From: | <LSchnapf@aol.com > |
Date: | 3 Jul 2003 13:56:13 -0000 |
Reply: | cpeo-brownfields |
Subject: | RE: [CPEO-BIF] |
As a follow-up to the comment forwarded by Bob Hersh, the New York brownfield legislation that is expected to become law in the fall parallels the federal appropriate inquiry requirements. The "appropriate inquiry" exercise will not be as important for the pre-acquisition stage of a transaction but the post-closing obligations. The bona fide prospective purchaser (BFPP)is required to take reasonable steps with respect to contamination or it could lose its status as a BFPP. I think commercially-sophisticated developers of brownfield sites are going to understand this requirement and make sure that they do adequate investigation so that they will not later be said to have not exercised appropriate care regarding the contamination. Moreover, EPA and some states are now allowing use of field analytical measurements (FAM) that provide real time data to satisfy the procedural requirements for cleanups. The FAM techniques can be more efficient in terms of cost and time and may provide incentives for more thorough investigations. On the other hand, many banks will probably continue to allow what I call those "commodity-style" phase I reports that do take a very close look at the sites. From what I hear, the lenders' representatives on the neg-reg committee are resisting the more instrusive types of ESAs. Larry Larry Schnapf 55 E.87th Street #8B/8C New York, NY 10128 212-996-5395 phone 212-593-5955 fax www.environmental-law.net website | |
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