natural resource damage settlements

If a project featured on The Conservation Exchange is selected for funding as part of an Natural Resource Damage (NRD) settlement, Conservation Resources (CRI) executes a Regulatory Contribution Agreement under which CRI provides the following services and oversight in connection with the NRD settlement:

Acknowledge the receipt of any such contribution to the NJDEP and the Regulatory Contributor;

Accept the Contribution, deposit it in a secure account, and manage this funding in a manner which insures that it will be available for the purposes of the relevant NRD Settlement Agreement;

Disburse the funds to the non-profit sponsor of the Project in accordance with a Project schedule and with the terms and conditions of a Grant Agreement developed for this purpose, and in strict compliance with all terms and conditions of the relevant NRD Settlement;

Require, as a condition of the disbursement of funds, that the property to be acquired, managed or restored be permanently protected by appropriate legal restrictions acceptable to NJDEP and CRI;

Require that the improvements to any property to be managed or restored with NRD settlement funds be maintained for an appropriate period of time as may be approved by NJDEP and CRI;

Provide oversight for the Project by:

Developing and monitoring a Project schedule;
Conducting compliance assurance with respect to the use of contributed funds;
Preparing and submitting quarterly interim reports on the status of the Project to NJDEP and the Regulatory Contributor;
Requiring the submission of an independent audit to CRI on the use of all NRD Settlement contributions by the non-profit sponsor of the Project;
and Preparing and submitting a final report to the NJDEP and the Regulatory Contributor upon completion of the Project;

Provide technical assistance, upon request of the non-profit sponsor of the Project, to facilitate completion of the Project, which technical assistance may include one or more of the following, as appropriate:

Assistance with structuring and negotiating the transaction;
Map making, and documentation of the ecological values of the property;
Partnership facilitation for projects involving more than one private and/or public conservation partners;
Assistance with interacting with and/or reviewing contractors deliverables (e.g. appraisals, survey, and other work products);
Require appraisals and, for land acquisition Projects and other Projects which include a public access component, a Phase I environmental assessment for the Project, and review these appraisals and assessment to insure that all applicable standards required by NJDEP are satisfied;

In the event that circumstances beyond the control of CRI or NJDEP preclude the completion of the Project, CRI agrees to identify a substitute project acceptable to NJDEP, and to use the Contribution to fund such substitute project and to offset CRI’s operating expenses in connection with that substitute project.

Provide an annual independent audit of CRI’s financial statements to NJDEP, on or before March 31st of each year, which audit shall include all moneys held in and disbursed from CRI’s Geographic Funds during the previous calendar year; and

Provide an Annual Report to NJDEP, on or before March 31st of each year, for all Projects funded pursuant to an NRD Settlement during the previous calendar year.

CRI’s fee for the above services will be assessed at 2.5% of the total cost of the project, as well as a one time per project fee of $5,000.00, to be paid by the Regulatory Contributor at the time the Regulatory Contribution Agreement is executed.

Click here (COMING SOON!) to learn about Natural Resource Damage Settlements where Conservation Resources has played a key role.