RG Reserve Mitigation Bank: A Keystone of Ecological Restoration in Jupiter, Florida
RG Reserve Mitigation Bank; South Florida Water Management District Permitting No. 43-00001-M, is in good standing per SFWMD regarding current financial compliance and the conservation easement. The conservation easement on Phase I (168.53 acres) was recorded on 2/28/2003 (BK 01736 PG 2970) and is held by JR Stuart Land Corporation (owner of property). A conservation easement on Phase II (469.47 acres) was recently recorded on March 27, 2019 (BK 3050 PG 722).
Short Term Construction & Implementation Fund: An Irrevocable Letter of Credit was issued in the amount of $151,272.35 by Landmark Bank, N.A in 2002 to cover partially for the long-term financial needs of R.G. Reserve Mitigation Bank.
Long Term Perpetual Management fund currently has $283.29 per acre which covers 268 acres, for a total of $75,921.72. Additional Funding of approx. $104,817.30 will be required for a full trust fund amount of $180,739.02 is pending to be funded into the Long-Term Maintenance Trust, as credits are released at $5,563.43/credit; per the credit release schedule attached.
RG Reserve Mitigation Bank was permitted with the potential of 32.48 Mitigation Credits (20.21 Herbaceous and 12.27 Forested). 2.55 WRAP Herbaceous State credits released in 2003. There were 3 projects that utilized 1.2 mitigation credits until 2006: therefore, leaving a current balance of 1.35 WRAP state credits available. At that time, (during the recession) they let the mitigation bank lapse.
Drew Gatewood permitted the RG Reserve Mitigation Bank. An environmental consultant like Drew can give you an idea of anticipated costs and the process to get the mitigation bank back up and running (currently out of compliance due to Exotic Plants not being managed). Also, an environmental consultant can evaluate if there are anyway to extract even more value from the original mitigation plan to generate more credits; and possibly convert the assessment from WRAP to UMAM. In addition, the permitting for the Federal Credits, which was withdrawn in 2019, could commence again.
As for the market of the Mitigation Bank. Credits are currently $200,000.00/State Credit and $275,000.00/State and Federal Credit from Bluefield Mitigation Bank, who is currently the only mitigation bank servicing St. Lucie County.
RG Reserve Mitigation Bank (2019) Federal Prospectus: https://ribits.ops.usace.army.mil/ords/f?p=107:278::::RP,278:P278_BANK_ID:277
There is a 2 acre outparcel that can be utilized, which is not under a CE on the property.
MSA: St. Lucie & Loxahatchee River
Pending Restoration Activities: Exotic Vegetation Removal & Long Term Fire Management Plan
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