Benefits and Challenges of Port-Sponsored Mitigation Banks

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1 Benefits and Challenges of Port-Sponsored Mitigation Banks Presented by Dan Berlin, PWS October 10,

2 Presentation Outline Mitigation Overview Mitigation Banking Process Port-Led Mitigation Banking Examples 2

3 Mitigation Requirements Port mission Advance trade and commerce Promote maritime growth Stimulate economic development Manage environmental resources responsibly Unavoidable aquatic impacts Wetlands Fish and wildlife habitat Avoidance Minimization Mitigation 3

4 Mitigation Options 2008 Mitigation Rule One set of regulations for compensatory mitigation Hierarchy of mitigation Preferred Mitigation banking In-lieu fee Permittee-responsible Advance mitigation Concurrent mitigation Mitigation Bank In Lieu Fee Mitigation Program Permittee- Responsible Mitigation 4

5 Mitigation Banking Advantages Agencies like it Higher success Reduces temporal loss Large sites mean greater functional lift Applicants like it Expedites permitting process Lowers mitigation ratios Saves money Considerations Land purchase costs Requires planning and time for approval Ownership and maintenance 5

6 Existing and Proposed Mitigation Banks (WA) 6

7 Existing Mitigation Banks (OR) 7

8 Port-Led Mitigation Banks Port of Vancouver Columbia River Wetland Mitigation Bank Port of Everett Blue Heron Slough Wetland Mitigation Bank (pending) Port of Tacoma Umbrella Wetland and Habitat Mitigation Bank (pending) Port of Seattle Wetland and Habitat Umbrella Mitigation Bank (pending) 8

9 Port of Vancouver Columbia River Wetland Mitigation Bank Partnership with Clark County Mitigation Partners, Ducks Unlimited, and Port of Vancouver Port-owned land; private permitting/construction/credit marketing Port revenue with each credit sold 9

10 Port of Everett Blue Heron Slough Wetland Mitigation Bank Wildlands, Inc. to plan, permit, and restore tidal wetlands on former Biringer Farm property Certified by NOAA for fish credits Approval for wetland mitigation bank credits pending 10

11 Port of Tacoma Umbrella Wetland and Habitat Conservation Bank Three sites proposed Saltchuck Aquatic Mitigation Site (marine) Lower Wapato Combined Habitat Site (estuarine) Upper Clear Creek Mitigation Site (freshwater) Credits to be used for Port, Port tenants, and business partners Government agencies Other parties Pursuing universal credits for aquatic, wetland, and endangered species impacts 11

12 Port of Tacoma Mitigation Sites 12

13 Upper Clear Creek Mitigation Site Re-establish/rehabilitate wetlands 28 acres Reconnect Clear Creek to the floodplain Wetland mitigation credits Fish conservation credits 13

14 Port of Tacoma Bank Timeline and Costs Timeline 2013 Application 2014 Construction 2017 Public Notice for bank certification Current Pending final legal review by USACE Costs More than $8M invested in establishing the bank $17M estimated bank value Anticipated substantial ROI 14

15 Proposed Port of Seattle Wetland and Habitat Umbrella Bank Elliott Bay and Lower Duwamish Waterway marine/estuarine sites Credits for wetland and shoreline impacts Green River freshwater site Credits for airport impacts and other Green River watershed impacts Permitting

16 Port-Led Mitigation Bank Planning Considerations Property evaluation Opportunity for otherwise encumbered properties Market assessment Port development forecast Other party development needs Other banks in service area Financial obligations Construction and long-term maintenance costs Land costs Financial assurances IRT Phase I Phase II Phase III Phase IV Establish IRT Draft Prospectus Prospectus (Public Review) Draft Instrument Final Instrument 16

17 Questions/Discussion 17