Wolf River Wetland Mitigation Bank
Mitigation Bank Instrument: TN.WMB.Wolf_River_Wetland_Mitigation_Bank.pdf
Year Bank was Established: 1997
Primary County: Fayette
Corps District: Memphis
Bank Status: Approved--Active
Bank Type: Private Commercial Bank
Bank Client: General Use
Total Acreage: 769
Upland Acreage: 119
Nondebiting Uplands: no
Credit Cost per Acre: 0
Total Credits: 0
Credit Definition: Acreage
Definition Specified in the Instrument: Yes
Number of Sites: 1
Primary Geographic Service Area: Wolf River Watershed, in Fayette and Shelby Counties and that portion of Hardemann County that is located in the Wolf River Watershed.
Secondary Geographic Service Area: Nonconnah Creek watershed and Shelby County.
Bank Sponsor: U.S. Wetlands Services, L.L.C.
Bank Contact: Douglas L. Lashley, Vice President
Sponsor Activities: Many, including hydrological modifications such as construction of a high flow channel connected to Shaw's Creek; and forested wetland restoration and enhancement. Appendix A of instrument outlined site plan (with engineering detail).
Success Criteria: At least 300 target tree species per acre shall be mast producing species which have been established on-site for five consecutive successful years after construction is complete; vegetative community composition must meet federal delineation manual specifications; restore historically hydrological condition within Tract #316 by reestablishing flood flows from Shaw's Creek Tract #301 by on-site hydrological modifications; wetland hydrology to meet current federal specifications.
The ecological value of this project will be the sum of all the interrelated parts or habitats and their cumulative values. The site plan is designed to derive ecological value and mitigation credit value will be based on the entire project.
Monitoring Length: at least 5 years after construction
Maintenance Criteria: Evaluation of the project for compliance; annual monitoring reports for at least 5 years
Maintenance Entity: Tennessee Wildlife Resources Agency
Contingency Plans: If full success not attained, corrective measures will be required.
Assurance Type: Letter of Credit
Land Ownership: Private
Land Ownership Upon Closure: TN Wildlife Resources Agency
Public Access: Unknown
Source of Funding: Bank Sponsor
Instrument Type: MOA
Estimated Cost: 0
Estimated Time: 0
Bank Part of a Regional Plan: No
Bank Sponsored by the State DOT: No
Prior Withdrawn Credits: Yes
Withdrawal Stages: Sponsor entitled to sell fifty percent of the total credits as pre-credits upon the occurrence of all the following: recordation of a conservation easement offering permanent, perpetual conservation use of the property; execution of the MOA by all parties; delivery of the performance bond and letter of credit.
Additional credits may be sold after the Sponsor meeting the mitigation performance standards
Amount of Financial Assurances: Bank Sponsor will provide COE on behalf of MBRT with a performance bond by a surety authorized to do business in the State of TN in the amount equal to the total construction cost to be provided to the MBRT.
Amount of Maintenance Assurances: The sponsor will provide a Letter of Credit by an FDIC-insured financial institution equal to 100% of the estimated Maintenance and Monitoring costs.
Real Estate Provisions: Historic Land Use: Several threats to the ecosystem, including head cutting, forest fragmentation, and urbanization of surrounding area.
Future Land Protection: Conservation Easement offering permanent, perpetual conservation use of the property. Bank is along the wolf river corridor, containing many species classified as endangered or threatened. The bank will ultimately become part of the relatively unfragmented bottomland forest corridor along the Wolf River, and will be added to other protected tracts owned by the State of Tennessee, The Nature Conservancy, Wolf River Conservancy, and private individuals.
Remediation or Enforcement: No