Mitigation Banking
Todd W. Fennell, Christopher H. Marine, and Sandra G. Rennick
In Florida, mitigation banking has emerged as an extremely valuable and beneficial tool employed to balance State conservation interests and mitigation requirements associated with new development projects. Economic and practical considerations have diminished the viability of traditional on-site mitigation, and off-site mitigation has become more of the rule than the exception in recent years. Mitigation banks, and the purchase of mitigation bank credits is a significantly effective and useful mechanism to satisfy off-site mitigation requirements precipitated by new development in both the private sector and public sector.
Real Property Group (“RPG”) attorneys provide legal representation and assistance in connection with all elements of organizing and administering a mitigation bank. These services include the application and permitting process, entity organization, pre-project strategic tax and financial planning, the negotiation and grant of conservation easements, the closing of mitigation bank credit sale transactions, and implementation of required restoration activities.
RPG attorneys are accustomed to coordinating with other professionals participating in the administration of the mitigation bank, such as engineers, State and Federal governmental agencies, environmental consultants, and mitigation bank credit marketing personnel. RPG attorneys also function as closing agent and escrow agent in transactions involving the purchase and sale of mitigation bank credits.
Gould Cooksey Fennell, P.A., Attorneys at Law, has offices in Vero Beach, Florida. Learn more about our Real Property Lawyers here.