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For Release 10/27/2011
Price Change for In-Lieu Mitigation
The Department of State Lands requires compensatory wetland mitigation to replace functions lost by regulated activities. Two options available for mitigation (in-lieu fee credit purchase, and payment in-lieu mitigation) involve payment into the Oregon Removal-Fill Mitigation Fund.
According to statute, the rate set by DSL “shall be equal to the average cost of credits available from all active mitigation banks in the state” (ORS 196.643). This rate is determined annually. In June 2011, the rate was calculated and included an expected credit release from the Rogue Valley Vernal Pool Bank. However, these credits have not been released to date.
Retroactive for all complete applications received on or after July 1, 2011, the rate for payment to the Fund will be lowered to $69,400 per acre. Reimbursements for the difference in price ($6,100 per acre) will be made to applicable parties.
The prices reported to us by the 16 active mitigation banks ranged from $54,450 to $175,000 per full acre. Prices were weighted by the number of credits available from each bank and averaged to arrive at the Fund price.
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