PROJECT BACKGROUND
The Towanda Creek Mitigation Bank (TCMB) is the first large mitigation bank proposed to compensate for stream and wetland impacts resulting from Hydraulic Fracturing infrastructure in Pennsylvania. The project is located in Bradford County, PA, ground zero of the Pennsylvania gas boom. Phase One of the umbrella mitigation bank is located on a 1000 acre dairy farm and will entail more than 7000 linear feet of stream restoration and 23 acres of wetland restoration. The restoration is strategically located in close proximity to proposed gas pipeline construction and extraction activities. Gas wells are rising on every side of the property.
REGULATORY STATUS
To date, no mitigation banks have been approved in Pennsylvania, presenting a permitting compliance challenge for regulatory agencies — and a net loss to the environment. Mitigation activities in the state have traditionally been ad-hoc and after-the fact, with no opportunity for regulatory agencies to encourage professional mitigation successfully banked in advance of impacts. TCMB represents a revolutionary transition in the Keystone State from allowing impacts to proceed relatively unmitigated, to professionally permitted mitigation that restores the environment in advance of degradation.
The formal mitigation bank Prospectus for the TCMB (below) was put on Public Notice in March 28, 2012 by the Baltimore District of the U.S. Army Corps of Engineers. We expect to have credit available to permitees by October, 2012.
A SPECIAL LANDOWNER
Restoration Systems was introduced to the Towanda Creek opportunity by highly regarded stream restoration ecologist, Dr. Greg Jennings, of North Carolina State University. Dr. Jennings is originally from Bradford County and his family has owned the sensitive property for generations. He recognized an opportunity to apply stream and wetland restoration principles in practice on the family farm while developing a stream of income outside of gas extraction. Dr. Jennings is Chief Restoration Scientist for the project and will be intimately involved in the design, permitting, implementation and long term care of the Towanda Creek Mitigation Bank.
