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' VI. WETLANDS AND VEGETATION <br /> Existing Wetlands <br /> ' In a meeting at the offices of Love & Associates held on May 30, 1996 with <br /> representatives of the seller, Mr. Ed McDowell and Mr. Scott Patten, information was <br /> provided by Mr. McDowell regarding the history of the existing wetlands on the property <br /> ' including which wetlands will likely be considered jurisdictional wetlands and which <br /> wetlands areas would likely be considered non-jurisdictional by the Corps of Engineers. A <br /> ' jurisdictional wetland is a wetland which is under the control of the Corps of Engineers <br /> and meets the three-point test of a wetland including: hydrology, soils and vegetative <br /> species. A non jurisdictional wetlands is one that is not controlled by the Corps, i.e. less <br /> than 1.0 acres and not hydrologically connected to existing waters of the United States or <br /> those created during a mitring operation because of their transitional status. Both types of <br /> wetlands exist on the Flatiron Property. <br /> Wetlands that are jurisdictional on the Flatiron Property include wetlands along the <br /> ' western hilllside property which were created as a result of a Boulder County excavation <br /> ' permit, not a raining permit. There are jurisdictional wetlands that exist in a natural <br /> drainage area in the mid-section on the western property edge. Miscellaneous patches of <br /> ' riparian vegetation have been established on various isolated portions of the property as a <br /> result of the raining operations. According to Mr. McDowell, since these areas are <br /> ' transitional and are as a result of drainage swales and low spots (near groundwater) <br /> caused by mining operations, the Corps does not regulate these areas and will allow them <br /> to be removed. <br /> ' Wetland Banking <br /> Mitigation banking is a new concept in the mid-west. However, it is a concept that has <br /> been used extensively in the eastern portion of the United States. To date, only one <br /> ' -19- <br />