Mitigation bank land need be in no spatial relation to an impacted site. I’ve seen A Certain large western states highway department “wetland mitigation” banks created by drilling $50,000 wells that use $2000 of electricity a month in the middle of the desert, to be turned on in “perpetuity” when the need for wet replacement acreage arises. No mention of what happens to all the critters that get used to it when there is either a power crisis or failure.
(We were paid close to $5000 to mobilize out to the location to clean up a motor oil stain the size of a bath mat on the sand an cart off an old refrigerator)
We have local brush and bird areas that need mitigation when they’re developed. What the city’s done is to take a piece of park land, issue a promise to just leave it alone, then sell off pieces of that promise as mitigation rights for local developers to use as offsets for their projects. Pretty cool, getting paid for not doing something you weren’t going to do anyway. We had to put geographic limits on who the rights would be sold to because the demand from out-of-town folks got too high.