Scope of Work
CDOT is required by federal law to compensate for project wetland impacts. The preferred method for mitigation is through wetland mitigation banking. CDOT purchases wetland credits (acre credits) from commercial banks. These credits are applied to projects that impact wetlands. A cost and time saving mechanism is to purchase a larger quantity of bank credits (bulk purchase). The banks sell credits at a cheaper price per acre when a larger amount is purchased at one time. By using the DTD Environmental Revolving Fund to purchase credits, regions can reimburse the revolving fund as projects need wetland mitigation. The time saving value is in the ease of DTD and regions coordinating on project basis. Beneficiaries for this proposed purchase of wetland bank credits are CDOT Regions 1, 4, and 5.
The Wetland Program Manager, Rebecca Pierce, proposes to purchase 2-3 acres of wetland bank credits, depending upon the bid responses.
Cost Estimate
The predicted cost per acre of wetland credits is $100,000/acre. Funded Program 13600.10.10 currently has $331,513 remaining. Three acres should be purchased at a cost of approximately $300,000.
