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County hears proposal to develop Smith Farm mitigation bank; public hearing continued to September
Summary
County staff and Clearwater Ventures presented a proposal to develop a stream/wetland/nutrient mitigation bank on roughly 400 acres known as Smith Farm. Clearwater would fund permitting and construction, the county would retain title and receive a profit share after cost recovery; the board continued the public hearing to the Sept. 16 meeting.
County staff and a private mitigation‑bank developer presented a conceptual plan Aug. 19 to turn part of the 400‑acre Smith Farm into a combined stream, wetland and nutrient mitigation bank while retaining the property in county ownership.
Steve Sandy, county broadband/land‑use staff, told the Board and the public the county acquired Smith Farm in 2010 (purchase arranged with Western Community College financing) and has explored mitigation and recreational uses since about 2016. Sandy said the county put out a request for partner proposals and received a single responsive proposal from Clearwater Ventures LLC (Richmond). Clearwater representatives explained their plan at the meeting and answered supervisorial questions.
Bobby Prowt and James Parker of Clearwater said the company would fund permitting, design, construction and the 10‑year monitoring period required by regulators, subject to a recorded conservation easement on about 165 acres of the property dedicated to the mitigation bank. Under the proposal Clearwater would recover its development costs from early credit sales; after Clearwater’s payback the county would receive a 35% share of project profits and the county would be offered a discounted option to purchase up to roughly 3,800 credits to cover county projects.
Clearwater and staff described the regulatory and implementation schedule: an 18‑ to 24‑month permitting and approval process with the U.S. Army Corps of Engineers and the Virginia Department of Environmental Quality, construction timed for planting seasons, staged credit releases tied to approval and construction milestones, and a 10‑year monitoring period before the site moves into long‑term stewardship.
Board members asked about ecological details, costs and flexibility. Estimated upfront construction and project costs discussed in questions were on the order of $1.1–1.4 million for construction and roughly $3 million in total project cost in the presenters’ estimates; Clearwater said those are conservative, early estimates and would be finalized in contract negotiations. Supervisors also asked about planting palettes (native canopy and early successional species such as river birch, willow and sycamore were cited), oversight by Corps/DEQ and interaction with Virginia Department of Conservation programs.
Because a member of the public who planned to comment was not present, the board continued the public hearing to its Sept. 16 meeting so the speaker could appear and the public would have an opportunity to comment after staff posts the proposed agreement and related documents.
What happens next: staff will post the draft proposal and continue the public hearing on Sept. 16; staff and Clearwater will continue drafting transaction documents and clarify timing, costs and reserved credit terms before any contract returns to the board for approval.
