The Effects of Environmental Contamination on Commercial and Industrial Property Values: Do Perceptions Matter?

The effects of severely contaminated properties (e.g. NPL sites) on residential property values are well documented. However, most contaminated sites are not so severe to warrant placement on the NPL, and little is known about the impacts to commercial and industrial property markets. Furthermore, perceptions may be developed about different types of land-uses as a result of information made public about sites placed on lists. If perceptions matter, then properties with no known contamination may be viewed as undesirable neighbors in a way similar to listed sites. Therefore, property value impacts could be even more substantial as compared to only the impacts of known contaminated sites. The economic impacts of known and perceived environmental contamination are quantified by estimating two sets of hedonic property value models using data on commercial and industrial property sales for Fulton County, Georgia. Sites listed on the EPA’s CERCLIS and NFRAP reports and the Georgia EPD’s HSI and NonHSI reports are utilized to estimate the impacts of known environmental contamination. The impacts from perceived contamination are estimated utilizing a set of properties that are identified by an ordered probit model that computes the probability commercial and industrial properties may be contaminated. The probability of contamination model is built on factors that are assumed to be key signals to investors in forming their perceptions about the likelihood commercial and industrial properties may be contaminated. Property value losses due to known contamination were estimated at slightly over $1 billion and potential losses from perceived contamination were near$663 million. Although estimated property value impacts are not equivalent to expected gains that may result from the remediation of all contaminated sites, the magnitude of the estimated losses suggests that significant gains can be achieved if property values recover by only a fraction. Policies could be implemented that prioritize site remediation to target minority and/or economically depressed areas to help spur economic development. Potential increases in the tax base would result in greater property tax revenues for the provision of public services for the community and new economic development could help provide access to new jobs for local residents

Marine sustainability in an age of changing oceans and seas

The report is the result of fruitful collaboration between EASAC and the JRC. It has been prepared by a working group of experts drawn from the European National Science Academies, which was supported by the JRC. It is hoped that the report will prove useful in the further development and implementation of European Union marine and maritime policy as well as the organisation of supporting science needed to inform and guide these policies. The last ten years have seen a growth in marine and maritime policymaking within the European Union with a key feature being the concept of the ecosystem approach to guide sustainable use of the seas. In view of this increasing focus on coherent marine and maritime policy and governance within the EU, as well as globally, the EASAC Council decided in December 2013 to conduct a study on the issue of marine sustainability. This decision particularly acknowledged the need to provide advice from the point of view of the European science academies on this new direction of marine policy and to highlight the particular challenges that this poses to the organisation of science. The report has the aim of contributing to the governance challenge of how to integrate the various aspects of marine policy (fisheries management, biodiversity conservation and marine environmental protection) as part of a coherent ecosystem approach. It considers how current science knowledge on marine ecosystems and the organisation of science can support an integrated approach to management of the seas. The report looks at a number of key aspects for sustainable development in changing oceans and seas, and particularly highlights the key scientific challenges in addressing these issues. The report presents both recommendations from science for policy development, and recommendations on policy for science. The health of the oceans and coastal seas is vital for the future well-being of all of Europe, indeed of entire mankind, and sustainable management of this sensitive and fast changing component of the global ecosystem is essential.JRC.A.3-Inter-institutional, International Relations and Outreac

Pathway of the Baltica, from Yearbook to the International Journal on Geosciences

An article is devoted to the passion of ‘Baltica’ Edition – from the Yearbook – established in 1961, published first in 1963, and renewed in 1993 – to the present International Journal on Geosciences of the Baltic Sea and the circum-Baltic States, the story that follows 25 years of Academician Algimantas Grigelis editorial work. The article presents some thoughts about a role of regional journal(s) for science and society, it makes a short historical overview, reports an effectiveness of editorial system, notes tireless efforts for a high contents quality as a main tool for its international evaluation and publicity.</jats:p