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 History History: 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 350.008 NR 350.008 Process for establishing a mitigation bank.

NR 350.008(1) (1) Process.

NR 350.008(1)(a) (a) A mitigation bank sponsor shall prepare and submit a mitigation bank prospectus to the department under s. NR 350.007 (1) to (3).

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)1. 1. A complete compensation site plan under s. NR 350.007 (6).

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)4. 4. Proposed financial assurances for the site pursuant to sub. (3).

NR 350.008(1)(c)5. 5. A proposed conversation easement for the site pursuant to sub. (4).

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)1. 1. Any changes requested by the department, as described in par. (d).

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 Note Note: 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) (2) Credit release schedule.