Mitigation bank

{
  "id": "MLC-T-ENV-017526",
  "term": "Mitigation bank",
  "field": "Environment",
  "term_source": "Mitigation Bank",
  "definition": "1. 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 DA 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.\n\n2. A wetlands mitigation bank is a wetland area that has been restored, established, enhanced or reserved, which is then set aside to compensate for future conversions of wetlands for development activities. Permittees, upon approval of regulatory agencies, can purchase credits from a mitigation bank to meet their requirements for compensatory mitigation. The value of these “credits” is determined by quantifying the wetland functions or acres restored or created. The bank sponsor is ultimately responsible for the success of the project. Mitigation banking is performed \"off-site,\" meaning it is at a location not on or immediately adjacent to the site of impacts, but within the same watershed.",
  "subject": "Regulatory activities",
  "references": [
    "40 CFR 230.92 (CFR 2013)",
    "Aquatic Resources Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/mitigation-bank/"
}