How much does it cost to Permit a Mitigation Bank?
The cost of permitting a mitigation bank can vary widely depending on several factors, including the size and complexity of the site, the scope of the proposed restoration activities, and the specific regulatory requirements that apply to the project. However, it is generally recognized that the cost of permitting a mitigation bank can be substantial!
According to the USACE, the cost of developing a mitigation bank can range from $500,000.00-$5 Million, depending on the size and complexity of the project. This cost includes not only the expenses associated with developing the mitigation plan and obtaining the necessary permits, but also the costs of implementing the restoration activities and monitoring the site over time.
In addition to these direct costs, there may be other indirect costs associated with permitting a mitigation bank, such as: cost of acquiring the land, conducting environmental assessments, and engaging with stakeholders and regulatory agencies throughout the permitting process.