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Vol.
2, No. 4: April 25, 2007
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The Ecosystem Marketplace's Mitigation Mail
Conservation and Wetland News You Can Bank On
Tenth Annual Conference Provides Insight into Changing Industry
The big news on the mitigation front this month was the successful completion of the 10th National Mitigation & Conservation Banking Conference which took place in St. Louis (April 10-13, 2007). If you missed the conference (or even if you were there), you might be interested in the daily newspaper we produced covering each day’s events. Click here for an archive of all the newspapers we produced. In this newspaper, you will find a summary of all the events, some interesting guest editorials and feature articles, as well as some (compromising but tasteful?) photos. In time for the conference, we also produced the second booklet in the "EM Market Insights: Biodiversity" series entitled Banking on Conservation 2007 (PDF).
If all you want is a summary of the event, we would just say it was an "unmitigated" success: there were presentations on everything from a 101 of mitigation banking and the new Farm Bill proposal, all the way to urban banking and international developments. If we had to pull out two key themes that emerged from the conference, it would be the industry's overwhelming interest in branching out from traditional markets for wetland and species mitigation into new markets for carbon sequestration and stream restoration; and the interest from the investment community in the mitigation banking industry—as exemplified by Parthenon Capital’s investment in Wildlands Inc. For the full details on this story the others, read our newspapers and booklet. In addition be sure to skim this month's mitigation banking news below.
—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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Some Environmental Issues Addressed During Session, Advocates Say (4/14/07)
"The Arkansas [Sierra Club] chapter recently issued a legislative scorecard detailing the 13 environmental bills it supported during the session and the six bills it opposed. One of the Sierra Club-supported measures which became law during the session was House Bill, now Act 476, by Smith, which amended the Arkansas Wetlands Mitigation Bank Act to include aquatic resources, streams and deep-water aquatic habitats."
– Read the story
Clark County may get wetland bank (4/10/07)
"A proposal to establish a wetland mitigation bank in Clark County is being considered by the U.S. Army Corps of Engineers and the Washington Department of Ecology. The bank would cover six sites totaling more than 1,000 acres in the Columbia River flood plain and Clark County."
– Read the story
Commission looks for prairie dog relief (4/9/07)
"Iron County commissioners met with representatives to discuss current and potential future Utah prairie dog mitigation banks, which will offset the county's development pressures. Utah School and Institutional Trust Lands Administration representatives said they will find out in May whether the county gets any prairie dog credits from its Garfield County mitigation bank this year."
– Read the story and follow up
Wal-Mart digs up trouble with turtles (4/5/07)
Wal-Mart jumped the gun and began a gopher tortoise relocation before securing all the required permits. Wal-Mart had obtained a permit from the Florida Fish and Wildlife Conservation Commission to relocate up to 10 tortoises from the site. But before disturbing the animals, the retailer was first required to secure all of its other permits from other government agencies. And when the tortoises were removed, some permits were still pending.
– Read the story and follow up
18 words imperil three million acres (3/31/07)
"An amendment to a bill would end local control over wetland development in 20 counties. A single sentence added to a bill passed this week by a House committee would wipe out strict protections for wetlands in 20 Florida counties, say county officials."
– Read the story and follow up
Saving Wetlands (3/27/07)
"The win-win concept of wetlands banking is making progress in Clark County, good news for two frequent adversaries: developers and environmentalists. ...six wetland banks are proposed to state and federal regulators."
– Read the story
Little Pine Island marks restoration (3/25/07)
"In 1997, Mariner Properties Development Inc. started restoring Little Pine Island to its original wetlands function. So far, Mariner has removed more than 5 million melaleucas and 100 million pounds of exotic vegetation. But Little Pine Island is more than a restoration project: It’s also a wetlands mitigation bank. The state owns Little Pine Island, but Mariner is financing the restoration and selling mitigation credits."
– Read the story
Wildlands, Inc. Announces Investment by Parthenon Capital (3/20/07)
Wildlands, Inc. recently announced that Parthenon Capital had invested an undisclosed amount in its business. Brian Golson, a Partner at Parthenon Capital commented, "After researching the environmental exchange and conservation banking markets for several years, we believe [Wildlands’] environmental expertise, industry network and history of successful project development make it uniquely positioned to provide economically sound solutions to current environmental challenges. We look forward to supporting the company’s continued growth into other segments of the industry and into additional geographies."
– Read the story
Board to study future use of Whitewater land (3/20/07)
The Fayette Board of Education is considering options for a 33-acre site behind the county’s newest high school south of Fayetteville. One option would be to place the land in a wetlands "bank," retain ownership of the property and sell the wetlands credits to a consulting company. Some think it would be cost-prohibitive, with start-up costs estimated at $600,000.
– Read the story
Swamp thing: VDOT builds a wetland instead of a highway (3/19/07)
"VDOT will create an 86-acre reserve it calls a "wetland bank" near US Route 220 between Eagle Rock and Gala. The land will be used to create future wetlands when highway construction disturbs existing wetlands elsewhere. ...The project's expected cost is nearly $4.1 million, and the work is planned for completion in May 2009."
– Read the story
Preserving jay habitat much more problematic (3/16/07)
The U.S. Fish & Wildlife Agency recently shifted its scrub jay policy in Charlotte County, FL. The result looks like less protection for the jays. Some hope that species mitigation banks might help preserve vanishing scrub jay habitat.
– Read the story
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We recently received a very interesting question about the North Carolina Ecosystem Enhancement Program's value as a model for statewide mitigation programs. We thought our readers would be interested in sharing their knowledge of statewide mitigation programs and learning about the views of others. Below are the insightful responses we received.
by Alice Kenny
Wildlands, Inc. recently announced that Parthenon Capital, a private equity firm with over $1.5 billion under management, has invested in the company. The Ecosystem Marketplace finds out how Wildlands, Inc. plans to put the new capital work.
by Alice Kenny
Mark Rey, Under Secretary for Natural Resources and the Environment at the Department of Agriculture, announced plans last Thursday (April 12) to press Congress to create a single board to set standards for the plethora of current and emerging ecosystem markets. The Ecosystem Marketplace reports.
by Cameron Walker
Peter Stein has inked 86 innovative conservation partnerships on working forestlands for Lyme Timber during his career. Is there a model in his work for investors interested in mitigation banks? The Ecosystem Marketplace investigates.
by Erik Ness
The Land Trust Alliance released a 5-year summary of land trust activity in the United States in late 2006. The report called the land trust movement "one of the fastest-growing and most successful conservation movements in American history." So what does a troubling series of approximately 400 Internal Revenue Service audits, mostly in Colorado, portend? The Ecosystem Marketplace investigates.
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