Feb 7, 2017
Five Questions Corp.’s Need Consider Before Selling Contaminated Brownfields for Redevelopment
There are five steps that Diethrich outlined that will appear in the February online issue of Renewal & Redevelopment—set to go live the middle of this month.
Below are the five steps, which will be explained in greater detail when the online issue is released.
1) How well understood are the environmental conditions of your property? A complete environmental site assessment to fully characterize the type and extent of contamination that exists beneath your property in soil, soil vapor and groundwater is mandatory.
2) How well do you understand your liabilities associated with the environmental conditions? As the owner of a contaminated property, you are ultimately responsible and liable for the proper management of hazardous waste generated during the cleanup of your property, in perpetuity or until it has been completely eliminated.
3) What are the legal obligations associated with your environmental liability? The Federal Resource Conservation and Recovery Act (RCRA) and its implementing regulations set a program for the management of hazardous waste and contaminated soils, from the point of initial generation through the ultimate disposal of the waste.
4) Does the purchaser have the financial means, technical capability and experience to properly remediate the site? All property developers are not created equally. Brownfield redevelopment requires expertise in environmental regulation, remediation technologies, remedial construction and public health that are beyond the scope of most real estate development projects.
5) How will the buyer protect the seller against future liabilities and claims? Lines of protection include remedial performance guarantees, site pollution liability policies and environmental trusts. Navigating the complex regulatory framework, before and during a project, is key to the successful implementation.
Article tags: atmospheric greenhouse gases, carbon dioxide, World Meteorological Organisation