The Federal Mitigation Rule defines a mitigation bank as a site, or suite of sites, where resources (e.g., wetlands, streams, riparian areas) are restored, established, enhanced, and/or preserved for the purpose of providing compensatory mitigation for impacts authorized by permits. In general, a mitigation bank sells compensatory mitigation credits to permittees whose obligation to provide compensatory mitigation is then transferred to the mitigation bank sponsor. The operation and use of a mitigation bank are governed by a mitigation banking instrument, which is a legal document reviewed and approved by the Interagency Review Team.MDE encourages the development of Mitigation Banks in Maryland. The Interagency Review Team (IRT), comprised of representatives from federal, State, and local agencies, meets monthly to discuss mitigation banking, MDE’s ILF Program, and general mitigation policies. The IRT continues to work to develop standard templates and Standard Operating Procedures to improve the efficiency of the mitigation bank review process and improve the environmental outcomes. As it is clear that Maryland would benefit from additional guidance on stream mitigation, a stream subgroup also meets on a regular basis to develop procedures and guidance related to stream mitigation. Please check back for updates on this stream subgroup.The 2008 Federal Mitigation Rule requires that for a mitigation bank to be approved, it must follow a formal mitigation bank review process. This process includes the submittal and IRT review/approval of a Draft Prospectus, Prospectus, Draft Instrument, and Final Instrument.
Mitigation bankers interested in presenting potential mitigation banks at the monthly IRT meetings are encouraged to contact Kelly Neff at 410-537-4018.Information on mitigation banks in Maryland, including all major documents pertaining to the bank (e.g., Prospectus and Instrument), description of the bank, status of bank approval, service areas, available credits, and monitoring reports can be found on the US Army Corps of Engineers RIBITS website.
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