Mitigation banking

{
  "id": "MLC-T-ENV-017527",
  "term": "Mitigation banking",
  "field": "Environment",
  "definition": "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": "Water",
  "references": [
    "Aquatic Resources Awareness Course for Real Estate Appraisers Glossary"
  ],
  "url": "https://mlchart.com/terminology/environment/mitigation-banking/"
}