Thumbs up to one construction industry compliance advocacy group for what it is saying about mitigation banking!
+ + + It is a regulatory preference that the wetlands are kept undisturbed. Where avoidance is not practical, wetland substitution, or replacement, at another site often provides a sound solution for the need to preserve wetland habitats. Until the mid-1990s the developer had just two options:
1. Mitigate the impacted wetlands on-site. The developer could replace the lost wetlands on the same site but at a potential loss of expensive real estate value.
2. Mitigate the impacted wetlands off-site by purchasing another piece of property and construct compensatory wetlands. This option is usually prohibitive considering cost and the time requirements because developer must locate and purchase the land, secure the necessary permits and convert the property it into an acceptable wetland.
A relatively new concept called mitigation banking offers a new alternative that simplifies the process for the development community. Preserves, called mitigation banks, are large areas of constructed, restored, or preserved wetlands set aside for the express purpose of providing compensatory mitigation for impacts to habitat. A bank is authorized to sell the habitat values created on the preserve. These values, known as credits, are sold to landowners who need to substitute wetlands for those lost to development where avoidance or on-site mitigation is not feasible.
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For more on CICA, go to http://www.cicacenter.org/mitigation.html