Statutes, codes, and regulations
Virginia Administrative Code
Title 9 - ENVIRONMENTAgency 25 - STATE WATER CONTROL BOARDChapter 770 - VIRGINIA FINANCIAL RESPONSIBILITY REQUIREMENTS FOR MITIGATION ASSOCIATED WITH TIDAL DREDGING PROJECTS
Part III - Compensatory Mitigation Plan And Financial Responsibility Criteria
Section 9VAC25-770-90 - Cost estimate for compensatory mitigation activities other than in-lieu fee fund donations or mitigation bank credit purchases

9 Va. Admin. Code § 25-770-90

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Current through Register Vol. 40, No. 22, June 17, 2024
Section 9VAC25-770-90 - Cost estimate for compensatory mitigation activities other than in-lieu fee fund donations or mitigation bank credit purchases
A. The permittee shall prepare for approval by the department a detailed written estimate of the cost of implementing compensatory mitigation activities. The written cost estimate shall be submitted concurrently with the final compensatory mitigation plan.
1. The compensatory mitigation plan cost estimate shall equal the full cost of implementation of the plan.
2. The compensatory mitigation cost estimate shall be based on and include the costs to the permittee of hiring a third party to implement the compensatory mitigation plan. The third party may not be either a parent corporation or subsidiary of the permittee.
3. The compensatory mitigation cost estimate may not incorporate any salvage value that may be realized by the sale of materials, facility structures or equipment, land or other facility assets at the time of implementation of the plan.
B. If the length of the estimated project life exceeds one year, the permittee shall add to the total cost estimate an amount to represent an appropriate rate of inflation over the period covering the life of the project.
C. During the term of the VWP permit, the permittee shall revise the cost estimate concurrently with any revision made to the compensatory mitigation plan or at any time unforeseen circumstances occur which increase the implementation cost. The revised implementation cost estimate shall be adjusted for inflation as specified in subsection B of this section.
D. During the term of the VWP permit, the permittee may reduce the cost estimate and the amount of financial responsibility provided under this chapter, if it can be demonstrated that the cost estimate exceeds the cost of implementation of the compensatory mitigation plan. The permittee shall obtain the approval of the department prior to reducing the amount of financial responsibility.

9 Va. Admin. Code § 25-770-90

Derived from Virginia Register Volume 20, Issue 23, eff. August 25, 2004; Amended, Virginia Register Volume 39, Issue 5, eff. 11/23/2022.

Statutory Authority: § 62.1-44.15 of the Code of Virginia.