A Mitigation Bank Enabling Instrument (BEI) is a document, often a contract or agreement, that sets forth the terms and conditions under which a Mitigation Bank may be established and operated. The BEI outlines the responsibilities of the Mitigation Bank Sponsor (the entity responsible for establishing, operating, and maintaining the Mitigation Bank) and the regulatory agencies that will supervise the Mitigation Bank. It typically includes an accounting of the impacts to be mitigated by the Mitigation Bank, the goals and objectives of the Mitigation Bank, and the payment schedule and other financial arrangements. There are two types of Meets: a Mitigation Bank Instrument (MBI) and a Restoration Bank Instrument (RBI). An MBI is a document that sets forth the terms and conditions under which a Mitigation Bank may be established and operated. An RBI is similar to an MBI but is used for the purpose of restoring or creating wetlands, streams, and other aquatic resources that have been degraded or destroyed.
Mitigation Bank Enabling Instrument
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FAQ
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.