Conservation and mitigation bank: marine artificial reefs.

Existing law provides that mitigation banks and conservation banks provide for the conservation of important habitats and habitat linkages, take advantage of economies of scale that are often not available to individualized mitigation projects, and simplify the state regulatory compliance process while achieving conservation goals. Existing law provides that no conservation bank, mitigation bank, or conservation and mitigation bank is operative, vested, or final, nor bank credits issued, until the Department of Fish and Wildlife has approved in writing and a conservation easement has been recorded on the site. Existing law authorizes banks to issue and sell bank credits to private and…