NR 350.007(6)(k)(k) Monitoring plan. A description of parameters to be monitored in order to determine if the project is on track to meet performance standards and if adaptive management under par. (m) is needed. A schedule for monitoring and reporting on monitoring results. NR 350.007(6)(L)(L) Long-term management plan. A description of how the mitigation sponsor will manage the site after performance standards have been achieved to ensure the long-term sustainability of the resource, including long-term financing mechanisms and the party responsible for long-term management. The management plan shall be clear as to what conditions will trigger needs for certain maintenance or management activities. NR 350.007(6)(m)(m) Adaptive management plan. A management strategy to address unforeseen changes in site conditions or other components of the compensatory mitigation project, including the party or parties responsible for implementing adaptive management measures. The adaptive management plan shall guide decisions for revising compensatory mitigation plans and implementing measures to address both foreseeable and unforeseen circumstances that adversely affect compensatory mitigation success. NR 350.007(6)(n)(n) Financial assurances. A description of the financial assurances that the mitigation sponsor will provide under s. NR 350.008 (3) and how they ensure a high level of confidence that the mitigation sponsor will successfully complete the project, in accordance with its performance standards. NR 350.007(6)(o)(o) Supporting justification. Information that supports the appropriateness, feasibility, and practicability of the compensatory mitigation project. NR 350.007 HistoryHistory: CR 21-026: cr. Register February 2022 No. 794, eff. 3-1-22; correction in (1), (3) (i) made under s. 35.17, Stats., Register February 2022 No. 794. NR 350.008NR 350.008 Process for establishing a mitigation bank. NR 350.008(1)(b)(b) Within 90 days of receipt of a bank prospectus, the department shall provide through email or mail the department’s written opinion of the likelihood that the proposed compensation site will comply with the requirements of this chapter. The department may request a site visit prior to providing its written opinion. NR 350.008(1)(c)(c) Based on comments received from the department a prospective mitigation bank sponsor shall prepare and submit a draft mitigation bank instrument to the department. A complete draft mitigation bank instrument shall include all of the following: NR 350.008(1)(c)2.2. Information on the operation of the bank including the expected number of credits, provisions for the sale of credits, accounting and reporting procedures, and provisions for site inspections pursuant to s. NR 350.009. NR 350.008(1)(c)3.3. A discussion of the persons responsible for management of the bank accounting, long-term ownership, monitoring, maintenance, and long-term management of the site. NR 350.008(1)(c)6.6. A proposed schedule that includes a timeline for submittal of a final mitigation bank instrument, construction, and monitoring under s. NR 350.007 (6). NR 350.008(1)(d)(d) Within 90 days of receipt of a complete draft mitigation bank instrument, the department shall provide through email or mail a status update letter that may include any of the following: NR 350.008(1)(d)1.1. The department may recommend that the sponsor prepare and submit a final mitigation bank instrument. NR 350.008(1)(d)2.2. The department may require supplemental information regarding specific components of the draft mitigation banking instrument prior to the preparation and submittal of the final mitigation banking instrument. NR 350.008(1)(d)3.3. The department may require a revised draft mitigation banking instrument submittal if the original proposal is determined to have a high likelihood of failure or key components were missing from the submittal. NR 350.008(1)(e)(e) If the sponsor completes a submittal under par. (d) 1. or 2., the department shall provide through email or mail a written description of any missing items that must be included and concerns that need to be addressed to make the final mitigation bank instrument approvable. NR 350.008(1)(f)(f) Based on comments received from the department a prospective mitigation bank sponsor shall prepare a final mitigation bank instrument. The final mitigation bank instrument shall include all of the following: NR 350.008(1)(f)2.2. Final versions of the construction and post construction financial assurances that are put in place under sub. (3). NR 350.008(1)(f)3.3. A final version of the conservation easement or comparable legal instrument for the site under sub. (4). NR 350.008(1)(g)(g) After a mitigation bank sponsor submits a final mitigation bank instrument to the department, the department shall do all of the following: NR 350.008(1)(g)1.1. Within 30 days, notify the mitigation bank sponsor whether the department intends to approve the final mitigation bank instrument. NR 350.008(1)(g)2.2. Once the U.S. army corps of engineers determines that the instrument will be approved, the department shall be a signatory to the final mitigation bank instrument. NR 350.008(1)(g)3.3. Include the bank on a mitigation banking web page listing banks that are open and approved to sell credits. If bank sponsors choose to include contact information and a project narrative the department shall provide this information on the mitigation banking web page. NR 350.008 NoteNote: As an interagency review team member, the department will review mitigation bank prospectus submittals and issue any comments to the U.S. army corps of engineers within 90 days of receipt; will review draft mitigation bank instrument submittals and issue any comments to the U.S. army corps of engineers within 90 days of receipt; and the department will review final mitigation bank instrument submittals and notify its intent to approve or object within 30 days of receipt. Should the U.S. army corps of engineers’ review of any of these documents extend beyond the stated timeline, the department’s comments may be subsequently delayed in reaching a mitigation bank sponsor.
NR 350.008(2)(a)(a) The department shall require a credit release schedule as part of a mitigation bank instrument under s. NR 350.007 (6) and review a credit release schedule proposal as part of its review of the draft and final mitigation bank instrument proposals under sub. (1). NR 350.008(2)(b)(b) The credit release schedule for a mitigation bank may include scheduled releases at project milestones, including but not limited to mitigation bank instrument approval and signing; the letter of compliance from the department stating that construction, as documented in the as-built report under s. NR 350.009 (2) (c), and all corrective actions, if applicable, are complete; and approval of a monitoring report that documents fulfillment of performance standards. NR 350.008(2)(c)(c) The department shall review a proposed credit release schedule in accordance with s. 281.36 (3w) (b), Stats., based on the following considerations: NR 350.008(2)(c)1.1. The level of financial assurances proposed for construction, maintenance, and monitoring of a mitigation project. NR 350.008(2)(c)2.2. The level of risk associated with a proposed mitigation project design, including but not limited to the amount of engineered structures, extent of excavation, and invasive plant species considerations. NR 350.008(2)(d)(d) If a preservation activity is proposed for an area or areas of a mitigation bank project, a credit release schedule that allows for the full release of credits after the site protection mechanism is recorded and the mitigation bank instrument is approved may be proposed for preservation areas of the mitigation bank. NR 350.008(3)(a)(a) The department shall require the mitigation bank sponsor to submit a performance bond, irrevocable letter of credit, irrevocable escrow account, irrevocable trust account, or other financial assurance to ensure that a mitigation project is constructed, operated, monitored, and maintained according to ss. NR 350.007 (4) and 350.009 (2) to (3) and in accordance with the approvals issued by the department and other agencies involved in the approval process. The department may waive the requirement for financial assurances for construction on a case-by-case basis if the first credit release for a mitigation bank is scheduled to occur after the mitigation bank sponsor has submitted and the department has approved the as-built report. NR 350.008(3)(b)(b) When multiple regulatory authorities have jurisdiction over a mitigation project, the regulatory authorities may develop and implement a cooperative financial security arrangement to avoid requiring the mitigation bank sponsor to provide financial assurances with more than one regulatory authority for the same mitigation project. NR 350.008(3)(c)(c) The department shall require financial assurances to guarantee adequate post-construction monitoring and maintenance for a specified time period after construction is complete, or after performance standards are met, depending on the type of mitigation project. NR 350.008(3)(d)(d) The mitigation bank sponsor shall submit a proposal for financial assurances as part of the draft and final mitigation bank instrument. This proposal shall include an estimate of costs for construction, operation, maintenance, and monitoring. NR 350.008(3)(e)(e) The department shall evaluate the proposed amount of financial assurances and may require an updated proposal in the subsequent mitigation bank instrument submittal or as supplemental information. NR 350.008(3)(f)(f) The mitigation bank sponsor shall submit financial assurance instruments that meet requirements determined by the department to be reasonably necessary to assure proper construction, operation, monitoring, and maintenance of the mitigation project. Requirements shall, at a minimum, include all of the following: NR 350.008(3)(f)1.1. Forms of financial assurance, which include a third party as obligor, shall be issued by a person authorized to do business in this state. NR 350.008(3)(f)2.2. Any financial assurance instrument shall provide that the financial assurance cannot be canceled or modified except after not less than 90 days’ notice in writing to the department by certified mail. Not less than 30 days prior to the cancellation or modification of the financial assurance, the mitigation bank sponsor shall deliver to the department a replacement for the financial assurance. The department shall then notify the mitigation bank sponsor by email or mail whether the replacement instrument is acceptable. If the replacement financial assurance is not provided and accepted, the original financial assurance shall remain in effect. NR 350.008(3)(f)3.3. The financial assurances shall provide that the mitigation bank sponsor will perform all requirements of the approvals for the project. If the project site or the mitigation bank is transferred, the new owner or successor in interest shall provide the necessary financial assurance in the amount required by the department for the project. NR 350.008(3)(f)4.4. The financial assurances shall be payable to the “State of Wisconsin, Department of Natural Resources.” NR 350.008(3)(g)(g) The department may periodically reevaluate and approve modifications to the amount or form of financial assurance to reflect completion of tasks that are required under the department’s approval. NR 350.008(3)(h)(h) A mitigation bank sponsor may submit a request to the department to change from one method of financial assurance to another. The department may approve or deny the request. NR 350.008(3)(i)(i) A mitigation bank sponsor shall notify the department by certified mail of the commencement of any voluntary or involuntary proceeding under bankruptcy code, 11 USC, naming the mitigation bank sponsor as debtor, within 10 days of commencement of the proceeding. NR 350.008(4)(a)(a) A mitigation bank sponsor shall grant a conservation easement under s. 700.40, Stats., to the department or shall execute a comparable legal instrument approved by the department to ensure that the restored, enhanced, preserved, or created wetland and any creditable uplands will not be destroyed or substantially degraded by any subsequent owner of or holder of interest in the property on which the bank site is located. The department shall revoke approval for a mitigation bank if the bank sponsor fails to provide the conservation easement. NR 350.008(4)(b)(b) The department shall modify or release a conservation easement issued under sub. (1) if the conditions in s. 281.36 (8m), Stats., apply. NR 350.008(5)(b)(b) The long-term management plan must identify all of the following: NR 350.008(5)(b)1.1. The party responsible for ownership and all long-term management and protection of the mitigation project site. NR 350.008(5)(b)2.2. Any legal mechanisms required as part of the mitigation site’s long-term management. NR 350.008(5)(b)3.3. A description of planned long-term management needs and actions including a schedule of predicted activities. NR 350.008(5)(b)4.4. An annual cost estimate to complete the long-term management needs and actions. NR 350.008(5)(b)5.5. A description of the funding source or mechanism that will be used to pay for long-term management needs and actions, including the planned investment, forecasted fund growth, and a narrative describing the sustainability of the funds. NR 350.008(5)(c)(c) A mitigation bank sponsor may choose to be responsible for the long-term management or they may propose to transfer the responsibility to a land stewardship entity, such as a public agency, non-governmental organization, or private land manager. NR 350.008(5)(d)(d) The department may consider any of the following as viable long-term funding mechanisms: NR 350.008(5)(e)(e) A mitigation bank sponsor may propose to transfer control and responsibility of the long-term management funding source to a land stewardship entity, such as a public agency, non-governmental organization, or private land manager. NR 350.008(6)(a)(a) The department shall provide online public notification for a received prospectus. NR 350.008(6)(b)(b) The department shall develop a public notice for each prospectus to include all of the following information: NR 350.008(6)(b)2.2. A brief description of the mitigation bank including all mitigation bank sites. NR 350.008(6)(b)3.3. The name, email address, and phone number of a department staff member who can receive comments and respond to questions. NR 350.008(6)(c)(c) The department shall distribute the public notice to appropriate news media in the vicinity of the proposed action. NR 350.008(7)(7) Review fee. The department shall charge a fee pursuant to s. 281.36 (12) (b), Stats., for reviewing, investigating, and making decisions to approve or not approve mitigation bank instruments at the time that a mitigation bank sponsor submits a draft mitigation bank instrument to the department. The submittal fee for a draft mitigation bank instrument shall be $800. NR 350.008 HistoryHistory: CR 21-026: cr. Register February 2022 No. 794, eff. 3-1-22; correction in (1) (c) 4., 5., (e), (f) 1., 2., 3., (2) (a), (4) (b) made under s. 35.17, Stats., Register February 2022 No. 794. NR 350.009(1)(a)(a) An approved mitigation bank instrument is the record of department and interagency review team concurrence on the objectives and administration of a mitigation bank. The secretary or the secretary’s designee shall sign for the department and this signature on the mitigation bank instrument constitutes department approval of the bank. NR 350.009(1)(b)(b) A mitigation bank sponsor is responsible for establishing a mitigation bank site in accordance with an approved mitigation bank instrument, administration of the accounting of debits and credits, conducting required corrective actions, providing required monitoring and status reports to the department, and assuring long-term maintenance and protection of the site. A mitigation bank sponsor may request that the department include more than one compensation site in a mitigation bank instrument. NR 350.009(1)(c)(c) Participation in the establishment of a mitigation bank does not constitute ultimate authorization for specific activities, as excepting the activities from any applicable requirements, or as pre-authorizing the use of credits from that bank for any activity. NR 350.009(1)(d)(d) By January 30 of each year that a mitigation bank is in operation, the mitigation bank sponsor shall provide a report to the department that provides an accounting of credits and debits using the format described in the mitigation bank instrument under sub. (3) (i). NR 350.009(2)(a)(a) The mitigation bank sponsor shall inform the department of the progress of construction and shall provide full access to the department for site inspections. NR 350.009(2)(b)(b) The mitigation bank sponsor shall receive written approval from the department before implementing any substantial deviations from the approved compensation site plan.
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