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' Executive Summary: <br /> I first visited Empire, Colorado 23 years ago with my husband on our honeymoon. I <br /> immediately fell in love with the community. I should note that I have a Ph.D. in <br /> Economics. The final ten years of my career were spent evaluating projects for a US <br /> development agency, the Millennium Challenge Corporation. For many years before <br /> that, I was Lead Economist at the International Bank for Reconstruction and <br /> Development (World Bank). <br /> The Douglas Mountain Ranch and Preserve requested a permit for a sand-and- <br /> gravel excavation and processing operation approximately one-half mile southeast <br />' of town of Empire. The immediate objection to a gravel pit near Empire, Colorado <br /> was the fear that new gravel pit activity would create the same type of <br /> environmental destruction as the gravel mining operation at the Walstrum Quarry <br />' that is clearly visible from I-70 at the base of Floyd Hill. While it would be <br /> unfortunate for visitors expecting to see beautiful mountain landscapes to be met by <br /> a gravel pit instead, this is the least of the Friends of Clear Creek's concerns. <br />' This economic assessment of the potential societal costs of the proposed ravel it <br /> p P P g p <br /> argues that there are a number of very serious risks associated with such a sand- <br /> and-gravel mine. The argument is not a standard cost-benefit analysis due to <br /> uncertainty about future impacts in each area of concern. In addition, indirect costs <br />' may not be fully mitigated by regulation even if all environmental and health <br /> regulations are meticulously followed. Regulations are not always up to date and <br /> sufficiently strong. And mistakes can be made. Once patterns of wildlife migration <br />' and disturbed,there may be no recourse to maintaining thriving herds. A single <br /> mistake could destroy on of Colorado's most important watersheds, destroying our <br /> natural resources and our economy. <br /> We examine both the benefits and costs of sand and gravel mining and find that <br /> potential negative impacts under risk and uncertainty outweigh any benefits to <br />' highway construction from locating the mine at the Douglas Mountain Ranch site. <br /> Potential Benefits of Sand and Gravel Mining: Increased economic activity and <br />' population growth in Colorado and the Denver area will naturally result in <br /> increased demand for sand and gravel for the construction and repair of roads and <br /> highways. The proposed gravel pit operation is forecast to produce 500,000 tons <br /> during each of the first three years and one million tons annually thereafter over 20 <br /> years. The bulk of the material mined is slated for construction in the Denver area. <br /> Recent research concludes, however,that accounting for the social costs associated <br /> ' with extraction, a mine that is a farther away could actually be more cost effective. <br /> Further, the proposed gravel pit would not have a multiplier effect on the local <br />' 1 <br />