From permitting the first privately sponsored wetland mitigation bank approved through Washington State’s pilot banking program (Snohomish Basin Mitigation Bank, 2006), to developing the first joint Wetland and Endangered Species Conservation Bank Project (Coweeman River Mitigation Bank, 2016), Habitat Bank is at the forefront of market based approaches to improving natural resource mitigation.
Habitat Bank works closely with state and federal agencies such as the Washington State Department of Ecology, the EPA and the Seattle District Corps of Engineers, in order to meet specific and very rigorous mitigation bank program requirements under Washington State’s Banking Program.
Habitat bank can develop large scale mitigation projects, also known as consolidated mitigation projects. As and example, Habitat Bank developed a large, consolidated wetland mitigation project in partnership with the City of Battle Ground for unavoidable wetland impacts within the City of Battle Ground and within portions of the Salmon and Mill Creek drainage basins.
Habitat Bank is uniquely skilled at pulling together and working with the many different stakeholders that regulate or provide expertise on a mitigation bank project, in order to meet our region’s restoration objectives and create valuable mitigation resources for permit applicants. Habitat Bank has partnered with conservation districts, cities, ports, tribes, farmers, private developers and state agencies to evaluate mitigation banking projects, in-lieu fee programs, advanced consolidated mitigation solutions and other mitigation options throughout the Northwest.
By leveraging our knowledge of mitigation demand, state and federal banking rules, current regional issues and permitting approach, we are uniquely able to evaluate the feasibility of a mitigation bank project from both an ecological and economic perspective. Currently we are working to integrate wetland, salmon and stream mitigation credits into existing and proposed mitigation projects, in order to more fully address complicated permitting requirements and/or impacts to multiple types of habitats or aquatic areas. As markets for additional ecosystem services develop, we will work to incorporate those elements into our offerings to maximize the return and applicability credits from current and future projects.