Re: [CPEO-BIF] Reporting Phase 1 and Phase 2 Environmental Site Assessments

["Colleen Kokas" <Colleen.Kokas@dep.state.nj.us>]

The ISRA program is only a small portion of the sites that come through NJ's cleanup program. The Site Remediation Reform Act should assist with moving many more cases, than just ISRA subject sites, through the cleanup process.

 What has been more successful (hopefully) in addressing Larry's disclosure issue is the statutory requirement to conduct due diligence (defined as a PA/SI) if a buyer wants to assert an innocent purchaser defense.  It's unfortunate that transactions continue to happen with buyers unaware of the environmental site conditions.  (Not that the lending institutions should bear the burden--but the presence of unknown contamination is often discovered in NJ when buyers go to finance acquisition.)  


Colleen Kokas
NJ Dept of Environmental Protection
Assistant Commissioner's Office
Office of Brownfield Reuse
PO Box 028
Trenton, NJ  08625

Phone:  609-633-1499
Fax:       609-777-1914
email:    colleen.kokas@dep.state.nj.us

>>> <SusanNeumanEsq@aol.com> 11/23/2009 10:17 AM >>>
Perhaps with the enactment of the New Jersey Site Remediation Reform Act  
including the adoption of a Licensed Site Remediation Professional (LSRP)  
program there will be far fewer delays in the ISRA process. The program makes  
the owner responsible for hiring an LSRP (similar to the LSP in MA or LEP 
in CT)  to investigate and remediate any contamination discovered. Unlike in 
CT or MA,  the LSRP program is not tied to a Brownfields or VCP program. 
There still  remains the problem stressed by Larry that there has to be a 
transaction in  order to trigger ISRA.
 
Sue
 
Susan Neuman,  JD, Ph.D.
Environmental Insurance Agency, Inc.
138 Chatsworth  Ave.
Larchmont, NY 10538
914-833-5100 (phone)
914-833-5102 (fax)
_www.enviroinsurance.com_ (http://www.enviroinsurance.com/)  

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