Petersen Ranch Mitigation Bank 1 Exhibit F-2 Version Date: 12-14-2018
AGREEMENT FOR SALE OF CREDITS
USACE FILE NO. SPL-2024-00141
CDFW FILE NO. EPIMS-VEN-47439-R5
RWQCB FILE NO. 24-026
This Agreement is entered into this day of , 2025, by and between the Land Veritas Corp (Bank Sponsor) and City of Camarillo (Project Proponent), jointly referred to as the “Parties,” as follows:
RECITALS
A. The Bank Sponsor has developed the Petersen Ranch Mitigation Bank (Bank) located in Los Angeles County, California; and
B. The Bank has been developed pursuant to a Bank Enabling Instrument (BEI) entered into by and between Bank Sponsor, LV -BP Investors Ranch, LLC, LV Lake Elizabeth, LLC (jointly “Property Owner”), the U.S. Army Corps of Engineers (USACE), the Environmental Protection Agency (EPA), the Lahontan Regional Water Quality Control Board (Lahontan RWQCB), and the California Department of Fish and Wildlife (CDFW) on May 11, 2016, and is currently in good standing with these agencies; and
C. Project Proponent is seeking to implement the project described on Exhibit “A” attached hereto (Project), which would unavoidably and adversely impact waters of the U.S. and waters of the State, and seeks to compensate for the loss of waters of the U.S. and waters of the State by purchasing credits from Bank Sponsor; and
D. Project Proponent has been authorized by the USACE File No. SPL-2024-00141, CDFW File No. EPIMS-VEN-47439-R5, and RWQCB File No. 24-026 to purchase from the Bank
1.28 acres 1600 Non-wetland Riparian Preservation, 0.84 acres 1600 Non-wetland Riparian Rehabilitation, and 0.18 acres 1600 Seasonal Wetland Rehabilitation c redits (“Credits”) upon confirmation by the Bank Sponsor of credit availability/adequate balance of credits remaining for sale; and
E. Project Proponent desires to purchase from Bank Sponsor and Bank Sponsor desires to sell to Project Proponent the Credits;
NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:
1. Bank Sponsor hereby sells to Project Proponent and Project Proponent hereby purchases from Bank Sponsor Credits for the purchase price of six-hundred two thousand dollars ($602,000). The Bank Sponsor will then deliver to Project Proponent an executed Bill of Sale in the manner and form as attached hereto and marked Exhibit “B”. The purchase price for said credits shall be paid by cashier’s check or, at the option of Bank Sponsor, wire transfer of funds according to written instructions by Bank Sponsor to Project Proponent.
Petersen Ranch Mitigation Bank 2 Exhibit F-2 Version Date: 12-14-2018
2. The sale and transfer herein is not intended as a sale or transfer to Project Proponent of a security, license, lease, easement, or possessory or non-possessory interest in real property, nor the granting of any interest of the foregoing.
3. Project Proponent shall have no obligation whatsoever by reason of the purchase of the Credits, to support, pay for, monitor, report on, sustain, continue in perpetuity, or otherwise be obligated or liable for the success or continued expense or maintenance in perpetuity of the Credits sold, or the Bank. Pursuant to the BEI and any amendments thereto, Bank Sponsor shall monitor and make reports to the appropriate agency or agencies on the status of any Credits sold to Project Proponent. Bank Sponsor shall be fully and completely responsible for satisfying any and all conditions placed on the Bank or the Credits by all state or federal jurisdictional agencies.
4. The Credits sold and transferred to Project Proponent shall be non-transferable and non-assignable and shall not be used as compensatory mitigation for any other p roject or purpose, except as set forth herein.
5. Project Proponent must exercise his/her/its right to purchase the Credits within 30 days of the date of this Agreement. After the 30-day period this Agreement will be considered null and void.
6. Upon purchase of the Credits specified in paragraph 1 above, the Bank Sponsor shall submit to the parties listed in the Notices section of the BEI, copies of the: a) Agreement for Sale of Credits; b) Bill of Sale; c) Payment Receipt; and d) an updated ledger. The updated ledger must detail: i) Project Proponent; ii) Project Name; iii) Status (sale complete/sale not complete); iv) Credit Sale Date; v) Permitting Agency File/Tracking Number; vi) Total Number of Credits Authorized to Sell ; vii) Total Number of Credits Sold to D ate (inclusive); and viii) Balance of all Credits Available. The ledger should include all sales data from Bank Establishment Date to the present.
7. The signatures pages to this Agreement may be delivered via facsimile, electronic mail (including PDF or any other electronic signature complying with the U.S. federal ESIGN Act of 2000; e.g., DocuSign) or other transmission method, and any signature so delivered shall be deemed to have been duly and validly delivered and be valid and effective for all purposes.
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Petersen Ranch Mitigation Bank 3 Exhibit F-2 Version Date: 12-14-2018 IN WITNESS WHEREOF, the parties have executed this Agreement the day and year first above written.
BANK SPONSOR
LAND VERITAS CORP
By: _______________________________________________ Date:
Nathan Bello, on behalf of H. Tracey Brownfield, President
PROJECT PROPONENT
CITY OF CAMARILLO
By: _______________________________________________ Date:
Name: _______________________________ Title: __________________
Petersen Ranch Mitigation Bank 4 Exhibit F-2 Version Date: 12-14-2018 EXHIBIT “A”
DESCRIPTION OF PROJECT TO BE MITIGATED
Name of Project:
Pleasant Valley Road Bike Lanes Project (ST-5006)
Project Location:
The project is located on Pleasant Valley Road between Las Posas Road and East 5 th Street in
the City of Camarillo, County of Ventura.
Permitting Agency(ies) File Number:
USACE File No. SPL-2024-00141
CDFW File No. EPIMS-VEN-47439-R5
RWQCB File No. 24-026
Project Description:
The project area is approximately one mile south of United States Highway 101, 0.3 mile southeast of the Camarillo Airport, south of the City of Camarillo. The project would include widening the existing roadway to accommodate 12-foot travel lanes and 5-foot bike lanes in each direction. In addition, the project would include a transition (e.g., a left-turn pocket, a through travel lane, a bike lane, and a right-hand turn lane pocket) within the existing roadway at the intersection of Peasant Valley Road and Las Posas Road.
Earthen v-ditches (ditches) run along the north and south sides of Pleasant Valley Road within the existing City right of way. These ditches receive farmland, roadway, and other area runoff.
Portions of these ditches (e.g., 1500 Pleasant Valley Road and at the intersection of Southfield Road and Pleasant Valley Road) are damaged, which has resulted in drainage issues during the rainy season. The proposed roadway widening would encroach on these ditches. Ditches would be altered to improve infiltration and avoid drainage issues that could damage proposed bike lanes. Small weeds and shrubs currently located in the ditches would be removed.
The project would include modifying the drainage north of Pleasant Valley Road to a combination of a U-shaped concrete-lined channel and a trapezoidal channel with concrete-lined banks and an unlined bottom. Additionally, nine modular wetlands would be con structed to filter farmland,
Petersen Ranch Mitigation Bank 5 Exhibit F-2 Version Date: 12-14-2018 roadway, and area runoff prior to water leaving the project area. The modular wetlands would be systematically placed between the U-shaped and trapezoidal channel transitions. In addition, nine culverts would be replaced in the drainage under existing driv eways; all nine driveways across the drainage would need to be replaced, and three of the nine would be slightly wider to accommodate the changes.
Petersen Ranch Mitigation Bank 6 Exhibit F-2 Version Date: 12-14-2018 EXHIBIT “B”
BILL OF SALE
USACE File No. SPL-2024-00141
CDFW File No. EPIMS-VEN-47439-R5
RWQCB File No. 24-026
In consideration of $602,000, receipt of which is hereby acknowledged, Land Veritas Corp. (Bank Sponsor), does hereby bargain, sell and transfer to City of Camarillo (Project Proponent),
1.28 acres 1600 Non-wetland Riparian Preservation, 0.84 acres 1600 Non-wetland Riparian Rehabilitation, and 0.18 acres 1600 Seasonal Wetland Rehabilitation credits (Credits) in the Petersen Ranch Mitigation Bank in Los Angeles County, California, developed, and approved by the USACE, EPA, RWQCB, and/or CDFW and associated with the Project described in Exhibit A.
Bank Sponsor represents and warrants that it has good title to the Credits, has good right to sell the same, and that they are free and clear of all claims, liens, or encumbrances.
Bank Sponsor covenants and agrees with the Project Proponent to warrant and defend the sale of the Credits hereinbefore described against all and every person and persons whomsoever lawfully claiming or to claim the same.
DATED: ______________________________________
Petersen Ranch Mitigation Bank
Land Veritas Corp., Bank Sponsor
By: ___________________________________________
Nathan Bello, on behalf of H. Tracey Brownfield, President
Petersen Ranch Mitigation Bank 7 Exhibit F-2 Version Date: 12-14-2018 EXHIBIT “C”
PETERSEN RANCH MITIGATION BANK
PAYMENT RECEIPT
PROJECT PROPONENT INFORMATION
Name:
City of Camarillo
Address:
601 Carmen Drive
Camarillo, CA 93011
Telephone:
(805) 388-5340
Contact:
Andrew Grubb, PE, Principal Engineer
PROJECT INFORMATION
Project Description:
The project area is approximately one mile south of United States Highway 101, 0.3 mile southeast of the Camarillo Airport, south of the City of Camarillo. The project would include widening the existing roadway to accommodate 12-foot travel lanes and 5-foot bike lanes in each direction. In addition, the project would include a transition (e.g., a left-turn pocket, a through travel lane, a bike lane, and a right-hand turn lane pocket) within the existing roadway at the intersection of Peasant Valley Road and Las Posas Road.
Earthen v-ditches (ditches) run along the north and south sides of Pleasant Valley Road within the existing City right of way. These ditches receive farmland, roadway, and other area runoff.
Portions of these ditches (e.g., 1500 Pleasant Valley Road and at the intersection of Southfield Road and Pleasant Valley Road) are damaged, which has resulted in drainage issues during the rainy season. The proposed roadway widening would encroach on these ditches. Ditches would be altered to improve infiltration and avoid drainage issues that could damage proposed bike lanes. Small weeds and shrubs currently located in the ditches would be removed.
The project would include modifying the drainage north of Pleasant Valley Road to a combination of a U-shaped concrete-lined channel and a trapezoidal channel with concrete-lined banks and
Petersen Ranch Mitigation Bank 8 Exhibit F-2 Version Date: 12-14-2018 an unlined bottom. Additionally, nine modular wetlands would be constructed to filter farmland, roadway, and area runoff prior to water leaving the project area. The modular wetlands would be systematically placed between the U-shaped and trapezoidal channel transitions. In addition, nine culverts would be replaced in the drainage under existing driveways; all nine driveways across the drainage would need to be replaced, and three of the nine would be slightly wider to accommodate the changes.
Project Location:
The project is located on Pleasant Valley Road between Las Posas Road and East 5 th Street in the City of Camarillo, County of Ventura.
Permitting Agency File Number:
USACE File No. SPL-2024-00141
CDFW File No. EPIMS-VEN-47439-R5
RWQCB File No. 24-026
Species/Habitat Affected:
USACE/RWQCB Non-wetland waters and CDFW Riparian/Streambed Credits to be Purchased:
1.28 acres 1600 Non-wetland Riparian Preservation, 0.84 acres 1600 Non-wetland Riparian Rehabilitation, and 0.18 acres 1600 Seasonal Wetland Rehabilitation credits
PAYMENT INFORMATION
Payee:
Land Veritas Corp
Payer:
City of Camarillo
Amount:
$602,000
Petersen Ranch Mitigation Bank 9 Exhibit F-2 Version Date: 12-14-2018 Method of payment: _________________________________
Received by: _______________________________________
Nathan Bello, on behalf of H. Tracey Brownfield, President
Date: ______________________