Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16
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Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16
Economic Costs of the Atlantic Coast PipelineEffects on Property Value, Ecosystem Services, and Economic Development in Western and Central Virginia42 Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-162401Highlanders for Responsible DevelopmentAugusta County AllianceFriends of Nelson CountyFriends of Buckingham, Virginia Yogaville Environmental SolutionsPrepared by: Spencer Phillips, PhD Cara Bottorff Sonia WangO;KeY<0G.•S> economics LLCResearch and strategy for the land community.kẹylọgfconọmic$ Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16.comEXECUTIVE SUMMARYThe Atlantic Coast Pipeline (ACP) is proposed to carry natural gas from the Marcellus Shale through a 564-mile-long swath of WestEconomic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16
Virginia, Virginia, and North Carolina to markets in Virginia and North Carolina and, potentially, overseas. It has been represented as both environmEconomic Costs of the Atlantic Coast PipelineEffects on Property Value, Ecosystem Services, and Economic Development in Western and Central Virginia42 Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16wever, are only part of the impact the Federal Energy Regulatory Commission (FERC) must review before deciding whether to approve the construction and operation of the pipeline. Under the National Environmental Policy Act, FERC's review must consider the full range of environmental effects of the pr Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16oposed pipeline. These include the various ways in which environmental effects would result in changes in human well-being—that is, in economic benefiEconomic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16
ts and costs. While estimates of positive economic effects including construction jobs and local tax payments have been developed and promoted as reasEconomic Costs of the Atlantic Coast PipelineEffects on Property Value, Ecosystem Services, and Economic Development in Western and Central Virginia42 Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16eted.To help fill the gap in current information, five community groups from a four-county region in central and western Virginia commissioned this independent research into key economic costs of the ACP. This region, comprised of Highland, Augusta, Nelson, and Buckingham Counties, would experience Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16three types of economic costs due to the construction, operation, and presence of the ACP. First, the pipeline would impact property values along theEconomic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16
126 miles of pipeline proposed for the region. Affected properties are those touched by the 75-foot-wide right-of-way, within the 1.4-mile-wide evacuaEconomic Costs of the Atlantic Coast PipelineEffects on Property Value, Ecosystem Services, and Economic Development in Western and Central Virginia42 Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16uction and the ongoing operation of the pipeline would alter land use/land cover in ways that diminish ecosystem service values, such as aesthetics, water supply, and timber and food production. Third, and in part due to a loss of scenic and quality-of-life amenities, there would be decreases in vis Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16itation, in-migration, and small business development and a loss of jobs and personal income those activities would otherwise support.Considering thisEconomic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16
four-county region alone, estimated one-time costs range from $72.7 to $141.2 million. These one-time costs comprise lost property value and the valuEconomic Costs of the Atlantic Coast PipelineEffects on Property Value, Ecosystem Services, and Economic Development in Western and Central Virginia42 Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16P’s right-of-way, lower property tax revenue due to the initial losses in property value, and dampened economic development. These total between $96.0 and $109.1 million per year, and would persist forever. (See "At a Glance," below for details.) Putting the stream of costs into present value terms1 Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16 and adding the one-time costs, the total estimated cost of the ACP in Highland, Augusta, Nelson, and Buckingham Counties is between $6.9 to $7.9 billEconomic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16
ion. For reasons explained in the body of this report, these are conservative estimates.The costs represented by the estimates presented here are whatEconomic Costs of the Atlantic Coast PipelineEffects on Property Value, Ecosystem Services, and Economic Development in Western and Central Virginia42 Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16d the pipeline. Unlike the private (or internal) costs of the pipeline, external costs borne by the public do not affect the company's bottom-line. From an economic perspective, the presence of externalities is what demands public involvement in decsions about the ACP. Without consideration of all o Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16f the costs of the project, too much pipeline (which may mean any pipeline at all) is the inevitable result. FERC must therefore consider the true botEconomic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16
tom line and ensure that the full costs of the pipeline, especially those external costs imposed on the public, are rigorously examined and brought toEconomic Costs of the Atlantic Coast PipelineEffects on Property Value, Ecosystem Services, and Economic Development in Western and Central Virginia42 Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16vided by the 1.4% real discount rate recommended by the Office of Management and Budget for cost-benefit and cost-effectiveness analysis of public projects and decisions (http://federalaccounting.org/2015/01/omb-updates-cost-benefit-analysis-discount-rates/).Economic Costs of the Atlantic Coast Pipe Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16lineAt a Glance:The Atlantic Coast Pipeline in Western and Central Virginia- Highland, Augusta, Nelson, & Buckingham Counties ->Miles of Pipeline: 125Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16
.5'r Acres in the construction corridor and permanent right-of-way (ROW): 1,901 and 1,140r Most impacted land cover types (ROW only): forest (795 acreEconomic Costs of the Atlantic Coast PipelineEffects on Property Value, Ecosystem Services, and Economic Development in Western and Central Virginia42 Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16sor station: 87Residents and housing units in the evacuation zone: 15,128 people and 8,762 homesr Parcels from which the pipeline would be visible: 31,117, or 29% of all parcels in the four county study regionr Baseline property value at risk (and expected one-time cost due to the ACP):o In the ROW: Economic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16 $277.1 million ($11.6 to $36.0 million)o In the evacuation zone: $1.13 billion ($43.0 million)o Near the compressor station: $4.9 million ($1.2 milliEconomic_Costs_Of_The_Atlantic_Coast_Pipeline-KeyLogic_2-16-16
on)Economic Costs of the Atlantic Coast PipelineEffects on Property Value, Ecosystem Services, and Economic Development in Western and Central Virginia42Economic Costs of the Atlantic Coast PipelineEffects on Property Value, Ecosystem Services, and Economic Development in Western and Central Virginia42Gọi ngay
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