[CPEO-MEF] REUSE, HERBICIDES: Ft. Ritchie (MD) developer devalues

[Lenny Siegel <lsiegel@cpeo.org>]

Company devalues former Fort Ritchie U.S. Army base

Decision based on re-evaluation of property's development prospects  
following Army's disclosure that tactical herbicides had been tested  
at base

By HEATHER KEELS
Hagerstown Herald-Mail (MD)
April 7, 2011

The company redeveloping the former Fort Ritchie U.S. Army base has  
notified its investors that it does not expect to recover its $28  
million investment in the property and has written down the value to  
zero.

Corporate Office Properties Trust made that decision based on a re- 
evaluation of the property's development prospects following the  
Army's February disclosure that tactical herbicides, including Agent  
Orange, had been tested at Fort Ritchie, according to a U.S.  
Securities and Exchange Commission filing and a statement issued by  
the company.

COPT believes those disclosures are likely to cause further delays in  
pending litigation related to the property and that they also  
"increase the level of uncertainty as to (COPT)'s ultimate  
development rights at the property and future residential and  
commercial demand for the property," Stephen E. Riffe, COPT's  
executive vice president and chief financial officer, wrote in a  
March 31 report filed with the SEC.


...

For the entire article, see
http://www.herald-mail.com/news/hm-company-devalues-former-fort- 
ritchie-us-army-base-20110407,0,2954606.story

--

Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org

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