Mitigation Banking
What is 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.*
*Source: Florida Department of Environmental Protection
Coverage Area
Star 4 Mitigation Bank is situated within an area of northeast Florida that has seen a significant increase in the overall development of commercial and residential projects. Utilizing extensive restorative and enhancement initiatives, Star 4 Mitigation Bank is well positioned to assist in the development needs of the St. Johns River Management District’s (SJRWMD) drainage Basin 4, or more specifically nested Basin 5.
The service area includes much of the Mandarin, Southpoint, Bayard and World Golf areas of northeast Florida.
An Environmentally Friendly Solution
- Meets the Army Corps of Engineers mitigation rule as the preferred mitigation method.
- Mitigation occurs prior to a project’s impact to the environment.
- Approved by Federal and State agencies for environmental restoration.
A Cost-Effective Alternative
- Reduces time and streamlines the permitting process.
- Transfer the risk, liability and long term costs to Star 4 Mitigation Bank.
- Eliminates the developers need for costly restoration