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is proceeding with the SWIFT Project, and the City is supporting it, in large part in reliance on these critical water quality trading -based benefits. AGREEn1ENT NOW, THEREFORE, in consideration of the foregoing premises (hereby incorporated as if fully set forth herein), the mutual covenants and conditions herein, and other good and valuable consideration, the receipt and sufficiency of which HRSD and the City acknowledge, the Parties hereby agree as follows. 1. Annual Credit Transfers Prior to SWIFT Feasibility Detennination. Prior to HRSD's determination of SWIFT Project feasibility as provided below, HRSD shall annually generate and transfer to the City the quantity of water quality credits needed to meet the City's compliance requirements under its DEQ- Approved Chesapeake Bay TMDL Action Plan for its MS4, as provided below. This annual transfer shall be made by HRSD's execution and delivery to the City of the Annual Water Quality Credit Transfer Form (Attachment B hereto) on or before May 20 immediately following each calendar year of HRSD's credit generation. a. Determination of Total Reductions Needed. The City shall detennine the total TN, TP and TSS reductions required for its full MS4 implementation of the Chesapeake Bay TMDL and WIP as issued in December 2010, in accordance with the procedures established in its VPDES Permit and DEQ Guidance Memorandum 15- 2005, Chesapeake Bay TMDL Special Condition Guidance (May 18, 2015). b. Credit Demand Minimization Elements. The City shall minimize its calculated reductions by (i) accurately mapping and delineating its existing MS4 service area, (ii) taking fill credit for reductions achieved by stormwater projects and regulated redevelopment projects occurring prior to the effective date of the City's VPDES Permit in effect as of the effective date of this Agreement, and (iii) other procedures or accounting measures reasonably available to the City. C. Credit Transfer Ceilings. HRSD's annual credit transfer obligations to the City shall not exceed the lesser of (i) the City's initial estimate of credit needs, or (ii) 95 percent of the City's total calculated reductions detennined in accordance with Subparagraphs La. and l.b. and set forth in a DEQ - approved Chesapeake Bay TMDL Action Plan, or (iii) the quantity of credits actually needed to meet such total calculated reductions. The City's initial estimate of credit needs as of the effective date of this Agreement is set forth in Section 1 of Attachment A hereto. Following DEQ's approval of the City's Chesapeake Bay TMDL Action Plan and subsequent acceptance of the credit needs by HRSD as consistent with the requirements of this Subparagraph I.e., HRSD shall issue an update to Attachment A setting forth in Section 2 thereof HRSD's actual annual credit transfer obligation determined in accordance with this Subparagraph l.c.