Mitigation Land Bank
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Mitigation Land Bank
A program to preserve the amount of environmentally sensitive natural land area, including wetlands.
Oversight is principally shared by the U.S. Army Corps of Engineers and the U.S. Environmental Protection Agency, though other federal agencies may be involved. Owners must put aside key portions of sensitive land on the development site or nearby. Credits may be sold to those who need to develop sensitive land.
Example: Green has been farming 100 acres of land on a riverbank.
If Green returns 25 acres of the land to its natural state, thereby con- tributing it to a mitigation land bank, he will receive 20 credits from the Army Corps of Engineers. Industrial developer Brown, on the same river, is willing to pay Green $10,000 per credit to then be allowed to build on 20 acres of wetlands, which will assist in the development of a factory on the waterfront, which is in the same county as Green’s farmland.
Oversight is principally shared by the U.S. Army Corps of Engineers and the U.S. Environmental Protection Agency, though other federal agencies may be involved. Owners must put aside key portions of sensitive land on the development site or nearby. Credits may be sold to those who need to develop sensitive land.
Example: Green has been farming 100 acres of land on a riverbank.
If Green returns 25 acres of the land to its natural state, thereby con- tributing it to a mitigation land bank, he will receive 20 credits from the Army Corps of Engineers. Industrial developer Brown, on the same river, is willing to pay Green $10,000 per credit to then be allowed to build on 20 acres of wetlands, which will assist in the development of a factory on the waterfront, which is in the same county as Green’s farmland.
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Barron's Real Estate Dictionary
Dictionary of Real Estate Terms. Copyright © 2008 by Barron's Educational Series, Inc. All rights reserved.
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