State Route 33 Self-Storage
Blackwater Creek Mitigation Bank
Listed Species Conservation
Williamsburg Environmental Group, Inc. (WEG) was retained by RNK Capital to perform a Due Diligence Feasibility Analysis on property which is being considered for use as a Wetland Mitigation Bank in Lake County, Florida. The purpose of the feasibility analysis was two-fold; to evaluate the scientific feasibility and the financial feasibility of the proposed Blackwater Creek Wetland Mitigation Bank.
The physical and biological qualities of the Blackwater Creek Mitigation Bank site and surrounding environment formed the basis of a considerable amount of concern. WEG undertook environmental analysis to evaluate the scientific feasibility of the mitigation bank design, to identify potential problems, and recommend possible solutions, as well as propose additional opportunities that the mitigation bank might provide.
The proposed mitigation bank consisted of approximately 347.08 acres of former sand mine in the headwaters of Blackwater Creek located in the Lake Norris Conservation Area in northern Lake County. The proposed design of the mitigation bank consisted of wetland creation, restoration and the enhancement of a mosaic of herbaceous and forested freshwater habitats.
In addition to the feasibility analysis of the mitigation bank design, WEG conducted an evaluation of the financial feasibility based on market trends in the service area. The financial feasibility analysis considered the anticipated growth within the St John’s River Basin (Wekiva to Welaka) Mitigation Service Area, the potential customers and the anticipated demand for credits based on the likelihood that wetland impacts would be permitted in the service area and the likelihood that those impacts could be offset by the proposed mitigation bank. Consideration was also given to the timing of credit availability due to wetland creation activities and the multiple levels of regulatory agency oversight. Proposed expenses were included to determine whether the development of the mitigation bank would be cost effective, and to determine the recommended credit price.
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