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Question regarding property that is considered wetlands?
Posted on 9/16/13 at 1:25 pm
Posted on 9/16/13 at 1:25 pm
Any of you real estate tycoons know how this works?
My understanding is if you want to develop wetlands, you have to pay into a wetlands bank that will purchase other land to be set aside as wetlands. So if you have 20 acres of wetlands, and just want to build 1 house on it, (but would clear the whole 20 acres of forest), would you have to pay into the wetlands account for the whole 20 acres? or just the space where you are actually building? And how is the cost determined?
thanks
My understanding is if you want to develop wetlands, you have to pay into a wetlands bank that will purchase other land to be set aside as wetlands. So if you have 20 acres of wetlands, and just want to build 1 house on it, (but would clear the whole 20 acres of forest), would you have to pay into the wetlands account for the whole 20 acres? or just the space where you are actually building? And how is the cost determined?
thanks
4
Posted on 9/16/13 at 1:31 pm to EvrybodysAllAmerican
Its credit based. From my understanding, you just purchase so many credits based on what the potentially developed land is worth to the environment. I believe there are proximity restrictions, meaning that the credits to be used have to arise from property in mitigation bank somewhat near the subject development. There are plenty of experts on this as it was a real hot venture up my way several years ago.
Posted on 9/16/13 at 1:47 pm to EvrybodysAllAmerican
See here.
My understanding is that, for the last couple of years, mitigation has been very difficult, if not impossible, for wetlands in south La.
My understanding is that, for the last couple of years, mitigation has been very difficult, if not impossible, for wetlands in south La.
Posted on 9/16/13 at 6:22 pm to EvrybodysAllAmerican
actually (though I could be mistaken),I believe any land over a half acre requires you to mitigate 2 to 1 (i.e. pay for 2 acres for every 1 acre disturbed) and over 1 (or maybe 5?) acre(s) you have to mitigate 3 to 1.
Posted on 9/16/13 at 7:03 pm to EvrybodysAllAmerican
I have been dealing with this exact situation in SW LA. The process is tedious and very slow. I purchased my property in early January and actually just got my permit from the Corps today. I bought 7 acres and it was determined that 22% was wet but that it was intermingled throughout the whole property so technically I didn't have any dry land according to them. Your first step is to file an application with the Corps and then it is a back and forth process that they will walk you through. Your offset is purchased through a mitigation bank depending on the type of wetland your property is...mine was bottom land hardwoods. The cost was around $18k/acre, but they sell partial acreage.
The corps has their own formula for offset, but basically you would figure the area that you would impact (driveway, house including usable yard) and multiply it by the wetland percentage of the area that you are using. I would get a square footage total and divide it by the square footage in an acre to get the percentage of acreage that I needed to offset. Based on the type construction you are doing, the Corps will set a multiplier to it....it could by 1 to 1, 1.5 to 1, 2 to 1, or even higher. That is how much offset you would pay.
The corps has their own formula for offset, but basically you would figure the area that you would impact (driveway, house including usable yard) and multiply it by the wetland percentage of the area that you are using. I would get a square footage total and divide it by the square footage in an acre to get the percentage of acreage that I needed to offset. Based on the type construction you are doing, the Corps will set a multiplier to it....it could by 1 to 1, 1.5 to 1, 2 to 1, or even higher. That is how much offset you would pay.
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