How does one establish an approved mitigation bank in the Coastal Zone?
A prospective mitigation bank sponsor is advised to consult with the OCM and the USACE regarding his wishes to establish a mitigation bank in the Coastal Zone prior to submitting formal documents. This consultation may consist of a telephone call and/or written correspondence briefly explaining the bank proposal and providing a location map. The prospective sponsor will prepare a mitigation bank prospectus to be submitted to OCM and the USACE. The information provided in the prospectus will serve as the basis for establishing the mitigation banking instrument. The prospectus will be provided to the Interagency Review Team (IRT) co-chaired by the OCM and the USACE. Based on the information provided in the prospectus, the site visit findings, and IRT discussions, the IRT may recommend modifications to the bank proposal. If the bank proposal is deemed acceptable, the sponsor and/or the IRT will develop a mitigation banking instrument for IRT approval and signature.
