Credits Available: 1.684*
Next Submission Deadline: 5/30/18
The Saw Mill Creek Pilot Wetland Mitigation Bank is a mechanism to provide compensatory mitigation through the sale of Credits to applicants in the waterfront permitting process.
Tidal wetland mitigation Credits are now available for sale from the City’s first mitigation bank. Credits from the Saw Mill Creek Pilot Wetland Mitigation Bank are available exclusively for impact offsetting in portions of New York City’s five boroughs through this RFP. Parties interested in acquiring Credits from the mitigation bank should confirm directly with federal and state regulators that Credits and Credit quantities from the Saw Mill Creek Pilot Wetland Mitigation Bank address specific project permit mitigation requirements.
Mitigation Bank Summary
Mitigation and Restoration Strategies for Habitat and Ecological Sustainability (MARSHES) is a vital initiative that is helping restore and protect New York City’s valuable wetlands while supporting investment in coastal infrastructure. As the first large scale project of the MARSHES initiative, New York City Economic Development Corporation is issuing this open Request for Proposals on behalf of The City of New York for the sale of compensatory mitigation tidal wetland Credits generated by the City’s first wetland mitigation bank.
Under federal regulations, compensatory mitigation when applied to tidal wetlands means the restoration (re-establishment or rehabilitation), establishment, enhancement, and/or, in certain circumstances, preservation of aquatic resources for the purposes of offsetting unavoidable adverse impacts which remain after all appropriate and practicable avoidance and minimization has been achieved. The Saw Mill Creek Pilot facilitates both the improvement and protection of critical coastal resources, and the establishment of a predictable, efficient, and environmentally responsible process to serve the wetland mitigation needs in New York City.
The price for Credits will be determined through a competitive process via the RFP. The competitive offer must be greater than the Reserve Price, which is currently $1,500,000.00 per one (1) Credit. The Reserve Price is subject to change.
RFP Submission Deadlines
- 4:00 pm, Wednesday, May 30, 2018
- 4:00 pm, Wednesday, August 29, 2018
- 4:00 pm, Wednesday, November 28, 2018
- 4:00 pm, Wednesday, February 27, 2019
- 4:00 pm, Wednesday, May 29, 2019
- 4:00 pm, Wednesday, August 28, 2019
- 4:00 pm, Wednesday, December 4, 2019
- 4:00 pm, Wednesday, February 26, 2020
- New York City Economic Development Corporation
- Mayor’s Office
- Department of Parks and Recreation
- Department of Environmental Protection
- Department of City Planning
- January 2018: US Army Corps of Engineers determined the Saw Mill Creek Pilot Wetland Mitigation Bank successfully met the terms required for the initial Credit release of 1.684 tidal wetland Credits
- April 2017: The Saw Mill Creek Pilot Wetland Mitigation Bank received its Army Corps of Engineers Section 10 and Section 404 permits
- Spring 2016: The Mitigation Banking Instrument was approved by New York State Department of State and Environmental Conservation and by the Army Corps of Engineers
- September 2015: The Saw Mill Creek Pilot Wetland Mitigation Bank received NYS Department of Environmental Conservation Tidal Wetlands, Excavation and Fill, Water Quality Certificate, and Freshwater Wetlands permits
About Mitigation Banking
- The Saw Mill Creek Pilot will leverage public and private economic investment to fund healthier wetlands
- Nationally, over 960,000 acres have been restored and preserved through 1,000 similar projects in 28 states
- The National Research Council, the Society of Wetland Scientists, and the Environmental Law Institute endorse this method as the most successful approach to offset unavoidable wetlands losses
- The US Army Corps of Engineers and the US Environmental Protection Agency prioritize this approach over existing methods