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Wetland Mitigation Bank Created For Developers

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By YVETTE C. HAMMETT | The Tampa Tribune

Published: November 7, 2008

SUN CITY - It's environment for the sake of development.

Entrepreneur Bill Casey is creating a 161-acre wetland mitigation bank in which developers can buy credits in repentance for destroying swampland elsewhere.

After eight years of wrangling and permitting, the first phase of the project is expected to be for sale within weeks.

The Tampa Bay Mitigation Bank is the only mitigation bank in the county and one of only two in the Southwest Florida Water Management District's 16-county area. It is permitted by the state and U.S. Army Corps of Engineers.

The saltwater and fresh-water wetlands were created on old agricultural land off Cockroach Bay Road.

Casey and his crew are finishing up the saltwater portion of the project. Once the mitigation bank is bonded for perpetual maintenance, he will sell credits for $100,000 apiece.

Brimming with mangroves, wading birds and fish nursery grounds, the new wetlands provide wildlife habitat and cleanse stormwater runoff from roads and development before it reaches Tampa Bay.

Wetlands are protected by county, state and federal government. The Bush administration announced requirements in April to encourage developers to compensate for destruction of wetlands or streams by paying for restoration or creation of wetlands elsewhere in mitigation banks.

Here's how it works here:

If a developer destroys a 1-acre wetland, he is required to replace it or purchase one credit from the mitigation bank, said Environmental Protection Commission Wetlands Director Bob Stetler.

Casey said he plans to sell 110 credits in phases.

Reporter Yvette C. Hammett can be reached at (813) 865-1566. Keyword: Mitigation Bank, see the first phase of Bill Casey's project.

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