La. Admin. Code tit. 43 § XXXI-115

Current through Register Vol. 50, No. 11, November 20, 2024

Section XXXI-115 - Prospectus

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.

La. Admin. Code tit. 43, § XXXI-115

Promulgated by the Office of the Governor, Coastal Protection and Restoration Authority, LR 431356 (7/1/2017).

AUTHORITY NOTE: Promulgated in accordance with R.S. 49:214.5.2.