N.Y. City Seeks Wetland Mitigation Bank Partners

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The New York City Economic Development Corp. has issued a request for expressions of interest to identify partners to finance, construct, and operate the city's first wetland mitigation bank in the Saw Mill Creek Marsh on the West Shore of Staten Island.

Mitigation banks direct developers and property owners seeking to build on waterfront sites to pay for the restoration and long-term maintenance of a specific mitigation project. Through the so-called Marshes pilot project, roughly 68 acres of city-owned land, under the jurisdiction of the Department of Parks and Recreation, would be cleaned up, restored, and maintained over the long-term.

"The Marshes initiative is a major step forward for the city's waterfront," Deputy Mayor for Economic Development Robert Steel said in a statement.

The creation of a tidal wetland mitigation bank will yield important environmental benefits while helping increase investment and economic growth along the city's waterfront areas," said Empire State Development president, chief executive and commissioner Kenneth Adams. "With a greater certainty of environmental permits, projects such as ferry landings, waterfront esplanades, upgrades to sewer infrastructure, and rehabilitated roads and bridges will all benefit from mitigation banking."

Mitigation banking is designed to restore and preserve large natural habitats, expand public participation in waterfront projects and increase the efficiency and predictability of the environmental permit review process that is required for waterfront construction projects. Nationally, according to the EDC statement, more than 960,000 acres have been restored and preserved through 1,000 similar initiatives in 28 states.

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New York
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