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How Investors Can Deal With
Contaminated Sites
By following a timely and measured approach,
business owners can protect their investments.
Decades of industrialization and rapid growth have
left soil and groundwater contaminated at
thousands of sites across the U.S. Cleanups are
under way at many locations, and growing public
concern over the health
effects of a wide variety of
contaminants has driven
the federal government
to create a more stringent
environmental policy to
deal with these issues.
Investors and business owners
must therefore be aware of how
to deal with the impacts that
arise from environmental contamination.
Known contamination from a spill is most easily
dealt with. For example, when a tanker truck
rolls over or a storage tank valve fails, it can be
quickly identified and reported to the local
department of natural resources (DNR).
Discovery through analysis is the most frequent
way for historic or older contamination to be
uncovered.
Field measurements are taken in order to
analyze the extent of groundwater and soil
contamination. This is the preliminary work
needed to form a remediation plan. Regardless
of the method used to determine the extent of
the contamination, it needs to be reported to
the local DNR immediately.
A qualified environmental
professional should be chosen
to formulate a plan of action to
deal with specific site
contaminants. In recent years, the
legal and financial consequences related to
environmental problems have grown exponentially.
Investors and business owners must realize there may
be a need for legal representation as a result of
liabilities from environmental hazards found in soil or
water.
Clearly defining the issues will help in the
selection of professionals required for the
cleanup. Specialized environmental services may
be required for soil, water and air testing and
detailed design, construction services
may be necessary,
and laboratory and
engineering expertise
may also be required
to remediate issues.
Storage tank removal requires different
expertise than does asbestos abatement.
The roles of various consultants need to be
clearly defined, and firms need to be carefully
selected. Select the firm that best meets your
environmental and corporate needs, and then
negotiate the fees. Once an agreement is
finalized, work can begin. A team approach is
essential to dealing with any environmental
issue. The contractor may be called upon to do
the physical removal of tanks or soil and make
structural changes to the site to prevent future
contamination.
The nature of the environmental
impacts may require laboratory
testing to determine the extent
of cleanup required and the long-
term impacts on the surrounding area. The cost
of correcting environmental issues is often
prohibitive to investors considering the purchase
of an industrial site. The burden of remediation
will most often fall to the property owner.
Avoiding the problem is not an option due to
the costly legal, financial and environmental
ramifications that can result from contaminants.
By following a timely, measured approach,
business owners can protect their investment
and secure a future that generations to come
will enjoy.
Randy Bett
www.BetterGroupRealEstate.ca

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How investors can deal with contaminated sites(finished)

  • 1. How Investors Can Deal With Contaminated Sites
  • 2. By following a timely and measured approach, business owners can protect their investments.
  • 3. Decades of industrialization and rapid growth have left soil and groundwater contaminated at thousands of sites across the U.S. Cleanups are under way at many locations, and growing public concern over the health effects of a wide variety of contaminants has driven the federal government to create a more stringent environmental policy to deal with these issues. Investors and business owners must therefore be aware of how to deal with the impacts that arise from environmental contamination.
  • 4. Known contamination from a spill is most easily dealt with. For example, when a tanker truck rolls over or a storage tank valve fails, it can be quickly identified and reported to the local department of natural resources (DNR). Discovery through analysis is the most frequent way for historic or older contamination to be uncovered.
  • 5. Field measurements are taken in order to analyze the extent of groundwater and soil contamination. This is the preliminary work needed to form a remediation plan. Regardless of the method used to determine the extent of the contamination, it needs to be reported to the local DNR immediately.
  • 6. A qualified environmental professional should be chosen to formulate a plan of action to deal with specific site contaminants. In recent years, the legal and financial consequences related to environmental problems have grown exponentially. Investors and business owners must realize there may be a need for legal representation as a result of liabilities from environmental hazards found in soil or water.
  • 7. Clearly defining the issues will help in the selection of professionals required for the cleanup. Specialized environmental services may be required for soil, water and air testing and detailed design, construction services may be necessary, and laboratory and engineering expertise may also be required to remediate issues. Storage tank removal requires different expertise than does asbestos abatement.
  • 8. The roles of various consultants need to be clearly defined, and firms need to be carefully selected. Select the firm that best meets your environmental and corporate needs, and then negotiate the fees. Once an agreement is finalized, work can begin. A team approach is essential to dealing with any environmental issue. The contractor may be called upon to do the physical removal of tanks or soil and make structural changes to the site to prevent future contamination.
  • 9. The nature of the environmental impacts may require laboratory testing to determine the extent of cleanup required and the long- term impacts on the surrounding area. The cost of correcting environmental issues is often prohibitive to investors considering the purchase of an industrial site. The burden of remediation will most often fall to the property owner.
  • 10. Avoiding the problem is not an option due to the costly legal, financial and environmental ramifications that can result from contaminants. By following a timely, measured approach, business owners can protect their investment and secure a future that generations to come will enjoy.