May 28, 2024
1
Surplus and Sale of
Habitat Mitigation
Credits from Bank Site #1
(Duwamish River
People’s Park & Shoreline
Habitat)
Item No. 10a supp
Meeting Date: May 28, 2024
Request
Adopt Surplus Resolution at second reading on June 11, 2024,
which will:
• Determine 500 mitigation credits from the Port’s Mitigation
Bank site are surplus in accordance with RCW 53.08.090 and
Port Policy EX-30; and
• Authorize the Executive Director to execute a purchase and
sale agreement to sell the surplus credits at fair market
value.
2
Mitigation Bank Site 1:
Duwamish River
People’s Park &
Shoreline Habitat Area
(DRPP)
• 14 acres of estuarine habitat restoration
• 1/3 mile of “living” shoreline
• Cultural and recreational features
• 521.5 mitigation credits
3
Timeline
2016: Created Maritime Habitat
Initiatives Line of Business
2019: Submitted Mitigation Bank
Prospectus for agency
approval
2022: Completed construction at
DRPP, began marketing
mitigation credits
2024: Potential first sale of 500
credits
4
Background
• DRPP designed to generate 521.5 saleable mitigation credits and
provide shoreline public access to the community
• Port remains responsible for property ownership, maintenance,
monitoring and long-term stewardship of DRPP in perpetuity
• Additional credits developed at other sites in the PORTfolio Habitat
Restoration Plan will ensure ongoing availability of credits
• Staff has determined that the transaction complies with Port Policy EX-
30, “Habitat and Mitigation Banking: Surplus Sales” and RCW 53.08.090
• 500 DRPP credits are surplus
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Benefits
• Supports Century Agenda goal to restore, enhance and/or create 40
additional acres of habitat in the Green-Duwamish Watershed
• Supplying mitigation credits to the market is consistent with the Port’s
mission to support economic development
• Cash flow can support habitat restoration on other Port properties
• First port in WA to undertake a mitigation transaction of this size/type –
important proof of concept for Line of Business
• Establishes process for future transactions
• Exemplifies “triple bottom line” investment
6
Request
Adopt Surplus Resolution at second reading on June 11, 2024,
which will:
• Determine 500 mitigation credits from the Port’s Mitigation
Bank site are surplus in accordance with RCW 53.08.090 and
Port Policy EX-30; and
• Authorize the Executive Director to execute a purchase and
sale agreement to sell the surplus credits at fair market
value.
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