Eco-Logical Peer Exchange: Mitigation Approaches for State DOTs;
March 11-12, 2015
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Compensatory Mitigation Rule Timeline for Bank or ILF Instrument Approval*
| |
Event |
# of Days** |
|
| Phase I |
Optional Preliminary Review of Draft Prospectus |
30 |
DE provides copies of draft prospectus to IRT and will provide comments back to the sponsor within 30 days. |
Sponsor Prepares and Submits Prospectus
~DE must notify sponsor of completeness w/in 30 days of submission~ |
| Phase II |
Day 1** |
Complete Prospectus Received by DE |
| Day 30 |
Public notice must be provided within 30 days of receipt of a complete prospectus |
30 |
|
| Day 60 |
30-Day Public Comment Period |
30 |
|
| Day 90 |
DE must provide the sponsor with an initial evaluation letter within 30 days of the end of the public comment period. |
30 |
15 |
DE distributes comments to IRT members and sponsor within 15 days of the close of the public comment period. |
| |
Sponsor Considers Comments, Prepares and Submits Draft Instrument
~DE must notify sponsor of completeness w/in 30 days of submission~ |
| Phase III |
Day 1 |
Complete Draft Instrument Received by IRT Members |
| Day 90 |
30-day IRT comment period begins 5 days after DE distributes draft instrument to IRT members |
30 |
90 |
Within 90 days of the receipt of a complete draft instrument by IRT members, the DE must notify the sponsor of the status of the IRT review. |
| DE discusses comments with IRT and seeks to resolve issues ~ # of days variable~ |
60 |
Sponsor Prepares Final Instrument
~Sponsor provides copies to DE and all IRT members~ |
| Phase IV |
Day 1 |
Final Instrument Received by DE & IRT |
| Day 30 |
DE must notify IRT members of intent to approve/not approve instrument within 30 days of receipt. |
30 |
45 |
IRT members have 45 days from submission of final instrument to object to approval of the instrument and initiate the dispute resolution process. |
| |
Remainder of time for initiation of dispute resolution process by IRT members |
15 |
| Day 45 |
INSTRUMENT APPROVED/NOT APPROVED, or DISPUTE RESOLUTION PROCESS INITIATED |
EPA/Corps draft 4/02/08
Total Required Federal Review (Phases II-IV): ≤225 Days
*Timeline also applies to amendments
**The timeline in this column uses the maximum number of days allowed for each phase.
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