ABSTRACT
While mitigation banking may someday become a permanent part of the legislative framework, the only way at present to establish such a bank is to negotiate an agreement (a contract) between the multiple parties (potential applicants and agencies) involved. While the memorandum of agreement (MOA) is binding on all parties, it should not restrict the established veto powers of the agencies (Corps and departments of environmental management) involved in the permit process. If the parties demonstrate sufficient commitment to a mitigation bank and an agency agrees to handle the evaluation and monitoring functions, then formal negotiations toward an MOA can be initiated. Wetlands are considered as functional parts of watersheds: the functional values of wetlands depend on the interaction of that wetland with the rest of the watershed, and the watershed depends on the functioning of the wetlands in it.
