PORT COMMISSION AUTHORIZES USE OF PROPERTY AGREEMENT FOR WETLAND BANK (9/25/08)

For Immediate Release

VANCOUVER, Wash.- The Vancouver Port Commission today authorized Executive Director Larry Paulson to execute an Agreement for Use of Property with Clark County Mitigation Partners, LLC for the development and operation of a mitigation bank on port-owned property.

The agreement spans 10 years, and allows Clark County Mitigation Partners (CCMP) to complete the necessary improvements to wetland areas of the port-owned Rufener property (north of State Highway 501, across from the Port of Vancouver Administration Building) to establish a wetland mitigation bank.

Wetland credits will be available to the port for mitigation needs and the remainder of the credits will be offered for sale to the public. One-year extensions to the agreement may be executed if there are still credits available for sale.

Partnering with CCMP to establish this wetland mitigation bank allows the port to save both time and money in meeting its requirements for mitigation. The partnership also will help generate funds over the life of the bank from sales of mitigation credits.

Federal, state and local agencies all recognize and support the establishment of wetland mitigation banks. In Washington State, the Mitigation Bank Review Team (MBRT) reviews all applications to establish such banks. The MBRT is co-chaired by the Washington Department of Ecology and the U.S. Army Corps of Engineers.

Clark County Mitigation Partners LLC is a Washington firm that specializes in wetland mitigation bank development. Wetlands are protected by local, state and federal laws because they provide significant functions and values such as flood protection, wildlife habitat, and open space.

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The Port of Vancouver, USA, created by Clark County taxpayers in 1912, is one of the major ports on the Pacific Coast. Its competitive strengths include available land, versatile cargo handling capabilities, vast transportation networks, a dependable labor force and an exceptional level of service to its customers and community.

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