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DuneDog

Beach Lover
Feb 4, 2006
56
0
Sueshore said:
I have a question....why do you buy wetlands and what is mitigation?
In my very limited understanding you may purchase an increased quantity of wetlands to offset the use or development of wetlands you may have on your property. This could be a multiple from 5 to 60 times the amount of wetlands you are trying to use (mitigate). You then give the state a conservation easement on the wetlands you purchase so that they will never be developed. It is also based on quality of the wetlands and other factors as determined by the FL DEP. A complicated procedure so I am told.
 

goofer

Beach Fanatic
Feb 21, 2005
1,165
191
Very educational thread. Kurt, thanks for the link to the Florida wetland site..... interesting. Surprised at the cost of wetland acreage !!
 

SHELLY

SoWal Insider
Jun 13, 2005
5,770
802
goofer44 said:
Very educational thread. Kurt, thanks for the link to the Florida wetland site..... interesting. Surprised at the cost of wetland acreage !!
Puts a whole new spin on the old, "Do you wanna buy some swampland in Florida?" come-on.
 

lost in sowal

Beach Comber
Jun 15, 2005
14
0
I posed a similar question to this a while back. What is the going rate for 1 acre of swampland in South Walton?
 

Advance The Man

Beach Lover
May 19, 2005
54
0
I live outside the Emerald Coast area, however do live in Florida. All of Florida has a Water Mgt District (WMD) assigned to it. I don't know which district handles yours, but they are the ones to contact. They will have a list of Mitigation Banks you can contact. Before you do that, the WMD will inform what quantity of wetlands you have to off-set (mitigate). The quality of wetlands will determine if you have to purchase at a 1:1 ratio or something worse such as 3:1. Mitigation Banks sell credits. The WMD will determine how many credits would have to be purchased. Once purchased the Mitigation Bank sets aside a portion of their wetland area.
 

Advance The Man

Beach Lover
May 19, 2005
54
0
Another thing, I was involved with a transaction in the Tallahassee area last year with wetlands. They sold for $4500 per acre. The highest dollar wetland sale I have seen was $12000 per acre.
 

Smiling JOe

SoWal Expert
Nov 18, 2004
31,648
1,773
Advance The Man said:
Another thing, I was involved with a transaction in the Tallahassee area last year with wetlands. They sold for $4500 per acre. The highest dollar wetland sale I have seen was $12000 per acre.
Today, I saw some wetland property near Defuniak Springs listed for around $3500 per acre. If I correctly understand it, the mitigation land has to be purchased in the general area of the property to be mitigated. For example, one could not go to DeFuniak to purchase mitigation land for property located in SoWal.

The current ratios vary from as little as 2:1 up to as high as 60:1.
 

DuneDog

Beach Lover
Feb 4, 2006
56
0
Advance The Man said:
I live outside the Emerald Coast area, however do live in Florida. All of Florida has a Water Mgt District (WMD) assigned to it. I don't know which district handles yours, but they are the ones to contact. They will have a list of Mitigation Banks you can contact. Before you do that, the WMD will inform what quantity of wetlands you have to off-set (mitigate). The quality of wetlands will determine if you have to purchase at a 1:1 ratio or something worse such as 3:1. Mitigation Banks sell credits. The WMD will determine how many credits would have to be purchased. Once purchased the Mitigation Bank sets aside a portion of their wetland area.

Thanks for the info. I will definitely check out this avenue. I have been in touch with the FL DEP and they suggested I buy the mitigation land outright and then place a conservation easement on it. However, nobody at the DEP metioned mitigation banks but I have read about them.
 
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