Forest Conservation. Provision of technical advisory services, carrying out of small works, and acquisition of equipment, for the creation and management of forest conservation sites outside the network of protected areas, along with the introduction of economic standards, and other economic and regulatory tools, including the establishment of new financial instruments to uncover and capture the economic benefits of conservation.
Forest Conservation. Out of the total Mitigation Amount established in Paragraph 1, MVP shall pay the amount of Twenty Million Dollars ($20,000,000) to the entities and in the allocated amounts and by the deadlines set forth in Paragraph 2.a. The Parties further agree that such amount fully satisfies any and all mitigation responsibilities related to and otherwise fully offsets the direct or indirect forest-related impacts of the Project in Virginia. The following specific conditions and restrictions shall apply to the use and expenditure of such funds:
Forest Conservation. Out of the total Mitigation Amount established in Paragraph 1, MVP shall pay the amount of Twenty Million Dollars ($20,000,000) to the entities and in the allocated amounts and by the deadlines set forth in Paragraph 2.a. The Parties further agree that such amount fully satisfies any and all mitigation responsibilities related to and otherwise fully offsets the direct or indirect forest-related impacts of the Project in Virginia. The following specific conditions and restrictions shall apply to the use and expenditure of such funds: MVP agrees to promptly transfer funds in the amount of $15,000,000 to the Virginia Outdoors Foundation to be held as a special fund pursuant to Va. Code § 10.1-1801(4) and $5,000,000 to the U.S. Endowment for Forestry and Communities (each a “Forest Mitigation Partner”). Such transfer shall be accomplished by payment of the invoices at Attachment A to the Forest Mitigation Partner in the above amounts. MVP shall pay each invoice before it undertakes substantial tree clearing and grubbing activities for the pipeline route in Virginia, which shall mean completion of the first linear mile (cumulative) of such activities, the intent being to fully fund the mitigation at the earliest stage of such activities. The Commonwealth shall work with the Forest Mitigation Partners and determine project selection criteria and a process for evaluating appropriate sites that are consistent with state agency mitigation standards and practices and national standards for mitigation articulated by a wide range of federal agencies. The Forest Mitigation Partners will identify sites that meet the criteria and carry out projects designed to address the impacts of the Project on forestlands in the Commonwealth. All projects will be within a reasonable proximity to, and within the same terrestrial ecoregion as, the location of forest impacts; will achieve the durable restoration and/or enhancement of forest habitats similar to those adversely impacted by the Project; and will be in addition to any current or planned government action or requirement or preservation project for which there is already designated public or private funding. From the funds provided to each Forest Mitigation Partner under Paragraph 2.a., an amount not to exceed five percent (5%) thereof may by expended by each to defray its costs and expenses for the administration of this Agreement and oversight of its related mitigation activities.
