Title
Ravinia Avenue Extension Wetland Mitigation Credit Purchase
History
The construction of the proposed Ravinia Avenue extension will impact 0.25 acres of wetland. Per the Watershed Management Ordinance, if no practicable alternative to avoid wetland impacts exist, standard isolated wetlands must be mitigated a minimum ratio of one-and-one-half acre of creation for each acre impacted (1.5:1). Thus, the Ravinia Avenue extension will require 0.38 acres of mitigation. The mitigation can be completed by paying an established wetland bank for mitigation credits.
At this time, there is a significant shortage of available credits. There are none available in Cook County or Will County. The Village's engineering consultant for the Ravinia Avenue extension, V3 Companies, was able to find mitigation credits available at Prairie Stream Wetland Mitigation Bank in Lake County at a price of $160,000 per acre. Since 0.38 acres are required, the Village would be required to pay $60,800 to the bank.
Financial Impact
The cost for the mitigation credits is $60,800. This cost will be paid by the TIF funds and included in a future budget amendment.
Recommended Action/Motion
I move to approve entering into an agreement with Prairie Stream Wetland Mitigation Bank for the wetland mitigation related to the proposed Ravinia Avenue extension by purchasing 0.38 credits at a total cost of $60,800;
AND,
Move to authorize the payment to the Prairie Stream Wetland Mitigation Bank
AND,
Move to authorize the Village Manager to execute all contracts or agreements, subject to Village attorney review.