to occur
onsite.
Wildlife Species
One federal and state-listed endangered species, the least Bell’s vireo (Vireo belli
pusillus) [LBV], was detected on site during focused surveys conducted for the
southwestern willow flycatcher (Empidonax traillii extimus) [flycatcher] and LBV in
2019. One nesting pair of LBV was identified onsite within Drainage F along the
southeastern edge of the Project. The LBV was nesting in willow scrub habitat within
the drainage.
The Project site is located within the Stephens’ Kangaroo Rat Habitat Conservation
Plan (SKR HCP) fee area. Pursuant to the SKR HCP, the Applicant will pay the
appropriate mitigation fee pursuant to Riverside County Ordinance No. 663.10.
Additionally, focused surveys for the burrowing owl (Athene cunicularia) were
conducted by GLA in 2019, and the burrowing owl was confirmed absent from the
Project site. As the Project site has the potential to support burrowing owls, a
preconstruction burrowing owl survey will be conducted within 30 days prior to
commencing Project activities, pursuant to the MSHCP.
Finally, GLA conducted focused surveys for potentially listed fairy shrimp within the
Project site. No listed threatened or endangered fairy shrimp were identified during
focused wet season or dry season surveys.
Credits to be Purchased:
1.51 re-establishment
1.51 rehabilitation
Method of payment:
Wire Transmittal __X ACH Payment ____
“Exhibit B”
BILL OF SALE
Riverpark Mitigation Bank
Contract # 23__-RP
Permitting Agency File/Tracking No(s). CDFW: EPIMs-RIV-15993-R6, RWQCB:
SARWQCB: R8-2022-0052, and USACE: SPL-2021-00291-GS
In consideration of $1,283,500.00, receipt of which is hereby acknowledged, EIP
III Credit Co., LLC (Bank Sponsor), does hereby bargain, sell and transfer to CITY OF
LAKE ELSINORE (Project Proponent), for the Summerhill Drive Extension project, 1.51
re-establishment CDFW mitigation Credits, and 1.51 rehabilitation CDFW mitigation
Credits; and RWQCB: SARWQCB R8-2022-0052 to purchase from the Bank 1.23 re-
establishment CDFW mitigation Credits, and 1.26 rehabilitation CDFW mitigation
Credits (which is a subset of the 1.51 re-establishment CDFW mitigation Credit and 1.51
rehabilitation Credit and not in addition to the 1.51 CDFW re-establishment Credit and
1.51 CDFW rehabilitation Credit) and USACE: SPL-2021-00291-GS to purchase from
the Bank ____ re-establishment USACE mitigation Credits and ____ rehabilitation
USACE mitigation Credits (which is a subset of the 1.51 re-establishment CDFW
mitigation Credit and 1.51 rehabilitation Credit and not in addition to the 1.51 CDFW re-
establishment Credit and 1.51 CDFW rehabilitation Credit)in the Riverpark Mitigation
Bank in Riverside County, California, developed, and approved under the authority of the
Los Angeles District of the U.S. Army Corps of Engineers (USACE), United States Fish
and Wildlife Service (USFWS), the California Regional Water Quality Control Board,
Region 8 (Regional Water Boards), and the California Department of Fish and Wildlife
(CDFW), as mitigation for the Project described in Attachment 1.
Bank Sponsor represents and warrants that it has good title to the Credits, has
good right to sell the same, and that they are free and clear of all claims, liens, or
encumbrances.
Bank Sponsor covenants and agrees with the Project Proponent to warrant and
defend the sale of the Credits hereinbefore described against all and every person and
persons whomsoever lawfully claiming or to claim the same.
DATED: ______________________________________
EIP III CREDIT CO., LLC, a Delaware limited liability company
By: ___________________________________
Name: Aidan Riordan
Its: Chief Operating Officer
Attachment 1
Riverpark Mitigation Bank
WETLAND CREDITS: PAYMENT RECEIPT
PROJECT PROPONENT INFORMATION
Name:
City of Lake Elsinore
Address:
130 South Main Street
Lake Elsinore, CA 92530
Phone Number: (951) 674-3124
Contact:
Remon Habib
Email rhabib@lake-elsinore.org
PROJECT INFORMATION
Project Description:
The Project consists of the extension of Summerhill Drive from its existing terminus north
of Ponte Russo to its proposed terminus at Greenwald Avenue, which is necessary to
provide secondary fire access to the Tuscany South Development in compliance with the
State of California Fire Code, Appendix D-107.1, which states developments of one- or
two-family dwellings where the number of dwelling units exceeds 30 shall be provided
with two separate and approved fire apparatus access roads. Under current conditions,
the Tuscany South Development has only one fire access road and not two. The extension
to Summerhill Drive will provide the City and the Tuscany South Development with its
second, approved access road in compliance with state law.
Additionally, the extension of Summerhill Drive will comply with the requirements
contained in the Tuscany Hills Specific Plan. The road extension will cover approximately
three-quarters (3/4) of a mile (approximately 4,100 linear feet).
The City of Lake Elsinore Circulation Element and the Tuscany Hills Specific Plan
identifies Summerhill Drive as a secondary roadway which would be a four-lane road with
a total 90-foot wide right-of-way. The roadway would consist of a 14-foot wide median
with four, 11-foot wide travel lanes, two six (6)-foot wide bike lanes, and a five (5) to ten
(10)-foot wide sidewalk and transition zone. The Circulation Element identifies the bike
lanes as Class II bikeways, which are considered as restricted right-of-way for the
exclusive or semi-exclusive use of bicycles with the permitting of vehicle parking and
vehicle/pedestrian cross flows. The Class II bikeways are the principal provision of
bicycle travel in the City.
Project Location:
City of Lake Elsinore, Riverside County, CA
Agency File/Tracking Number(s):
CDFW: EPIMs-RIV-15993-R6 [Operation of Law]
RWQCB: SARWQCB R8-2022-0052
USACE: SPL-2021-00291-GS
Species/Habitat Affected:
General and focused biological surveys were conducted for the Study Area by GLA in
2019 in order to characterize and identify the presence of state- or federally listed plants
and animals, or suitable habitat for listed species. A summary of biological survey results
is provided below.
Plant Species
No state-listed, threatened, or endangered plant species were observed within the Study
Area during biological surveys conducted in 2019, and none are expected to occur
onsite.
Wildlife Species
One federal and state-listed endangered species, the least Bell’s vireo (Vireo belli
pusillus) [LBV], was detected on site during focused surveys conducted for the
southwestern willow flycatcher (Empidonax traillii extimus) [flycatcher] and LBV in
2019. One nesting pair of LBV was identified onsite within Drainage F along the
southeastern edge of the Project. The LBV was nesting in willow scrub habitat within
the drainage.
The Project site is located within the Stephens’ Kangaroo Rat Habitat Conservation
Plan (SKR HCP) fee area. Pursuant to the SKR HCP, the Applicant will pay the
appropriate mitigation fee pursuant to Riverside County Ordinance No. 663.10.
Additionally, focused surveys for the burrowing owl (Athene cunicularia) were
conducted by GLA in 2019, and the burrowing owl was confirmed absent from the
Project site. As the Project site has the potential to support burrowing owls, a
preconstruction burrowing owl survey will be conducted within 30 days prior to
commencing Project activities, pursuant to the MSHCP.
Finally, GLA conducted focused surveys for potentially listed fairy shrimp within the
Project site. No listed threatened or endangered fairy shrimp were identified during
focused wet season or dry season surveys.
Credits to be Purchased:
1.51 re-establishment
1.51 rehabilitation