How will BP's proposed Cape Vincent wind project impact property values?

  Recently the data reported by my blog tracker indicates that many of my blog visitors are concerned about wind turbines and how they affect property values.

Chances are, buying a home is the biggest purchase we'll ever make.

 BP's proposed  Cape Vincent wind project has the potential to adversely impact property values in our community.
As a result, the Town of Cape Vincent and WPEG applied for and were allocated 15,940,  by the Public Service Commission , to retain the services of  Michael S. McCann, a real estate appraiser. 
McCann will assist with land use and property value issues for the Article 10 process.

Michael McCann , evaluated  Cape Vincent's economic report in 2011. 
After completing his review  of the subject location,   McCann reported that it was clear that numerous homes in the Cape Vincent area will be adversely impacted, and the best available evidence indicates that value loss of 25% to 40% or more will occur to homes within approximately 2 miles of the turbines. This impact is not expected to be uniform, and some losses may well be lower and others higher.

 Below is a transcript of a summary report of McCann's  evaluation of Cape Vincent's 2011, Economic Impact Report.

McCann Appraisal, LLC

June 20, 2011

Wind Turbine Economic Impact Committee (Committee) Town of Cape Vincent, New York

Re: Review of Cape Vincent Wind Turbine

Economic Impact – Final Report October 7, 2010 (EIR)

Dear Committee Members:

As requested, I am submitting this real estate review of the Economic Impact Report(EIR) undertaken by the appointed Cape Vincent Wind Turbine Economic Impact Committee (Committee), for consideration and use by Town planning and zoning officials in addressing the compliance of the proposed wind energy projects in the Cape Vincent area with typical zoning and land use requirements that must be met for approval of the Project(s).

Asthis review is focused on the Committee’s EIR, McCann Appraisal, LLC (McCann) has not made specific reference to the applicable codes, ordinances or regulations. However, my review recognizes that special permits or special use zoning approval for a variety of land uses, including large-scale wind energy turbine projects, require that the proposed use will not have an adverse effect on the market value, use, enjoyment or development potential of other property in the neighborhood or surrounding area.

Also applicable from a real estate, land use and zoning perspective is my review of the Hessler Associates, Inc. Noise Impact Assessment report issued April 13, 2010. (HAI report). The McCann review of the HAI report is not undertaken as a technical acoustic engineering evaluation but, rather, to the extent that it overlaps with real estate issues. More specifically, the question from a real estate perspective is whether or not the HAI noise study demonstrates that the quality of life, peaceful use and enjoyment, aesthetics and overall marketability of residential and related property will be adversely impacted as a result of the wind project(s).

Professional Opinions My professional opinions are effective as of the current date. My review of the Cape Vincent EIR and this Consulting Report have been prepared and submitted pursuant to applicable licensing laws that mandate compliance with the Uniform Standards of Professional Appraisal Practice (USPAP), and my opinions are certified accordingly.

Briefly stated, based upon my review of the Committee EIR, as well as the location of the proposed facilities, the density, height, type and intensity of the proposed utility scale turbines, along with my independent and ongoing research of real estate and property value impacts near turbines. The EIR is correct in identifying significant value loss potential as a result of the two wind turbine projects proposed , or as a single project. While estimates were made in the EIR based upon 1,000 to 3,000 foot setbacks, there are numerous examples of value losses at even greater distances; some in excess of three miles.

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Read complete report at this link

McCann Intervenor Fund Request