HOW TO PERMIT A WETLAND MITIGATION BANK IN FLORIDA?
To permit a mitigation bank, one will need to obtain a State (FDEP) and Federal MBI (USACOE)
Timeline: It takes approx. 2 years for a state permit and 7 years for a federal permit.
You should evaluate what other mitigation banks are currently within the same drainage basin/watershed to understand mitigation credit pricing, absorption, and availability of current inventory.
Depending on SEVERAL factors, you can guesstimate that you can obtain 1 Credit for Every 7-10 Acres of Preserved & Restored Lands. A minimum of approx. 300 acres is a viable mitigation option. However, some have been as small as 151 acres. However, the bigger the better! For example, for 1,000 acres of restored and protected lands, you can guesstimate that you could potentially obtain 100 mitigation credits, which would be released over approx. 5-10 years.
Anticipated Upfront Costs are:
Approx. $300,000.00+ for environmental consulting to obtain permit
A Short Term Endowment – 110% of the “construction costs” will have to be placed in a financial bank- this will be determined based on the specifics of the restoration work, if any.
A Long Term Endowment- Calculated on case by case basis of how much you will need to put in a financial bank to fund the property in perpetuity.
For more information please visit https://mitigationbankinginc.com/faqs-and-resources/
