WHAT IS A CONSERVATION BANK, AND WHY?
The development of vast parcels of land across the country destroys or
threatens
thousands of acres of wetlands and other sensitive habitats every year.
Recognizing that the potential loss of many sensitive plant and animal
species
could be irreversible and could affect other species that coexist for part
or all of
the year in these areas, the State and Federal governments have enacted laws
and
regulations designed to preserve these sensitive habitats. A policy of
"no-net-loss"
of wetlands has been dictated by the President of the United States.
Although the
agencies prefer that these areas remain undisturbed, they recognize that
this is not
always practical. Wetlands substitution or replacement at another site is
an
acceptable solution where avoidance is not possible. However, until
recently, a
developer or landowner had only two options open to him:
- The landowner could mitigate the lost habitat or wetlands on a portion
of
the site he was developing; a loss of expensive development land, or
- The landowner could purchase another piece of land on which to develop
compensatory habitat.
Unfortunately, both of these options require long-term monitoring and
maintenance of the habitat to ensure its viability. They must meet
regulatory
agency standards at construction, and then must continue to meet said
standards for
a minimum of 5 years. If the habitat should begin to fail, the developer
would be
required to correct that aspect of the habitat which has failed, replant
and/or
restock the habitat to the standards set by the agencies. This can be very
costly in
terms of time and money, and if the developer is not qualified to maintain
or
monitor the habitat, he faces the additional expense of hiring a
professional to
perform this task.
Now a new solution called Mitigation banking is simplifying the process
for the development community.
Mitigation banks are preserves of protected, restored or constructed
wetlands or
other habitats, set aside to meet governmental requirements for compensatory
mitigation of impacts to wetlands and other habitats which occur with
development. When a landowner or developer needs to substitute habitats for
those being lost to development, he can purchase "credits" in a mitigation
bank.
Credits are a term used for a habitat value that is predetermined by an
agreement
between the mitigation bank developer and State and Federal agencies. The
mitigation bank is authorized to sell credits to developers or landowners
where
on-site mitigation or avoidance of the wetlands or other habitat is not
feasible.
Mitigation banks are a better solution ecologically, because they allow for
mitigation before impact to existing wetlands, are generally of much larger
size
and they consolidate financial resources and biological expertise to provide
a
more focused approach. By creating the wetlands or other habitat and
proving its
viability before impacting an existing habitat, the bank assures both
governmental
agencies and the developer that "no-net-loss" of habitat or loss of habitat
function
will occur. Consolidating wetlands and resources from many smaller isolated
projects into larger mitigation banks better protects the threatened
ecosystem, and
improves the successful establishment and long term management of these
habitats.
A BETTER SOLUTION FOR WETLANDS CONSERVATION
The R.E.Solutions 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:
R.E.Solutions 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. R.E.Solutions 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 from
R.E.Solutions
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 wans 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 R.E.Solutions
mitigation
credits, developers are released form 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
R.E.Solutions 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.
INTERNET RESOURCES
Please
click here to see how we can help you solve your mitigation needs or to discuss purchasing preservation credits for your project.
Please
click here to buy credits.
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