Mitigation Banking
What is a Mitigation Bank?
Definition
Mitigation Credits
"A mitigation bank is a wetland, stream, or other aquatic resource area that has been restored, established, enhanced, or (in certain circumstances) preserved for the purpose of providing compensation for unavoidable impacts to aquatic resources.
Mitigation banks are a form of "third-party" compensatory mitigation, in which the responsibility for compensatory mitigation implementation and success is assumed by a party other than the permittee. This transfer of liability has been a very attractive feature for Section 404 permit-holders, who would otherwise be responsible for the design, construction, monitoring, ecological success, and long-term protection of the site."
- US Environmental Protection Agency
(“Section 404 Permit Program.” EPA.gov, 5 Dec. 2017, www.epa.gov/cwa-404/section-404-permit-program.)
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Once approved and developed, a mitigation bank is then issued 'Credits'. These credits are calculated and determined by several factors and come in various forms depending on the type of ecosystem created (riparian, open marsh, wet meadow, salt water playa, etc.), but are largely based on the number of acres that have been restored to a specific wetland habitat type.
All issued credits are then available to be sold at market value in lieu of any on-site mitigation that would otherwise be required by law, which allows for a simpler, more efficient, and cost effective method for any entity needing mitigation credits.
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The net profits from the sale of these credits are distributed to both WMBS and the land owner, which can lead to a very rewarding venture for all parties involved.
Learn how you can become involved in conservation, while being compensated for your efforts by partnering with WMBS?
Clean Water Act
Section 404
The 'Clean Water Act' came about in 1972 as an amendment to the original 1948 'Federal Water Pollution Act'. This legislation allowed for the federal regulation of all United States Waters, to ensure cleanliness and usability; furthermore, to also ensure that natural waterways and ecosystems are minimally impacted by development.
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Specifically, Section 404 of this act set out to ensure that there are "No Net Loss" of wetlands. Meaning that if any construction project (residential, commercial, governmental, etc.) were to impact existing natural wetlands, a compensatory effort or 'Mitigation' project must be performed to offset the impact.
CONTACT WMBS
Over the phone or online
801.739.8218
Post Office Box 612 West Jordan UT
84084
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WMBS is a division of Equinox Engineering