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Council approves up to $3 million to buy wetland mitigation credits for Cherry Lane Phase 2
Summary
Staff requested and the council approved authority to appropriate up to $3 million to purchase about 12.18 wetland mitigation credits required for Cherry Lane Phase 2; purchases are subject to legal review of associated agreements.
Murfreesboro City Council voted Feb. 27 to authorize staff to appropriate up to $3,000,000 to acquire wetland and stream mitigation credits needed for the Cherry Lane Phase 2 project.
Chris Griffiths, city engineering staff, told council that both Tennessee Department of Environment and Conservation and the U.S. Army Corps of Engineers have required compensatory mitigation for impacts to wetlands and streams. Griffiths said the project needs about 12.18 wetland mitigation credits and that current market conditions require quick purchases when credits become available.
"We're asking council to appropriate dollars — $3,000,000 — we think it'll be a little less than that, but it'll leave us a little bit of a contingency to buy these mitigation credits as they become available," Griffiths said.
The council approved the request with the condition that legal review and approval of any associated agreements occur before final purchase. Staff said the requested funds are included in the city's FY2021/2022 and FY2025 CIP budgets.
Why it matters
Wetland and stream mitigation credits are commonly required when development or infrastructure work will adversely affect aquatic resources; acquiring appropriate credits is typically a prerequisite for final permitting from state and federal agencies. Staff emphasized that the credit market is active and that delays can increase costs or postpone permitting.
Next steps
Staff will work with the city attorney to review purchase agreements and then proceed to acquire mitigation credits as approved and budgeted. Council members recorded unanimous approval by voice roll call.
