H1175: Mitigation Banks

Legislative Summary

Revises provisions for release & use of mitigation bank credits; provides conditions for use of out-of-service-area mitigation credits; provides methodology for determining award of such credits; authorizes alternative release schedules; requires mitigation banks to submit specified accountings to DEP or WMD; requires DEP or WMD to submit specified annual reports to Legislature; requires certain WMDs, upon application by owner of parcel subject to conservation easement, to release conservation easement if specified conditions are met, including obtaining sufficient mitigation credits from mitigation bank; provides for valuation of property upon such release & authorizes such land to be used for development consistent with certain zoning.