The Wealth of Nature in Indian River County David L. Cox Cox Consulting Vero Beach, Florida

Future Benefits? Is purchasing environmental lands a good investment for the future? What are the returns on this investment?

Three Kinds of Benefits CrittersCash Kids

Cash Can we get concrete estimates of the benefits of land acquisition, say in terms of currency?

Green Infrastructure A system of conservation core areas, buffers, and corridors to maintain ecosystem health, to assure water supplies, and to provide for wildlife habitat, recreation and open space.

Adapted from Lois Bush, FDOT, Sustainable TC Mapping Series, 2004.

Ecological Economics Places value on ecosystems - in terms of currency - so that we can better understand the benefits and costs of how we manage nature.

Ecological Economics Views nature as “natural capital” which generates goods and services. These “ecosystem services” are critical to Earth’s life-support system, and are the basis of our welfare.

Ecosystem Services Water RegulationHydrological flows for ag/industry Habitat RefugiaNurseries, migratory species habitat, etc. Water Supply Storage and retention of water Disturbance RegulationFlood control, storm protection Nutrient CyclingStorage, processing, cycling of nutrients Recreation/CulturalEcotourism, sport fishing, education, etc. Waste TreatmentWater purification, pollutant removal

Ecosystem Services Food ProductionAgricultural crops, fish & game Gas RegulationControl of atmospheric composition Raw MaterialFiber, timber & fuel production Biological ControlKeystone predator control of prey Climate RegulationGreenhouse gas regulation PollinationReproduction of plant populations Soil FormationWeathering, bioaccumulation of organics

Estimated Value of Annual Ecosystem Services: All County Lands $236,771,197 $66,049,251 $78,250,770 $245,595,759 $170,298,617 $58,174,335 Water Regulation Habitat Refugia Food Production Gas Regulation Water Supply Disturbance Regulation Nutrient Cycling Recreation/Cultural Waste Treatment Raw Material Biological Control Climate Regulation Pollination Soil Formation Total Value: $855,140,000

Estimated Value of Annual Ecosystem Services: County Environmental Lands $2,351,190 $1,830,640 $2,659,535 $172,224 $7,325,749 $7,615,575 Water Regulation Waste Treatment Food Production Gas Regulation Water Supply Disturbance Regulation Climate Regulation Recreation/Cultural Nutrient Cycling Raw Material Biological Control Climate Regulation Pollination Soil Formation Total Value: $23,476,000

Value of Annual Ecosystem Services for Indian River County: By Ecosystem All County Lands $30,598,243 $4,382,473 $15,193,594 $5,606,003 $6,750,798 $498,742 $24,087,000 $150,693,500 $617,329,576 Coastal Strand Indian River Lagoon Seagrass Beds Reefs Estuarine Wetlands Freshwater Wetlands Forests, Scrub & Ruderal Lakes & Rivers Agricultural Total Value: $855,140,000

Value of Annual Ecosystem Services for Indian River County: By Ecosystem County Environmental Lands $31,000 $19,643,000 $606,000 $2,846,000 Coastal Strand Indian River Lagoon Seagrass Beds Reefs Estuarine Wetlands Freshwater Wetlands Forests, Scrub & Ruderal Lakes & Rivers Agricultural Total Value: $23,476,000

Value of Annual Ecosystem Services for Indian River County: By Ecosystem All Public Lands $24,087,000 $150,693,500 $4,382,473 $30,598,243 $1,244,759 $554,151,344 $31,057 $3,305,088 Coastal Strand Indian River Lagoon Seagrass Beds Reefs Estuarine Wetlands Freshwater Wetlands Forests, Scrub & Ruderal Lakes & Rivers Agricultural Total Value: $768,500,000

Value of Annual Ecosystem Services for Indian River County: By Ecosystem Values in $1000’s

Indian River County Environmental Lands Estimated Program Costs Total land acquisition costs, federal, state and local $56,000,000 Lost tax revenue (over 15 yr. bond) $5,819,775 Improvements $1,160,000 Future bond interest expense $3,100,000 Maintenance & staff $1,800,000 Total Program Costs over 15 yrs. $67,879,775

Indian River County Environmental Lands Estimated Program Benefits Value of ecosystem services over 15 yrs. ($23,476,000 x 15) $352,140,000 Total program costs, 15 yrs. $67,879,775 Return on investment 519%

Ecological Economics What can a tool like this be used for?

Future Uses Evaluate enviroland acquisitions Estimate value of restoration projects Estimate value of “open space” Evaluate agricultural lands Project planning & decision-support Assessment of sustainability