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. NR 350.009(2)(c)(c) The mitigation bank sponsor shall provide an as-built report to the department to verify that the project was completed in accordance with the approved plans and specifications. This report shall summarize the construction activities, note any changes to the construction plan that occurred, and provide as-built plan sheets of the site. The as-built report shall be organized according to the following outline: NR 350.009(2)(c)1.1. Site identification. Include the bank name or permit number, designer or consultant, and sponsor. Include a written description of the location, such as landmarks, perimeter information, and coordinates. NR 350.009(2)(c)3.3. Dates of construction, seeding and planting, completion, and site inspections by a qualified wetland consultant. NR 350.009(2)(c)5.5. Description of any problems encountered during construction and actions taken to correct the problems. NR 350.009(2)(c)6.6. List of follow-up corrective actions needed, schedule for corrective actions, and persons responsible for corrective actions. NR 350.009(2)(c)9.9. Description of the existing conditions of all wetlands at the completion of construction activities. NR 350.009(2)(c)10.10. A credit release request, as specified in the project’s compensation site plan. NR 350.009(2)(d)(d) A final construction inspection may be conducted by the department after receipt of the as-built report under par. (c) to determine whether the site was built in accordance with plans and specifications. NR 350.009(2)(e)(e) If the department determines that corrective actions are needed to bring the site into compliance with the compensation site plan, the department shall provide the mitigation bank sponsor a list of corrective actions to be completed by a specific date. NR 350.009(2)(f)(f) The applicant or bank sponsor shall certify to the department evidence that all corrective actions identified under par. (e) have been addressed. NR 350.009(2)(g)(g) The department shall issue a letter of compliance through email or mail after the department determines that construction and all corrective actions are complete. NR 350.009(2)(h)(h) After the department issues a letter of compliance, the mitigation bank sponsor shall request the department to reevaluate the amount of required financial assurance. NR 350.009(3)(a)(a) The purpose of post construction monitoring is to do all of the following: NR 350.009(3)(b)(b) The department will evaluate the site against the established performance standards described in the project’s approved compensation site plan in s. NR 350.007 (6) (i). NR 350.009(3)(c)(c) A monitoring plan shall take into consideration unique aspects of the site. NR 350.009(3)(d)(d) A monitoring plan shall include a monitoring schedule of adequate frequency and duration to measure specific performance standards and to assure long-term success of the stated goals for the site. NR 350.009(3)(e)(e) A monitoring plan shall be sufficient to assess trends in wetland function at the site and the degree to which the performance standards for the site are met. NR 350.009(3)(f)(f) A mitigation bank sponsor shall provide a monitoring report to the department as agreed upon in the approved compensation site plan. NR 350.009(3)(g)(g) A minimum of 5 monitoring reports shall be required during the monitoring period and a mitigation bank sponsor may submit additional monitoring reports if performance standards are not met in the number of monitoring years as approved in the final mitigation bank instrument. NR 350.009(3)(h)(h) Monitoring shall occur for the length of time specified in the approved compensation site plan under s. NR 350.007 (6) (k). The monitoring period for restoration, enhancement, or creation activities will be required for no fewer than 5 years for all wetland communities. Shrub and wooded wetland communities, and wetland types that are more difficult to restore, such as bog or fen wetlands, may require more than 5 years of monitoring to meet performance standards, become successfully established on a site, or both. The length of the required monitoring period for each vegetation community will be based on the performance standards developed in the approved compensation site plan. The department may extend the length of the monitoring period if the site does not meet performance standards in the monitoring time frame listed in the approved compensation site plan. NR 350.009(3)(i)(i) Monitoring report requirements shall include all of the following:
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