Conservation and mitigation bank: marine artificial reefs.

Assembly Member Dixon's marine conservation initiative would allow artificial reefs to qualify as mitigation and conservation banks in California, creating new opportunities for habitat protection while establishing specific requirements for their creation and maintenance. The legislation expands existing definitions of conservation and mitigation banks to encompass marine artificial reefs, enabling both nonprofit and for-profit organizations to establish and operate these underwater habitats.

For artificial reefs placed on state sovereign land, the bill requires entities to obtain a lease from the State Lands Commission and deposit 1% of all bank credit sales into a dedicated trust fund. These funds would remain untouched during the lease period and transfer to the Commission upon lease completion to support perpetual reef management. The lease agreement would satisfy requirements for both the bank enabling instrument and conservation easement documentation.

The measure outlines specific monitoring protocols, mandating that artificial reefs meet performance standards set by permitting authorities throughout their operational period. This oversight aims to verify the reefs' effectiveness as mitigation sites. Upon lease expiration, if no renewal occurs, the State Lands Commission assumes responsibility for protecting the reef in perpetuity.