RFP Materials
Wetland Bank Credit Revolving Fund, Funded Program 13600.10.10
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, 2, 4, and 5.
The Wetland Program Manager, Rebecca Pierce, proposes to purchase 1-2 acres of wetland bank credits, depending upon the bid responses.
COST ESTIMATE
The predicted cost per acre of wetland credits is $100,000 - $150,000 / acre. Funded Program 13600.10.10 currently has $251,663 remaining.
CONTRACTOR QUALIFICATION / MATERIALS
The Contractor must operate an approved wetland mitigation bank within the State of Colorado, or the Contractor must be in the final negotiations for an approved banking instrument. If the wetland mitigation bank has been approved by the U.S. Army Corps of Engineers, a final banking instrument detailing the credit release schedule, primary service area, secondary service area (if applicable), and habitat types must be presented in the proposal. If the Contractor foresees a mitigation bank approval during the next 4 months, the Contractor can provide a reservation agreement in place of a signed banking instrument. A reservation agreement would include the terms between the Contractor and CDOT on a 2-part payment system, including a deposit once the agreement is signed and payment in full once credits are granted to CDOT. The deposit would secure the portion of credits are set aside for CDOT. The agreement must also include terms describing a refund of the deposit under circumstances preventing the Contractor from releasing credits to CDOT or if a substantial delay in the release will occur.
Contractor submittal must include:
- name of the mitigation bank
- name of bank owner and sponsor
- date of the bank instrument signature, if applicable
- credit reservation agreement
- current number and type of credits available, including wetland and stream credits
- primary service area description, including HUC’s and a detailed map
- secondary service area description, if applicable, including HUC’s and a detailed mapRFP Materials
Wetland Bank Credit Revolving Fund, Funded Program 13600.10.10
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, 2, 4, and 5.
The Wetland Program Manager, Rebecca Pierce, proposes to purchase 1-2 acres of wetland bank credits, depending upon the bid responses.
COST ESTIMATE
The predicted cost per acre of wetland credits is $100,000 - $150,000 / acre. Funded Program 13600.10.10 currently has $251,663 remaining.
CONTRACTOR QUALIFICATION / MATERIALS
The Contractor must operate an approved wetland mitigation bank within the State of Colorado, or the Contractor must be in the final negotiations for an approved banking instrument. If the wetland mitigation bank has been approved by the U.S. Army Corps of Engineers, a final banking instrument detailing the credit release schedule, primary service area, secondary service area (if applicable), and habitat types must be presented in the proposal. If the Contractor foresees a mitigation bank approval during the next 4 months, the Contractor can provide a reservation agreement in place of a signed banking instrument. A reservation agreement would include the terms between the Contractor and CDOT on a 2-part payment system, including a deposit once the agreement is signed and payment in full once credits are granted to CDOT. The deposit would secure the portion of credits are set aside for CDOT. The agreement must also include terms describing a refund of the deposit under circumstances preventing the Contractor from releasing credits to CDOT or if a substantial delay in the release will occur.
Contractor submittal must include:
- name of the mitigation bank
- name of bank owner and sponsor
- date of the bank instrument signature, if applicable
- credit reservation agreement
- current number and type of credits available, including wetland and stream credits
- primary service area description, including HUC’s and a detailed map
- secondary service area description, if applicable, including HUC’s and a detailed map
Statewide