New Jersey Projects
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The Richard P. Kane Natural Area Wetland Mitigation Bank 254 acre Meadowlands site was dedicated as a Transportation Impact Mitigation Bank in March of 2005, through a Memorandum of Understanding (MOU) between the New Jersey Sports and Exposition Authority and Mills/Mack-Cali Realty Corp.  At that time, title ownership was transferred to Meadowlands Conservation Trust with the understanding that the site could only be used to mitigate for wetland impacts made necessary by transportation projects in the Meadowlands District. Awarded through a formal competitive bid process, The project allows EarthMark Mitigation Services, LLC to establish the “Richard P. Kane Natural Area Wetlands Mitigation Bank” on three separate parcels of property; 152, 45 and 17 acres in size. The remaining two parcels of 43 acres and 79 acres are set aside for future restoration and are not a part of the current project.
 
This project is an excellent example of the public and private sectors working together in a free market system whereby both the environment and economy benefit.  In this case by taking advantage of EarthMark’s restoration work on land owned by the Meadowlands Conservation Trust, public works projects will be allowed to move forward in an efficient and expedited fashion which creates jobs, improves local infrastructure, and dramatically improves the environment with all these benefits ultimately accruing to the public.  This is exactly the new way of doing business that the country’s new administration is trying to promote.