Mitigation Bank Enabling Instrument

• Category: Real Estate
• State: Multi-State
• Control #: US-RE-99-100-1
• Format: Word; Rich Text

Description

A mitigation bank is a wetland, stream, or other aquatic resource area that has been restored, established, enhanced, or (in certain circumstances) preserved for the purpose of providing compensation for unavoidable impacts to aquatic resources permitted under federal, state or local wetland regulation.  A mitigation bank may be created when a government agency, corporation, nonprofit organization, or other entity undertakes these activities under a formal agreement with a regulatory agency. A Mitigation Bank Enabling Instrument (BEI) is a document, often a contract or agreement, that sets forth the terms and conditions under which a Mitigation Bank may be established and operated. The BEI outlines the responsibilities of the Mitigation Bank Sponsor (the entity responsible for establishing, operating, and maintaining the Mitigation Bank) and the regulatory agencies that will supervise the Mitigation Bank. It typically includes an accounting of the impacts to be mitigated by the Mitigation Bank, the goals and objectives of the Mitigation Bank, and the payment schedule and other financial arrangements. There are two types of Meets: a Mitigation Bank Instrument (MBI) and a Restoration Bank Instrument (RBI). An MBI is a document that sets forth the terms and conditions under which a Mitigation Bank may be established and operated. An RBI is similar to an MBI but is used for the purpose of restoring or creating wetlands, streams, and other aquatic resources that have been degraded or destroyed.

A Mitigation Bank Enabling Instrument (BEI) is a document, often a contract or agreement, that sets forth the terms and conditions under which a Mitigation Bank may be established and operated. The BEI outlines the responsibilities of the Mitigation Bank Sponsor (the entity responsible for establishing, operating, and maintaining the Mitigation Bank) and the regulatory agencies that will supervise the Mitigation Bank. It typically includes an accounting of the impacts to be mitigated by the Mitigation Bank, the goals and objectives of the Mitigation Bank, and the payment schedule and other financial arrangements. There are two types of Meets: a Mitigation Bank Instrument (MBI) and a Restoration Bank Instrument (RBI). An MBI is a document that sets forth the terms and conditions under which a Mitigation Bank may be established and operated. An RBI is similar to an MBI but is used for the purpose of restoring or creating wetlands, streams, and other aquatic resources that have been degraded or destroyed.