Abstract
This paper estimates the economic benefits of restoring the Waukegan Harbor Area of Concern (AOC) along the shore of Lake Michigan in Waukegan, Illinois. Legacy pollutants left from industrial activities are a threat to human and wildlife health and limit commercial and recreational activities in the harbor. The AOC has undergone substantial remediation since its designation in 1987. We estimate the economic benefits of restoring the AOC using a hedonic analysis of home sales around the harbor before and after several remediation events. We find that home prices within 5 km (3 miles) increased $12,832 on average, with aggregate benefits of $169 million, after the most recent restoration announcement in 2020.
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