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.

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) (3) Financial assurance requirements.

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.