Current through Register Vol. 50, No. 9, September 20, 2024
A. To begin the
process of establishing an NRD restoration bank, potential sponsors must submit
a prospectus to the BRT chair that contains the following information:
1. potential sponsor information:
a. identification of submitting
party;
b. domiciliary
address;
c. name of the agent or
contact if applicant is an entity such as an LLC or corporation; and
d. mailing address of the agent, if different
from that of the identified applicant;
2. permit statement outlining all federal,
state, and local permits necessary for the proposed NRD restoration bank, and
timetable for acquisition (the sponsor is responsible for obtaining all
required permits and approvals for the construction and establishment of the
bank); and
3. a scope of work
containing the information outlined in Subsection B or C of this
Section.
B. For new NRD
restoration banks proposed for construction, the scope of work shall provide
information regarding the proposed NRD restoration bank at a sufficient level
of detail to support informed BRT comment and evaluation. A complete scope of
work must contain, at a minimum, the components listed below:
1. objectives of the proposed NRD restoration
bank, including the habitat types(s) and species that are the focus of the
proposed bank;
2. identification of
the proposed coastal master plan project to be supported or carried out by the
proposed NRD restoration bank, or a statement demonstrating how the proposed
bank is consistent with the goals and objectives of the coastal master
plan;
3. physical characteristics
of the proposed NRD restoration bank, including:
a. a description of the existing
(pre-construction) site location and conditions;
b. a description of the proposed construction
activities, including the work to be performed and the total acreage or
footprint of the proposed work; and
c. a summary table of the pre- and
post-construction habitat types, associated acreages, and conditions at the
bank site;
4. legal
characteristics of the proposed NRD restoration bank, including but not limited
to a description of the bank sites geographic boundaries and a statement
regarding land rights involving the site;
5. technical feasibility of the proposed NRD
restoration bank;
6. current
ownership, proposed ownership arrangements and long-term management strategy,
including proposed conservation restrictions (if applicable);
7. qualifications of the sponsor to
successfully complete the project, including information describing any past
such activities by the sponsor;
8.
the form and amount of anticipated financial assurance and evidence of the
sponsors ability to procure financial assurance; and
9. any other information deemed necessary by
the BRT.
C. For existing,
already-constructed restoration projects in use as a bank pursuant to other
(non-NRD) regulatory frameworks, the scope of work shall provide the
information identified in Subsection B of this Section, but incorporating
actual rather than anticipated post-construction conditions. In addition, the
scope of work shall include:
1.
identification of the specific regulatory programs under which the bank is
authorized to provide credits;
2.
map(s) showing the specific areas, habitat types, and acreages for potential
use to satisfy obligations pursuant to each authorized regulatory
program;
3. identification of all
credit sales that have occurred pursuant to any regulatory program;
4. identification of the numbers and types of
credits and associated locations still available for sale to address the
requirements of other regulatory programs;
5. description of a process and internal
controls to prevent double counting; and
6. any other information deemed necessary by
the BRT.
D. Submittal,
Review, and Determination by the BRT
1.
Submittal of Prospectus
a. The sponsor shall
submit the prospectus to the BRT chair for BRT comment and initial evaluation
as to the eligibility of the proposed NRD restoration bank, including whether
the proposed NRD restoration bank is:
i.
included in or consistent with the goals and objectives of the coastal master
plan; and
ii. has the potential to
generate NRD restoration credits.
b. The sponsor must provide the BRT chair
with the number of copies of the prospectus specified by the BRT chair for
distribution to the BRT members for review.
2. BRT Review of Prospectus. The BRT chair
will provide copies of the prospectus to BRT members and will provide the BRTs
response, including written comments (if any), back to the sponsor within 60
days.
3. BRT Prospectus
Determination. The sponsor may revise the prospectus to address the BRTs
comments and submit the revised prospectus to the BRT chair. A revised
prospectus must be sent within 30 days of receipt of comments from the BRT, and
the sponsor must provide the BRT chair with the number of copies of the
revisions specified by the BRT chair for distribution to the BRT members for
review. If additional time is needed for the revision, the sponsor shall submit
a request to the BRT chair prior to the running of the 30-day period of the
amount of additional time needed. Within 30 days of receipt of revisions from
the sponsor, the BRT will issue a follow-up evaluation letter responding to the
revisions and indicating a decision on the revised prospectus. If additional
time is needed for BRT review, the BRT chair shall provide written notification
to the sponsor prior to the running of the 30-day period of the amount of
additional time needed.
E. BRT/Sponsor Consultation. Once the BRT
approves a prospectus, the BRT and the sponsor shall consult on the types and
number of restoration credits to be assigned to the NRD restoration bank, the
form and amount of financial assurances, the credit release schedule,
monitoring activities, and long-term management activities (if long-term
management activities are applicable). After consultation with the BRT, the
sponsor may elect to proceed with preparation of a restoration bank plan and
restoration banking instrument.
AUTHORITY NOTE:
Promulgated in accordance with
R.S.
49:214.5.2.
