The Legislature finds that the adverse impacts of activities regulated under this part may be offset by the creation and maintenance of regional mitigation areas or mitigation banks. Mitigation banks can minimize mitigation uncertainty and provide ecological benefits. Therefore, the department and the water management districts are directed to participate in and encourage the establishment of private and public regional mitigation areas and mitigation banks. The department and the districts are directed to adopt rules by January 1, 1994, governing the use of mitigation banks. Such rules shall include:

(1) Circumstances in which mitigation banking is appropriate or desirable;

(2) Provisions for the establishment of mitigation banks by governmental, nonprofit, or for-profit private entities with sufficient legal or equitable interest in the property proposed for mitigation banking;

(3) Procedures for the review of mitigation banking proposals in a timely manner pursuant to chapter 120;

(4) A framework for determining the value of a mitigation bank, considering the ecological value of the mitigation bank compared to the area where adverse impacts to wetlands or surface waters are proposed. Mitigation banks found to be successful prior to withdrawal of credit shall receive greater credit than mitigation which has not yet achieved success;

(5) Procedures for the administration of bank credits so that accounting responsibilities are not unnecessarily duplicated between a water management district and the department;

(6) Requirements to ensure the financial responsibility of nongovernmental entities proposing to develop mitigation banks;

(7) Measures required to ensure the long-term management and protection of mitigation banks;

(8) Criteria for the withdrawal of mitigation credits by projects within or outside the regional watershed where the bank is located;

(9) Criteria governing the contribution of funds or land to an approved mitigation bank;

(10) Criteria allowing the withdrawal of credits by parties other than the party creating the bank; and

(11) Provisions for the consideration of creation, restoration, enhancement, and preservation of wetlands and uplands as part of a mitigation bank. History: s. 29, ch. 93-213.