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EBC Water Resources Committee Meeting
November 17, 2005 @ 4:00 am - 6:00 am
Topic: Taunton River Wetlands Mitigation Bank
Massachusetts Acts Chapter 291, enacted on August 10, 2004, directed the Executive Office of Environmental Affairs to establish a pilot wetlands mitigation bank in the Taunton River watershed for the purpose of mitigating the wetlands impacts of transportation, other public works projects and projects requiring wetlands variances and orders of conditions within the Taunton River watershed. If properly implemented, the wetlands restoration bank will have numerous benefits including: substantially improved wetlands restoration quality; accelerated bridge replacement and road repair in Southeastern Massachusetts; significant contribution to meeting wetlands permitting requirements for large, public purpose infrastructure projects; enhanced wetlands enforcement activity; and more certain, cost-effective and timely wetlands permitting.
Economic Benefits include: significantly reduced permitting time for public infrastructure projects and Smart Growth economic development projects; reduced permitting costs; higher value ecological restoration; and faster, less costly permitting for public works and Smart Growth economic development projects.
The Commonwealth of Massachusetts has selected BlueWave Capital, LLC to assist in the implementation of the enabling legislation, specifically to identify a wetlands banking site within the watershed and to undertake the design, permitting, restoration, credit trading, operations, management, and long-term monitoring of the wetlands restoration bank.
Uses of Funds: Identification and valuation of restoration banking site in Southeastern Massachusetts; development of engineering plan for site restoration; development of Bank Enabling Instrument, Commonwealth MOA, trading contracts, and other legal instruments for IG review; and identification and execution of initial trading opportunities with Commonwealth’s transportation and development agencies.
John P. DeVillars, Managing Partner
BlueWave Strategies LLC
137 Newbury St., 7th Floor, Boston, MA 02116