Mitigation Bank Credits: A Brief Review
Developers with projects that impact wetlands, streams and endangered species must acquire permits from the U.S. Army Corps of Engineers (USACE) and the U.S. Fish & Wildlife Service (USFWS) to comply with federal and statutory regulations. Permits, which involve multiple stakeholders over several years, allow impactors to compensate for unavoidable environmental impacts to wetlands, streams and endangered species.
Since 2008, the preferred method of compensation is the purchase of environmental credits from mitigation banks within the banks’ service area, the purchase of in-lieu-fee credits, followed by permittee-responsible mitigation (PRM) sites, where bank credits are not currently available.
PRM Sites: A Brief Overview
Developers with projects that impact wetlands, streams or endangered species that are located beyond mitigation bank service areas must offset those impacts with a PRM. A PRM is essentially a custom-designed mitigation site that is developed similarly to a mitigation bank—meaning that the mitigation plan for a PRM must include the following components, which are identical to those of a mitigation bank:
- Goals and objectives of the project
- Summary of impacted resources
- Site selection justification (ecological justification)
- Baseline conditions of the project
- Mitigation work plan development
- Credit determination
- Long-term management and maintenance
- Development of performance standards
- Monitoring requirements (methods and duration)
- Adoptive management plan
- Financial assurances (proposed funding amount and mechanism)
Bank Credits or PRMS: We Deliver a Comparable Experience
Our PRMs are designed to incorporate many of the same processes as the development of a mitigation bank. In fact, our wetland, stream, and conservation PRMs are developed to be the ecological preference for the USACE and USFWS.
Through our custom agreement with the impactor, we assume the long-term liabilities related to implementation, monitoring and maintenance of each PRM. Our unique agreements create an unparalleled alignment of interest with the impactors to ensure the overall success of the mitigation site.
Partner with a Leader in Delivering Comprehensive Mitigation Solutions
We solve permitting problems quickly and competently by leveraging nearly four decades of regulatory, environmental, and market expertise with every project. In some cases, clients may receive permit approval in as little as three months. Our culture of discipline and proven processes has generated successful outcomes for the energy, transportation and commercial development industries from the Texas Gulf Coast to Alaska.