Status: Sold — Closed July 1, 2026
Overview
Beltrami County, Minnesota | MBI Approved October 26, 2017
The Figliuzzi Wetland Mitigation Bank, a 163.1-acre restored former wild rice paddy located in Beltrami County, Minnesota, has been successfully sold. The bank operated within the Upper and Lower Red Lake watershed (HUC-8: 09020305) and held 147.849 federally approved Sedge Meadow mitigation credits under a Mitigation Banking Instrument (MBI) approved by the U.S. Army Corps of Engineers on October 26, 2017, with dual approval from USACE and the Minnesota Board of Water and Soil Resources (BWSR). The site remains protected by a perpetual conservation easement held by the State of Minnesota.
This transaction concluded a formal probate estate sale, exclusively handled by The Mitigation Banking Group, Inc. on behalf of the estate.
Bank at a Glance
| Status | Sold — Closed July 1, 2026 |
|---|---|
| State | Minnesota |
| County | Beltrami County, Minnesota |
| Location | Deep Ditch Road NE, Kelliher, MN 56650 |
| Acreage | 163.1 acres |
| Watershed / HUC-8 | Upper and Lower Red Lake — BSA 3; Primary HUC-8 09020305 — Red Lakes |
| Regulators (state / federal) | Dual approval: BWSR (State) & USACE (Federal) |
| Permit / instrument status & dates | USACE Permit / Tracking No. 2008-00982-WAB; MBI approved October 26, 2017 |
| USACE Site ID | MN — Beltrami — S4564-1540 |
| BWSR Account | 1540 | Site ID: 4564 |
| Credit types | Federal Sedge Meadow (Wetland Type 2) |
| Total credits | 147.849 federally approved Sedge Meadow mitigation credits |
| Conservation Easement | Perpetual — held by State of Minnesota |
| Listing agent | The Mitigation Banking Group, Inc. — exclusive representative of the estate |
About This Bank
The Figliuzzi Wetland Mitigation Bank was established between 2012 and 2017 by Joseph R. Figliuzzi, who restored a 163.1-acre former wild rice paddy to a fully functional wetland in Beltrami County. In 2012, a perpetual conservation easement was granted to the State of Minnesota through BWSR. The USACE Mitigation Banking Instrument was finalized on October 26, 2017.
Following Mr. Figliuzzi’s passing in April 2020, the bank became the subject of a supervised probate administration that ultimately went before the Minnesota Supreme Court (Case No. A21-1035, decided August 31, 2022). Ownership of the credits was confirmed to the estate. The Mitigation Banking Group, Inc. was retained exclusively to represent the estate through the sale process, which closed July 1, 2026.
Permitting & Timeline
- 2012 — Perpetual conservation easement granted to the State of Minnesota through BWSR.
- October 26, 2017 — USACE Mitigation Banking Instrument finalized.
- April 2020 — Passing of Joseph R. Figliuzzi; supervised probate administration begins.
- August 31, 2022 — Minnesota Supreme Court decision (Case No. A21-1035); ownership of credits confirmed to the estate.
- July 1, 2026 — Sale closed.
Interested in Similar Opportunities?
For information on other available mitigation bank credits or listings, contact Victoria K. Bruce, The Mitigation Banking Group, Inc.
Contact Victoria Bruce: victoria@mitigationbankinginc.com · Office 407.960.5787 · Cell 407.808.2222
About The Mitigation Banking Group, Inc.
Founded by Victoria K. Bruce, The Mitigation Banking Group, Inc. specializes in the development, sale, and marketing of mitigation banks and credits across the southeastern United States. The firm bridges the gap between buyers, sellers, and regulators, simplifying complex regulatory pathways with expertise and efficiency.
