HEADWATERS AGREEMENT Sample Clauses

HEADWATERS AGREEMENT. The September 1996 Headwaters Agreement (FEIS, Appendix A) contemplates government acquisition of timberlands from PALCO and another landowner to preserve approximately 7,500 acres of old-growth and young-growth timber stands and associated buffers in a nature reserve. As proposed, PALCO would transfer ownership of two unentered old-growth timber stands and associated buffers (i.e., PALCO’s Headwaters and Elk Head Springs timber stands) to the state and federal governments. PALCO also has voluntarily agreed to refrain from logging activities (including salvage logging) in the specified stands pending the development of this Plan. In exchange for the transferred lands, PALCO would receive approximately 7,700 acres of previously harvested timberlands and other consideration (including cash) with an aggregate value of $380 million. Among other things, the Headwaters Agreement conditions the transactions on PALCO’s dismissal of pending lawsuits alleging that the state and federal governments have taken PALCO’s property in violation of the state and federal constitutions, and on completion and approval of a SYP and HCP for PALCO’s property that is acceptable to PALCO. The transactions also are expressly conditioned on compliance with applicable law,including the National Environmental Policy Act (NEPA) and the California Environmental Quality Act (CEQA). This Plan is the HCP cited in the September 1996 Headwaters Agreement.