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' produced similar findings assessing reductions in property values for other P g g P P tY ' environmental disturbances. 59 All prospective gravel pit studies on changes in property values must use estimates based on prior research and apply those findings to the dis-amenity in question.60 Many studies of the impact of gravel pit operations on property prices, like this one, use the findings shown in Figure 1 below.61 Real-estate losses are highest for ' properties closest to the mine and are generally capped at three miles distance,the point at which the negative impact recedes.62 Research has shown that prices continue to stay lower than they would have been, at least until remediation is ' completed.63 In Empire, 166 properties are at risk of selling-price reductions, ranging from 4.9 percent to 35 percent depending on location. These 166 properties are currently valued by Clear Creek County at$35.5 million. With the DMRM gravel pit, the 166 properties would be worth $4.4 million less. Actual losses to Empire properties are ' likely to be greater,however, as property assessments are lower than selling prices.64 ' Real estate data for all Empire properties sold in 2017-2018, using actual sales prices, and properties currently on the market, based on best estimates by real ' estate agents, suggest that current market prices may be on average 65 percent higher than assessed prices. This would mean that the true loss to all property owners due to the proposed DMRM gravel mine would be $7.2 million. The likely tincluding distance to hazardous materials such as gravel pits,landfills,highways, railroad tracks,lead pollution, noxious industrial odors and similar dis-amenities. ' S9 For example,see Hite, Chen, Hitzhusen and Randall. https://papers.ssrn.com/soL3/papers.cfm?abstract_id=290926 60 The first and most frequently cited case study of this type is by G. Erickcek,W.E. Upjohn Institute for Employment Research (2006), on the economic impact of a proposed gravel mine in Richland Township, Michigan https://research.upjohn.org/cgi/viewcontent.cgi?referer=https://www.google.com/&https redir=1&article=1225&context=reports Also see: http_//www.petoskeygravelpit.com/. 61 Diane Hite, 2006. "Summary Analysis: Impact of Operational Gravel Pit on House Values, ' Delaware County, Ohio,"Auburn University. http://www.accpg.org/docs/Gravel%20Pit%20lnterim%20Zoning/Storey%20Pit/exhibit b.pdf ' 62 Approximate reductions in property values were calculated by distance from the proposed DMRM gravel pit using Google Maps software for groups of properties within three miles of Empire Junction Road. This leads to conservative property-value reductions, as this point is at the far edge of the gravel pit 63 Case Center for Spatial Economics. 2009. "The Potential Financial Impacts of the Proposed Rockford Quarry. ' http://wcwrpc.org/Financiallmpacts_RockfortQuarryCanada.pdf 64 With the exception of those properties that were updated based on recent sales. 21