Abstract (Go to Manuscript)
Remediation and "Buying" Liabilities
By Richard Sloan, Chickadee Remediation Company
Spills and leaks of chemicals from various sources have contaminated soils and groundwater at many sites. There are remediation technologies available that can address most contamination in a timely and cost-effective manner.
Typically, the remediation activities are focused on source control and on reducing the chemical concentrations in soils and groundwater to the extent necessary to protect public health and the environment; the site-specific remediation criteria are usually based on reducing the public health and environmental risk to acceptable levels. At most sites, some residual chemical concentrations remain after active remediation is completed.
The Brownfields program addresses the long-term beneficial use of remediated sites with residual chemical concentrations. However, the environmental liabilities for the site typically remain with the property owner unless the current owner has received specific indemnification from the previous owner or from some other entity.
This paper addresses the two critical issues associated with contaminated sites:
Chickadee has extensive experience addressing both of these issues for a number of complex sites.
In many cases, it is possible for the remediation company to secure ownership of the site-specific environmental liabilities via a "double closing" whereby the remediation company indemnifies both the current property owner and the future property owner(s). This "double closing" nets the funds for the site remediation and the long-term environmental liabilities management; a premium for the risk associated with the site is included.
This process is "win-win" for all the interested parties:
This paper will use several case-studies to illustrate the critical details which must be addressed to make the process work.
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