(A) Permanent nutrient offset credits allowed by this chapter can be acquired pursuant to N.C.G.S. § 143-214.26 and shall meet the requirements of the Nutrient Offset Credit Trading Rule, 15A NCAC 02B.0703. Nutrient offset credits are obtained in units of pounds per year of nitrogen for the Neuse River Basin.
(B) Sufficient permanent nutrient offset credits to meet project nutrient reduction needs not provided by engineered stormwater controls serving the project shall be acquired prior to approval of the development plan. The developer shall provide proof of credit acquisition to the city as part of the site plan submittal. The city shall issue an approval letter for the development that documents the needed nitrogen credits and where the development is located relative to the Neuse River Basin Rules' geographic requirements.
(C) A developer subject to this chapter may acquire permanent nutrient offset credits through one of the following methods:
(1) Through a private nutrient bank;
(2) Through offsite offset provided by the developer and approved by the city;
(3) Through payment into the State of North Carolina Riparian Buffer Restoration Fund established in N.C.G.S. § 143-214.21 and managed by the Division of Water Resources (Division).
(D) Excess permanent nutrient offset credits acquired beyond what is required for the development may not be applied to any other development.
(E) Credits may only be acquired from an offset project located within the same hydrologic area as the proposed development.
(Ord. 23-O-07, passed 4-10-2023)