In addition to the Phase 1 ESA, many South Florida projects need wetland mitigation credits. Under the
US Army Corps of Engineers (USACE) 2008 Compensatory Mitigation Rule, wetland mitigation credits are required to satisfy federal mitigation requirements if there are unavoidable wetland impacts on a development. While federal credits are readily available, mandatory credits at the state level are in short supply. In Miami-Dade, Broward, and Palm Beach counties, they currently aren’t available at all except for specific situations. As a result, developers in those areas are conducting on-site mitigation, and that means big money for the restoration and/or creation, monitoring, and perpetual maintenance of a sensitive wetland system. It also limits the available space for development on a property.
Compounding this problem is that mitigation credits, except for those obtained for roadways and pipelines, must be used in the service area where purchased. A developer cannot buy credits from a mitigation bank in Hernando County and use them to offset damage to wetlands on a site in Miami-Dade.
The USACE describes a mitigation bank as, “a wetland, stream, or other aquatic resource area that has been restored, established, enhanced, or (in certain circumstances), preserved for the purpose of providing compensation for unavoidable impacts to aquatic resources permitted under Section 404 or a similar state or local wetland regulation.” But those mitigation banks must hit certain milestones before they can offer credits on the development market. In the case of the “Hole-in-the-Donut” mitigation bank, supporting a 6,300-acre wetland restoration on a former agricultural site in Everglades National Park, those credits — priced at $69,000 per credit — are not often available. The credits are released on an irregular schedule — typically only about once per year.
When the credits run out and on-site mitigation is the only option, developers may be forced to consider it. While on-site mitigation might be expensive and time consuming, it can be done well. And WGI, with experienced Professional Wetland Scientists on staff, understands how to restore, improve, monitor, and maintain wetlands. With an expertise in state and federal regulations, the firm knows which mitigation strategies the agencies will accept, how to minimize long-term maintenance costs, and how to maximize the site’s development potential.