Scope of Work
DTD Environmental Revolving Fund (aka Wetland Banking Revolving Fund)
Funded Program 13600.10.10
CDOT is required by federal law to compensate for wetland impacts incurred by projects. The preferred method for mitigation is through wetland mitigation banking. CDOT purchases wetland 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.
This proposal is for a 0.399-acre purchase from an approved wetland mitigation bank, Warm Springs Wetland Bank (Bank) aka Rocky Mountain Wetlands CO, at a cost of $79,800. All the credits will be used by further Region 2 projects. The Bank will be sold out after this purchase, and it is important that CDOT obtains the credits now. Beneficiary of this proposed purchase of wetland bank credits is CDOT Region 2.
The CDOT Wetland Program Manager, Becky Pierce, proposes to purchase 0.399 acre of wetland bank credits from Warm Springs Wetlands, LLC for $79,800 using the existing funded program money. No new funds are being requested.
