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PURCHASE AGREEMENT <br /> FOR <br /> WETLAND BANKING CREDITS <br /> THIS AGREEMENT is made this day of_September_, 2013 between <br /> The City of Elk River(Seller) and_Preferred Real Estate Holdings, LLC (Buyer). <br /> 1. Seller agrees to sell to Buyer, and Buyer agrees to buy from Seller, the wetland banking credits <br /> (Credits) listed below: <br /> CREDITS TO BE SOLD <br /> Credit Acres or Wetland Plant Community Type' Cost per State Fee <br /> Sub- Sq. Ft. Circ. 39 Acre or Sq. 6.5% Fee Cost <br /> Group' Type' Foot <br /> A .54 2 Wet Meadow $0.50 0.065 $764.48 <br /> Acres <br /> B 0.065 <br /> C 0.065 <br /> D 0.065 <br /> E 0.065 <br /> Totals <br /> _❑ Check here if additional credit sub-groups are part of this account and are listed on an attachment to this document. <br /> 'A separate credit sub-group shall be established for each wetland or wetland area that has different wetland characteristics. <br /> 'Circular 39 types: 1, 1L,2, 3,4,5, 6,7,8,B,U. <br /> 3Wedand plant community type: shallow open water,deep marsh,shallow marsh, sedge meadow,fresh meadow,wet to <br /> wet-mesic prairie,calcareous fen,open bog or coniferous bog, shrub-carr/alder thicket,hardwood swamp or coniferous <br /> swamp,floodplain forest,seasonally flooded basin. See Wetland Plants and Plant Communities of Minnesota and <br /> Wisconsin(Eggers and Reed,1997)as modified by the Board of Water and Soil Resources,United States Army Corps <br /> of Engineers.. <br /> 2. Seller represents and warrants as follows: <br /> a) The Credits are deposited in an account in the Minnesota Wetland Bank administered by the <br /> Minnesota Board of Water and Soil Resources (BWSR) pursuant to Minn. Rules Chapter <br /> 8420.0700-.0760. <br /> b) Seller owns the Credits and has the right to sell the Credits to Buyer. <br /> 3. Buyer will pay Seller a total of$ 11,761.20 for the Credits, as follows: <br /> a) $0 as earnest money, to be paid when this Agreement is signed; and <br /> b) The balance of$11,761.20 to be paid on the Closing Date listed below. <br /> Page 1 of 2 <br /> BWSR Form: wca-bank-12(purchase agreement).doc <br /> Revised 6/1/2010 <br />