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Economic Impacts of Brownfields Cleanup and Redevelopment in Fulton County, GA (TENSOS conference)
Citation:
Demeke, B., T. Roitberg, AND D. Bernstein. Economic Impacts of Brownfields Cleanup and Redevelopment in Fulton County, GA (TENSOS conference). Tennessee Environmental Network Show of the South Conference, Chattanooga, TN, May 15 - 17, 2024.
Impact/Purpose:
This research is part of SHC project "Economic evaluation of contaminated site and brownfields remediation/cleanup using non-market and market valuation methods" under SHC 9.3.4. This presentation the economic impacts of brownfields cleanup and redevelopment in Fulton County, Georgia.
Description:
This study assessed the impact of brownfield sites, categorized by cleanup and redevelopment status, on nearby property values in Fulton County, GA. Data on location and status of brownfield sites were obtained from EPA’s Assessment, Cleanup and Redevelopment Exchange System (ACRES) database while voluntary brownfield remediation sites were obtained from the State of Georgia Environmental Protection Division (EPD). We use data on property sales and parcel characteristics from Fulton County Tax Assessor Office for years 2000-2022. After creating distance matrix between parcels and brownfield sites, we count number of brownfield sites in distance-bins of 1/8 mile wide around each parcel. We create category of brownfield sites by cleanup status and redevelopment status. Using hedonic method, we estimate the impacts of number of brownfield sties on property values by distance bin, controlling for parcel characteristics and location characteristics. For brownfield sites listed in EPA ACRES, results show that, those sites before assessment date and sites before cleanup end date tend to reduce property values within the first 200 meters of proximity, while cleaned-up sites and sites under redevelopment raise property values. Preliminary results for brownfield sites listed with Georgia EPD show a small negative effect on home values before Approved Corrective Action Plan date, and a small positive impact after Corrective Action Plan date. Moreover, sites with use restriction tend to reduce home price even after cleanup date.
