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In recognition of resource values gained when larger tracts of land are preserved and managed, environmental trusts and mitigation banks provide an opportunity for development and meaningful mitigation. The US Army Corps of Engineers (USACE) issued Regulatory Guidance Letter No. 02-2 Guidance on Compensatory Mitigation Projects for Aquatic Resource Impacts Under the Corps Regulatory Program Pursuant to Section 404 of the Clean Water Act and Section 10 of the Rivers and Harbors Act of 1899 (RG 02-2, December 24, 2002) wherein USACE discussed its position on compensatory mitigation alternatives including the use of mitigation banks. The Regulatory Guidance Letter indicates that the use of an approved mitigation bank may be appropriate to compensate for loss of wetland areas and should be considered on a case-by-case basis. The use of a mitigation bank relies upon what is called a "functional assessment" of the wetland area to be removed and the relative value of it compared to the banked wetlands. The use of mitigation banks is often preferred by USACE over preservation or enhancement of fragmented habitats.
Large tracts of land that provide habitat for special-status species such as the California red-legged frog, California tiger salamander, Alameda whipsnake and the western burrowing owl are becoming much more acceptable to the regulatory agencies and profitable to the bank owner. Subsequently, demand for these products is on the rise. Sycamore Associates LLC has developed and utilized environmental trusts and mitigation banks to service the goals of our clients.
Specific services to creatively implement an environmental trust or mitigation bank include:
- Regional mitigation planning and agency consultation
- Partnership identification and collaboration
- Maintenance and monitoring programs design and implementation
- Adaptive management programs and project phasing design and implementation
- Land stewardship financing programs and funding opportunities
- Permitting compliance and documentation
Environmental Trusts and Mitigation Banking SOQ to Download
Sycamore Associates LLC SOQ to Download
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