In the interest of assuring that the minimum price for wetland credit is sufficient to ensure the financial integrity of the bank, the department may establish a minimum price for each bank established pursuant to this chapter. The operator may set a higher price to the extent that price is consistent with the terms of the memorandum of understanding executed pursuant to Section 1785. After the department determines the number of wetland acres in the bank site that qualify for credit against wetland loss in a qualifying urban area, the operator shall provide to the department, and the department shall verify, an accounting of the average cost for each wetland acre created, by wetland type for the purpose of determining credits, using the following factors:
(a) Land costs, including the reasonable interest cost of holding the land.
(b) Wetland creation costs.
(c) Wetland administration, maintenance, and protection costs.
(d) Annual taxes, including all tax increases allowed under applicable state law, and in-lieu payments pursuant to Section 1787, if applicable.
(e) Costs incurred by the department in establishing the bank site, and the direct cost of necessary ongoing monitoring and oversight.
(f) Any other information relevant to a determination of the cost of preserving the wetlands in perpetuity.
(Added by Stats. 1993, Ch. 1254, Sec. 1. Effective January 1, 1994.)