1. Benefits to the Environment
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 has a better chance of encompassing all necessary biological functions.
2. Save Time
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. Wetland Mitigation banks are already approved by local, state, and federal agencies.
3. Save Money
Wetland impacts can be offset by property on-site or off-site (purchasing additional land within the same drainage basin to construct functioning mitigation). 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 cost are avoided.
4. Maximize Space
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.
5. Avoid Risk
The developer that implements its own mitigation often finds its mitigation failing and must spend unexpected money to restore the wetland or purchase 2x the mitigation credits that should have been purchased prior to compliance issues. The purchase of credits from a mitigation bank legally transfers all risk to the mitigation banker.
