THE BENEFITS OF MITIGATION BANKING
A mitigation bank provides several advantages to traditional forms of mitigation to both the developer and the environment.
BENEFITS TO THE DEVELOPER
A developer using a mitigation bank will have reduced permitting time. The permitting practice is a more streamlined process since mitigation banks are already constructed and functioning. These banks are approved by local, state, and federal agencies adding to the quick permit turnaround.
Wetland impacts must be offset by property onsite or often by purchasing additional land to construct functioning mitigation on. The cost increases with the additional burden of permitting, construction, monitoring, and maintenance activities. Mitigation through a bank requires a one time fee for the mitigation credits and the additional burden and hidden costs are avoided.
The developer that implements its own mitigation often finds its mitigation failing and must spend unexpected money to restore the wetland. The purchase of credits from a mitigation bank legally transfers all risk to the mitigation banker. Credits are only released to the banker once success criteria have been met on the bank to avoid failed mitigation.
On site mitigation often becomes a burden on development sites, causing a development to be planned around the mitigation. Buying credits from a mitigation bank allows the developer to maximize his usable land and put that space to its highest and best use.
BENEFITS TO THE ENVIRONMENT
Economies of Scale
Establishment of a mitigation bank brings together financial resources, biological, planning and scientific expertise. Consolidating these resources increase the potential for long-term successful mitigation that maximizes contribution to the environment.
A large scale mitigation bank project has the opportunity to maintain the integrity of the aquatic ecosystem. The complexity of a wetland is difficult to encompass in a small development project. The larger mitigation bank