W2 PM Chesapeake Bay Restoration (Part 2)
Wednesday, 16 November 2005: 1:50 PM - 5:30 PM in Ballroom 2

(EVA-1122-324810) Chesapeake Bay Restoration Symposium.

Evans, D¹, ¹ McGuirewoods, LLP

ABSTRACT- During its 2005 session, the Virginia General Assembly adopted innovative legislation that is expected to significantly accelerate and intensify reductions in nutrient loads to the Chesapeake Bay from point and non-point sources in Virginia. The legislation codifies Virginia's Chesapeake Bay nutrient load cap allocations, authorizes nutrient credit trading to facilitate cost-effective compliance with the allocations using a watershed general permit as the implementation mechanism, and establishes a framework for acquiring nutrient offsets to accommodate continued growth and economic development in the watershed without exceeding the nutrient load caps established for each of Virginia's five Chesapeake Bay tributaries. Although this legislation offers significant flexibility and opportunities for cost savings, it also presents unprecedented challenges for Virginia state and local governments, industry, and developers. This presentation will discuss the legislation, its innovative cost-savings features, and the issues and challenges that must be addressed and overcome if the nutrient cap is to be achieved and maintained in the face of continued grown in Virginia's Chesapeake Bay watershed.

Key words: Chesapeake Bay