51 Rustling Ridge Rd., Glasgow, KY 42141, US
If a Phase II ESA shows that an environmental impact to the subject property has occurred from a historic release, then many states have Brownfield Redevelopment Programs. These programs provide an avenue for obtaining liability protection to a potential purchaser of an affected property. We can walk you through this process so you can be sure that all requirements have been met for due diligence.
Most Brownfield Redevelopment programs require a Property Management Plan (PMP) to be submitted with the application for review. A PMP details contaminates found on the property and the background history associated with the impact, the intended future use of the property, provides an exposure pathway assessment, outlines special measures required during any future construction activities, details long-term management strategies, addresses contingency planning, and states regular inspection schedules. These plans generally need to be reviewed every 5-years and certified by a Professional Geologist or Engineer. These plans can also be designed with specific provisions for the lender and extend reliance of the PMP to the mortgage holder. In the event of a foreclosure, provisions can be included for the mortgage holder to maintaining liability protection as long as the PMP is maintained even if they have to take possession of the property in a non-operational state. We have the expertise needed for constructing these complexed plans assuring protection to owners and mortgage holders alike.
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