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        Wetlands      Mitigation Banking 
Mitigation banking has        the potential to play a significant role in the Section 404 regulatory        program by reducing uncertainty and delays, as well as improving the success        of wetlands mitigation efforts. Land owners needing to "mitigate" or compensate        for authorized impacts to wetlands associated with development activities        may have the option of purchasing credits from an approved mitigation        bank rather than restoring or creating wetlands on or near the development        site.

A wetlands mitigation bank is a wetland area that has been restored,        created, enhanced, or (in exceptional circumstances) preserved, which        is then set aside to compensate for future conversions of wetlands for        develop ment activities. A wetland bank may be created when a government        agency, a corporation, or a nonprofit organization undertakes such activities        under a formal agreement with a regulatory agency. The value of a bank        is deter mined by quantifying the wetland values restored or created in        terms of "credits."

Benefits of Mitigation Banking

Banking can provide more cost effective mitigation and reduce uncertainty        and delays for qualified projects, especially when the project is associated        with a comprehensive planning effort.

Successful mitigation can be ensured since the wetlands can be functional        in advance of project impacts.

Banking eliminates the temporal losses of wetland values that typically        occur when mitigation is initiated during or after the devel opment impacts        occur.

Consolidation of numerous small, isolated or fragmented mitigation projects        into a single large parcel may have greater ecological benefit.

 A mitigation bank can bring scientific and planning expertise and financial        resources together, thereby increasing the likelihood of success in a        way not practical for individual mitigation efforts.

Status

The Administration supports mitigation banking and is currently develop        ing interagency guidance for the establishment and use of mitigation banks.        Approximately 100 mitigation banks are in operation or are proposed for        construction in 34 States across the country, including the first private        entrepreneurial banks.

 

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