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January 29,1996 <br />MEMORANDUM OF AGREEME1+tT <br />between the MN DEPARTMENT OF TRANSPORTATION <br />and the BOARD OF WATER AND SOIL RESOURCES <br />The Board of Water and Soil Resources (BWSR) and the Minnesota <br />Department of Transportation (Mn/DOT) mutually agree that: <br />1. BWSR will transfer to Mn/DOT up to $300,000 for use, as <br />determined by Mn/DOT, in developing wetland banking credits. <br />2. Mn/DOT will make available to BWSR 60 acres of wetland credit <br />from the Mn/DOT District 3 account in the State Wetland Bank. <br />BWSR may then sell these credits to other public <br />transportation agencies. <br />3. Mn/DOT will use the above mentioned funds (#1) to complete <br />wetland restoration projects currently under development. <br />4. The first 60 acres of wetland banking credit established by <br />Mn/DOT will be credited to the District 3 account in the State <br />Wetland Bank or will be transferred to BWSR in exchange for <br />the return of the District 3 wetland acres (#2 above). <br />5. Mn/DOT will track costs for determining the cost of wetland <br />mitigation credit on a per acre basis. This methodology, <br />agreeable to both Mn/DOT and BWSR, will be the basis for <br />determining how many wetland credits have been developed for <br />BWSR. <br />6. Mn/DOT will transfer to BWSR all remaining wetland credits <br />developed with the above mentioned funds (#1), less a prorated <br />share commensurate with Mn/DOT's contribution, as determined <br />by the tracking system and agreed to by BWSR. <br />Ron Harnack, Executive Director <br />Board of Water and Soil Resources <br />Don Raisanen <br />District 3 Transportation Engineer ~ , <br />Minnesota Department of Transportation <br />Al Schenkelberg, Director <br />Office of Investment Management <br />Minnesota Department of Transportation <br />Lawrence E. Foote <br />Chief Environmental Officer <br />Minnesota Department of Transportation <br /> <br />/- <br />