Mitigation
Banking
Mitigation banking is a practice in which an environmental
enhancement and preservation project is conducted by a public agency or
private entity (“banker”) to provide mitigation for unavoidable wetland
impacts within a defined region (mitigation service area). The bank is
the site itself, and the currency sold by the banker to the impact
permittee is a credit, which represents the wetland ecological value
equivalent to the complete restoration of one acre. The number of
potential credits permitted for the bank and the credit debits required
for impact permits are determined by the permitting agencies. UMAM is
the method of assessment for banks established after February 2, 2004.
Chapter 373.4135 Florida Statutes states: “Mitigation banks
and offsite regional mitigation should emphasize the restoration and
enhancement of degraded ecosystems and the preservation of uplands and
wetlands as intact ecosystems rather than alteration of landscapes to
create wetlands. This is best accomplished through restoration of
ecological communities that were historically present.”
