Mitigation banks are large tracts of land on which creation, restoration, enhancement, and/or preservation efforts are undertaken to create a fully functioning ecosystem. Mitigation banks are created to provide environmental compensation for impacts to sensitive habitats. Acreage within these banks is measured in "credits." Mitigation banks are authorized to sell credits to landowners, developers, or governmental agencies to offset impacts to sensitive habitats.
Purchasing mitigation bank credits from a bank owned by Conservation Resources has many benefits:
- Mitigation banks offer a cost effective alternative to landowners and developers, transferring responsibility of maintaining wetlands to agency standards indefinitely.
- Where historically there might have been a series of small, isolated, and often nonfunctioning mitigation sites, mitigation banks make possible one larger preserve. This consolidation can result in wetlands of greater value because of their size and the bank's commitment to long term management.
- Mitigation banks can have wetlands created and functioning before a development project actually affects an existing wetland. The sequence eliminates any temporary loss of functioning habitat.
- Mitigation banks can expedite permit review.
- Mitigation banks offer the best option for fulfilling the nation's "no net loss" policy through compensatory mitigation for wetland impacts.
Third-party mitigation offers the potential for time and cost savings for our clients with large-scale projects. Specifically, third-party mitigation involves the purchase of a conservation easement over the required acreage for mitigation. Within the price of the conservation easement, Conservation Resources provides services including: plan design and development, construction, agency approvals, operations and monitoring, management of endowment funds, and management in perpetuity.
By submitting a third-party mitigation plan at an agency-approved site in the early stages of the permitting process, our clients may be able to expedite the permitting process, saving both time and money for the project development.