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I am purchasing a 7 acre piece of land for a home site that has roughly 11% designated as wetlands. In the information I have found, if I wanted to do compensatory mitigation I would have to purchase credits from a mitigation bank or self mitigate. Does anyone have a rough estimate of what it would cost to mitigate around an acre? Also, if I dig an acre pond does that qualify as self mitigation? I am sure the Army Corp of Engineers will direct me when I file the paperwork but just wanted an idea if anyone has had experience in this area.
It depends on where located and what mitigation banks are available for that area. Also, you typically have a ratio of like 3:1 credits to mitigated property. This depends on the who you get at the Corps. Credits can range from $5,000-$15,000 each.
7 acres minus 1 of wetland minus pond size, you should still have plenty to build a house. Why do you feel the need to mitigate?
Avoiding the need to mitigate is the winning answer. Statewide, assuming at least a 3:1 mitigation ratio (likely higher through NOD) and an average mitigation rate running $20,000, you are looking at something like $60,000 to compensate for one acre.
Second issue, although COE or other regulatory agencies might not find out, you can rest assured that they care!
The 11% came from paperwork from an environmental firm that the previous owner worked with when he was doing his delineation. It looks like we will try to take everyone's advice and try to work around the wetlands if possible.
re: Wetland Mitigation Questions(Posted by BFIV on 11/25/12 at 8:01 pm to BParishLSU)
I would recommend that you also ascertain if your property or building site is in a FEMA designated flood plain. If it is, then you are going to have to purchase flood insurance at best, and at worst, you might not be able to get financing to build the house.