Location of sites in relation to permit actions where mitigation might be useful, probability of success, etc. Economic impact of establishing the site Costs of land acquisition, establishment and maintenance, and cost effectiveness of each site based on percentage of land in prior converted wetlands to be restored, existing wetlands, etc. Credits represent the accrual or attainment of wetland functions at the bank site resulting from the restoration being done, while debits represent the loss of functions at the project site. The Corps of Engineers, in conjunction with the Mitigation Bank Review Team, determine the number of credits available at a bank site based potential for restoring or enhancing the wetland functions as compared with existing conditions. The potential for restoring wetland functions is determined by applying an appropriate functional assessment technique, such as the Hydrogeomorphic Wetland Assessment Method.
Mitigation banking can have several advantages over traditional compensatory mitigation.
Mitigation banks can consolidate many small scattered compensatory mitigation sites into one larger site that may be more advantageous for maintaining the integrity of the aquatic ecosystem. Mitigation banks bring together financial resources, planning and scientific expertise not practicable to many small compensatory mitigation projects, thus increasing the probability of success. Typically, mitigation banks are functioning at some level prior to project impacts, thereby reducing temporal losses of aquatic functions. Consolidation of compensatory of mitigation within a bank increases the efficiency of limited agency resources needed to review and monitor mitigation projects for compliance.