Title
Resolution Authorizing Contract with Urban Offsets, Inc. for the Tree Planting Project for Carbon Offsets Initiative
Body
Department: Planning
Council District: District: 4
Public Hearing: N/A
Advertising Date/By: N/A
Contact 1 and Phone: Mike Kirkman at 373-4649
Contact 2 and Phone: Sue Schwartz at 373-2149
PURPOSE:
Approve a contract with Urban Offsets, Inc. which will commit the City to plant and maintain trees for a project that will then generate revenue for future City tree planting projects.
BACKGROUND:
Urban Offsets, Inc. helps cities develop carbon offset tree planting projects in partnership with colleges and universities that are committed to operating carbon neutral campuses. Urban Offsets purchases the credits from municipalities and sells them to corresponding local colleges or universities (this proposed project is with Elon University).
The contract represents a 40-year commitment by the city to establish and care for 100 new trees planted under this program. Funding for the establishment of the trees will be allocated from the Greensboro Beautiful Tree Fund. According to the contract, Urban Offsets, Inc. commits to purchase the projected carbon offsets generated by these trees from the City. Urban Offsets, Inc. will then sell those carbon offsets to Elon University. This project will help generate revenue that will be deposited back into the Greensboro Beautiful Tree Fund for future planting projects and will aid in achieving the City’s urban forest management goals.
The proposed Tree Planting Project will take place at Price Park. The Park is within a conservation easement which will ensure protection of the trees throughout the duration of the project. This project also will coincide with the management plan and conservation easement as set forth by the Piedmont land Conservancy. The inventory and maintenance of these trees falls within the current scope of maintenance work at Price Park.
BUDGET IMPACT:
The inventory and maintenance of these trees falls within the current scope of maintenance work at Price Park and should have no impact on the City’s maintenance budget.
RECOMMENDATION / ACTION REQUESTED:
The request is for Council to provide consent to engage in the above mentioned contract with Urban Offsets, Inc.