A mitigation bank is a large site where wetlands and aquatic resources are restored, created, rehabilitated, enhanced, or in special circumstances preserved, specifically for the purpose of providing advance compensatory mitigation for authorized impacts to similar resources. Mitigation Banks are evaluated and approved through a Mitigation Bank Review Team (MBRT) consisting of Federal, State and Local agencies with jurisdiction. The MBRT reviews the mitigation bank proposal and establishes the requirements for the award and use of credits the bank sponsor must meet over the life of the mitigation bank. The mitigation bank sponsor then agrees to construct and operate the mitigation bank in accordance with the terms of a Mitigation Banking Instrument (MBI), which is signed by all stakeholder agencies and the sponsor establishing the terms and conditions for approval and use of the mitigation bank.
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