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Those credits may be priced at a premi- um, because the bank has taken the risk of financing development of the land without having a firm offer from a buyer. Buying an independent bank in its entire- ty —Because of their need for tying down their timelines and costs, some mining companies prefer the third option: the company buys all the credits available from an independent bank and then uses those credits as they are needed for their projects. This option can involve a larger lump-sum payment, but result in a lower overall cost per credit as the mitigation bank is able to recover its investment more quickly, covering its own risks and financing costs. Getting Good Results From a Mitigation Bank Shop around: because all banks must have their credits certified by the IRT, those credits become a tradable com- modity—but the prices may vary. So, it is important for mining companies to look for the best possible price in the credits they buy. Prices vary by location: Mitigation banks may be plentiful in some areas, which drives down the cost per credit, while they are scarce in other areas. Mining companies need to be pre- pared for sticker shock in areas where credits are expensive. Stay in touch: Mitigation banks are highly flexible. They may build their projects in stages, depending on de- mand—do restoration and enhancement work on one part of a property in order to develop some credits, and then devel- op other sections if the demand is there. So, a bank that has no credits available at one time may have credits for sale in the near future. Get to know mitiga- tion bankers. Accessing Mitigation Banks Through RIBITS An online source, RIBITS (Regulatory In- lieu fee and Bank Information Tracking System), was developed by the U.S. Army Corps of Engineers with support from the Environmental Protection Agency and the U.S. Fish and Wildlife Service to provide better information on mitigation and con- servation banking and in-lieu fee pro- grams across the country. RIBITS allows users to access infor- mation on the types and numbers of mit- igation and conservation bank and in-lieu fee program sites, associated documents, mitigation credit availability, and service areas, as well as information on national and local policies and procedures that affect mitigation and conservation bank and in-lieu fee program development and operation. See http://geo.usace.army.mil/ ribits/index.html. Ray Ewing is a project manager with Civil and Environmental Consultants Inc. (www.cecinc.com) based in Pittsburgh, Pennsylvania. Contact: 412.429.2324; rewing@cecinc.com. Dan Maltese is vice president, ecological services, with Civil and Environmental Consultants Inc. (www.cecinc.com). Contact: 412.429.2324; dmaltese@cecinc.com . 106 E&MJ; • JUNE 2014 www.e-mj.com M I T I G AT I O N B A N K S EMJ_pg102-114_EMJ_pg102-114 6/3/14 4:06 PM Page 106