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BENEFITING NORTH CAROLINA COMMUNITIES WITH OFFSHORE WIND FARMS

Source: www.crest.org
Topic: Economic Development

Sort Desciption: payments to other forms of community economic development assistance. Direct Labor Benefits. An offshore wind farm facility will require skilled labor to ...

Content Inside: North Carolina Coastal Wind Working Group Community Development 1 BENEFITING NORTH CAROLINA COMMUNITIES WITH OFFSHORE WIND FARMS Offshore wind farms are wind developments located in submerged lands lands that are owned by state and federal governments. Commercial activity on these submerged lands such as an electricity-generating wind farm will not directly benefit local communities in terms of land leases royalty payments local ownership and property taxes. Local communities can nevertheless benefit directly and indirectly from offshore wind facilities once a system is established that will channel monies to these affected local communities. Direct benefits include the collection of royalties or equity from facilities and the creation of new jobs. An increase in local services to support the new jobs created a preferential bidding system and existing community development programs are some ways in which a local community could benefit indirectly. Direct Benefits to Impacted Local Communities Currently all wind farms in the United States are located onshore and local communities hosting wind farms have benefited directly and indirectly from these developments by receiving monies for land leases royalty payments and property taxes. Offshore wind farms on the other hand will be located on submerged lands that are owned by a particular state(s) or the federal government. Local communities affected by offshore wind farm facilities therefore will not be able to collect property taxes from offshore wind farm facilities. However local communities have an opportunity to gain direct economic benefits from an offshore wind farm. One way is either through royalty payments in lieu of property taxes or in the form of a direct equity stake. Another is an increase in local job opportunities. Royalties Royalties could be directed to local communities through a process that mimics the auction/lease program used for offshore oil and gas field developments. When the fed ...

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