With NOAA’s release of the “Environmental Assessment for the Bluefield Holdings, Inc. Site 2 Shoreline Restoration Project Credits Purchase” Bluefield Holdings marks an important milestone on its Harbor Island West (Site 2) project. The assessment clears the way to complete the first sale of Natural Resource Damage (NRD) credits from the second of Bluefield’s sites. More important is that the purchaser is the Elliot Bay Trustee Council, which oversees Natural Resource Damage settlements and related restoration of aquatic habitat on the Lower Duwamish River. The Trustees have committed to purchase 30 NRD Bank® credits from Bluefield with funds accrued from NRD settlements with responsible parties.
Enthused by the news, Shawn Severn, president of Bluefield Holdings said, “We are very pleased with this announcement since it validates our process and value proposition. With Site 1 sold out, we are excited to complete the construction of Site 2 and to provide a means for the Trustees to finalize the previous settlement.”
A prior credit purchase by The City of Seattle was hailed by the Department of Justice as an innovative collaboration between the highly qualified restoration project company and the public entity. Key advantages mentioned by Justice were: minimizing the time commitment required to design and develop restoration projects; lowered cost; and advantages to both the trustees and the settling parties.
The draft environmental assessment was open for comment by the public through February 28, 2017. The Final Environmental Assessment and Finding of No Significant Impact (FONSI) have been completed and the Trustees passed a resolution to approve the credit purchase from Bluefield on March 15, 2017.
Cruden, J. (2016, October 5). A New Market-Based Approach to Restoring the Environment. Retrieved December 07, 2016, from https://www.justice.gov/opa/blog/new-market-based-approach-restoring-environment
Elliott Bay Trustee Council Resolution 2016-01, March 15, 2016.