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Vol. 2, No. 10: October 25, 2007
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The Ecosystem Marketplace's Mitigation Mail
Conservation and Wetland News You Can Bank On
Big plans are hatching down under. A proposal to take the biobanking program national was announced this month by Australia’s Department of Environment. A two-year biobanking program is currently being tested in the state of New South Wales. And several other states in Australia have similar offset schemes in various stages of development. It will be interesting to see how a national program might allow for the variety of interesting and creative offset programs under development in Australia.
Meanwhile here in the US, mitigation banks are continuing to come on line at a rapid clip. Wildlands Inc. announced the approval of two conservation banks in central California: Sand Creek Conservation Bank and Deadman Creek Conservation Bank; as well as the opening of an engineering office on the east coast in Charlotte, North Carolina.
Also below you will find a link to our feature article on the Sustainable Land Fund’s new outlook following it’s acquisition by MuniMae.
—The Ecosystem Marketplace Team
If you have comments or would like to submit news stories, write to us at mitmail@ecosystemmarketplace.com.
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Development offset scheme to go national (10/10/07)
Australia may be taking a biodiversity offset program that was hatched in the state of New South Wales to a national scale. The common perception of biodiversity offsets in Australia has generally been that offsets will allow more damage to the environment, rather than creating a more ecologically valuable way to mitigate for damage that is already being done. This will be a key point to clarify in the coming debates between environmentalists and legislators.
– Read the story
City of Elgin must pay for wetlands loss (10/10/07)
"City officials said Tuesday development of a portion of wetland space within Elgin Shores Forest Preserve will cost more than $13,000 in 'wetland credits.' The list of development projects under construction, including pavement of a road and parking lot, landscaping improvements and the construction of a boat ramp, will cause the loss of .2 acres of wetland space."
– Read the story
Land buy for wetlands OK'd (10/9/07)
"The Five Rivers MetroParks board has approved an option to buy 359 acres of corn fields adjacent to Sycamore State Park for $1 million to create a wetlands complex. Besides serving as a draw for threatened or endangered wildlife and for nature enthusiasts, the wetlands landscape could help satisfy the needs of area builders who bulldoze natural wetlands and are required to replace the acreage according to the federal Clean Water Act."
– Read the story
Wildlands' Sand Creek Conservation Bank Approved (10/5/07)
"Wildlands, Inc. has received approval of its first conservation bank in Tulare County. The 497-acre Sand Creek Conservation Bank will permanently preserve habitat of endangered and threatened species including vernal pool ferry shrimp and tadpole shrimp. The bank also protects breeding and estivating habitat of the California Tiger Salamander in addition to habitat for the San Joaquin Kit Fox. The bank serves portions of a 10-county area..."
– Read the press release
Bidwell Ranch Mitigation and Conservation Bank Progress Update Set (9/28/07)
A meeting on the progress of the Bidwell Ranch Mitigation and Conservation Bank, in Butte County was held on September 25. "The meeting will be held by Chico-based River Partners and will include members of the Citizen Work Group who will discuss the draft wetland plan developed by Tehama Environmental Solutions."
– Read the press release (pdf)
Wildlands' Deadman Creek Conservation Bank Approved (9/27/07)
Wildlands, Inc. announced the approval of Deadman Creek Conservation Bank in Merced County, CA. The bank will preserve and protect habitat of the endangered San Joaquin Kit Fox, offering credits to the development community and public sector within a service area spanning Madera, Merced, Mariposa and Stanislaus Counties.
– Read the press release
– Read the press release
Wildlands Engineering Office Opens in Charlotte, North Carolina (9/26/07)
Wildlands announced "the opening of its East Coast engineering provider for ecological restoration services. Wildlands Engineering, a wholly owned subsidiary of Wildlands, Inc., was founded to expand Wildlands' commitment to environmental excellence to the East Coast of North America."
– Read the press release
Park to feature wildlife, streams (9/20/07)
Under a new agreement between Costa Mesa and the U.S. Army Corps of Engineers a 17-acre swath of Fairview Park will be restored to it's native Southern California habitat. The city of Costa Mesa created a wetland "mitigation bank" program three years ago to allow developers and others who remove wildlife habitat elsewhere to replace it at Fairview Park. The $1.8-million project will replace the animal habitat that was removed when the Santa Ana River was cleared to meet flood-control standards.
– Read the story
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by Amanda Hawn
On September 6, 2007, Municipal Mortgage & Equity, LLC ("MuniMae," NYSE: MMA) announced its purchase of the Sustainable Land Fund. The Ecosystem Marketplace takes a look at the transaction and what it portends for the burgeoning field of environmental asset management.
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