How to become a mitigation bank sponsor

Who is likely to set up a wetland mitigation bank?

Some examples of those with interest in establishing a wetland mitigation bank (bank) are:

Transportation agencies and utilities, such as the departments of Transportation or Public Works, have many development projects that affect wetlands.
Local jurisdictions may want to encourage the establishment of a bank to help meet local watershed needs and goals.
Businesses that anticipate having large or ongoing wetland impacts may create banks rather than mitigating in a piecemeal fashion.
Entrepreneurs may be interested in creating banks for the purpose of selling credits.

What you should know about your potential bank site.

Anyone interested in setting up a bank should first gather some preliminary technical information and research available background information on the potential bank site:

Find out if a wetland delineation has been conducted on your site. If not, is there any information available that would identify wetlands on the site now or in the past?
What types of wetlands exist in your watershed?
Are the soils and hydrology at the site suitable for wetlands?
Any potential for cultural resources on the site?
Is the site located on agricultural lands of long-term commercial significance?

Ecology has the following tools to help in locating an appropriate site:

Items to think about regarding the banking process prior to moving forward.

Along with understanding the physical and biological conditions that make a site suitable for a bank, you should consider other elements regarding feasibility for developing the bank and the market opportunities:

Do the local jurisdictions in the watershed allow banks to be used as mitigation for wetland impacts?
What does the site look like now and what activities would need to be done to make this site a bank (i.e., enhancement, restoration, creation)?
Do you have the money to make this site into a bank that is ecologically appropriate and sustainable?
What type of on-going maintenance and monitoring will the bank need after construction?
- Do you have the qualifications to perform the actions necessary or will you hire appropriate wetland consultants or engineers?
Are you setting up the bank for your own use or to sell the credits to make a profit?
If you did have a bank site with credits to sell, would you have buyers? How do you plan to market your credits?

What’s the process?

The first step in the certification process is to submit a complete prospectus (i.e., project proposal) to the Department of Ecology, wetland mitigation banking team.
Ecology will then review the prospectus and determine whether the document is complete.
Ecology and the Corps of Engineers (if also seeking federal approval), as the Co-Chairs of the Interagency Review Team, will provide feedback, information, and guidance to ensure everyone understands the next step(s) throughout the certification process.

Please refer to the wetland mitigation banking rule and checklists provided below for a detailed list of information required to propose a bank project.