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Unfortunately, it's impossible to state a generic cost for wetland mitigation with any real accuracy. Too much depends on variables such as site conditions, accessibility and market factors. However, to give you a ballpark idea, you can certainly expect costs to exceed $25,000 per acre.
A mitigation bank protects, restores, creates, and enhances wetland habitats. Credits are established to compensate for unavoidable wetland losses.
The Process of Mitigation Banking The bank instrument is the formal agreement between the bank owners and regulators establishing liability, performance standards, management and monitoring requirements, and the terms of bank credit approval.
A mitigation bank is a wetland, stream, or other aquatic resource area that has been restored, established, enhanced, or (in certain circumstances) preserved for the purpose of providing compensation for unavoidable impacts to aquatic resources permitted under Section 404 or a similar state or local wetland regulation.
Yes, activities within the Coastal Zone that are not exempt do require a permit. If your project is in the Coastal Zone, you need to submit an application to Office of Coastal Management and receive approval for your project before you commence work.
In Louisiana, the average price of wetland mitigation credits ranges from $20,000 to $40,000 for non-coastal mitigation credits, and $60,000 to $100,000 for coastal mitigation credits.
Conservation banks generally protect threatened or endangered species habitat or other sensitive resources, while mitigation banks conserve existing, restored, enhanced, or created wetland habitats that may also provide habitat for listed species.
Bank enabling instrument means a written agreement with the department regarding the establishment, use, operation, and maintenance of the bank.