Summary


Appendix 4 of the ERP Basis of Review established criteria for the establishment and use of mitigation banks. Section 6 of Appendix 4 provides criteria regarding the withdrawal of mitigation credits from a mitigation bank. These criteria require the mitigation banker to demonstrate that mitigation credits have been reserved, sold, or transferred to a permit applicant and to request that the District withdraw these credits from the bank’s credit ledger. In many cases, the banker is not a single individual but a partnership comprised of multiple parties. In such cases, it is sometimes desirable from the banker’s perspective to require the approval of all partners prior to withdrawal of mitigation credits. Additionally, there may be a financial lending institution requesting the opportunity to approve credit withdrawals in support of a loan to the mitigation banker. In these cases, a process requiring approval by multiple entities prior to credit withdrawal may be in the best interest of the mitigation bank. The specific rule revision proposed to accomplish this purpose is the insertion of a single sentence in Section 6 of Appendix 4 stating “At the request of the banker, the District shall require additional signatures to authorize the withdrawal of mitigation credits.” Rule 40D-4.091, F.A.C., incorporates by reference those documents and agreements cited within ERP rules. Coincident with the proposed revision to Section 6 of Appendix 4, this section must also be revised to indicate the effective date of the proposed revisions to the Basis of Review.