A Better Solution

A Better Solution
Mitigation Banks provide a better solution for developers and communities when it comes to wetlands mitigation.

For the Community:
By concentrating wetlands into larger parcels near urban areas, rather than small set-asides in developed industrial and commercial areas, a greater variety of interrelated habitats or ecosystems can be preserved. This provides the natural cycle of birth and rebirth which is critical for the viability of species being protected. Larger wetland banks near urban areas can provide school children with the opportunity to discover the biodiversity around us through guided field trips and educational seminars.

For the Environment:
Mitigation Banks are protected from development in perpetuity through the development of conservation easements. Again, wildlife and habitat protection is enhanced by providing conservation easements over large parcels of land, with diverse topography and the life forms which are unique to each specific habitat.

For the Developer:
Streamlined permits and severance of liability are the greatest benefits to the developer. Mitigation banks are approved by Federal, State, County and City governmental agencies, thereby reducing planning agency uncertainty over project application review. Purchase of mitigation credits terminates all of the developer's future liabilities and responsibilities. Currently, project developers are faced with mitigating wetlands either on-site or off-site on their own land, and are required to maintain the viability of the wetlands habitat for a minimum of five years. Not only is this costly in terms of time and money, but if the viability of the mitigated habitat wins or fails, the developer must repair or replace it. Future liability may also be incurred as a result of the requirement to hold and manage the land in perpetuity. By purchasing mitigation credits, developers are released from such liabilities.

Cost Effectiveness:
Holding costs of prime development land can be expensive, especially when planning delays due to mitigation requirements drag on indefinitely. Purchase of mitigation credits reduces environmental planning review time, and adds value to real estate by reducing carrying costs. Again, by concentrating the wetlands into a few large banks, the cost of developing and maintaining the banks themselves is reduced by the economy of scale.