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November 7, 2023 1 <br />WETLAND MITIGATION CREDIT BUY/SELL AGREEMENT <br />MITIGATION BANKING SERVICES <br />This Wetland Mitigation Credit Buy/Sell Agreement (“Agreement”) is made by and <br />between Mitigation Banking Services, LLC, a Washington limited liability company (“MBS” or <br />“Credit Seller”), and City of Everett, a municipal corporation of the State of Washington <br />(“Buyer”) (collectively “Parties”). <br />1.RECITALS <br />1.1. Mitigation Banking Services, LLC has been contracted by the Snohomish Basin <br />Mitigation Bank (“SBMB”) and the Skykomish Habitat Mitigation Bank (“SHMB”) to <br />market and sell their mitigation credits. <br />1.2. With approval and authorization from the Washington State Department of Ecology <br />(“Ecology”), U.S. Army Corps of Engineers (“Corps”), Environmental Protection <br />Agency (“EPA”), Washington State Department of Natural Resources (“DNR”), and <br />Snohomish County (“County”) (collectively the “Permitting Authorities”), the SBMB <br />and SHMB have been established. <br />1.3. The SBMB and SHMB are established to operate within a portion the State of <br />Washington’s Water Resource Inventory Area Number 7 (“WRIA No. 7”), which <br />portion constitutes the banks “Service Area.” <br />1.4. The purpose of the SBMB and SHMB are to provide off-site mitigation for unavoidable <br />impacts to wetlands and other critical area associated with certain development activity <br />within the Service Area. <br />1.5. The SBMB and SHMB are authorized by the Permitting Authorities to sell and transfer <br />wetland and critical area mitigation credits for permits, said credits being units of trade <br />representing the increase in ecological value of a site, as measured by acreage, functions, <br />and/or values (“Mitigation Credits”). <br />1.6. Buyer contemplates undertaking a development activity within the Service Area <br />(“Project”), which will require permits and/or approvals (“Permit(s)”) from regulatory <br />agencies and which development activity may cause unavoidable impacts to wetlands or <br />other critical areas and may require mitigation. Buyer is solely responsible for <br />determining whether such mitigation can be satisfied by its acquisition of Mitigation <br />Credits. <br />1.7. Buyer wishes to purchase from MBS and MBS wishes to sell to Buyer Mitigation <br />Credits from the SBMB and or the SHMB for the Project on the terms and conditions <br />contained in this Agreement.