Video Time: 4 Minutes
Are we likely to see more Phase 2 assessments occurring as more brownfield sites are acquired for development or redevelopment?
Holly Neber, Joseph Derhake and Stephanie Trueb discuss brownfield sites and the likelihood of Phase II ESAs needing to be completed there. Brownfield sites are more likely to have long and complex industrial histories or be situated in areas with those type of histories. In this situation, a Phase II is more than likely warranted. As real estate markets get hot, developers are going back and dealing with properties that have issues like solvents in the soil because it is worth it.
When the video ends, a quiz will appear below. Take the quiz to proceed to the next lesson.
Video Time: 3 Minutes
What leads to a Phase II assessment? What types of situations typically involve a Phase 2 assessment?
Holly Neber, Joseph Derhake and Stephanie Trueb outline the circumstances that may lead to a Phase II assessment. A Phase II would be recommended when a Phase I assessment identifies a concern that warrants further evaluation. In a Phase II actual soil samples and water materials are collected. Typical red flag uses include: Dry cleaners, gas stations, auto repair facilities and industrial uses like printing and manufacturing,
When the video ends, a quiz will appear below. Take the quiz to proceed to the next lesson.
Video Time: 4 Minutes
Do you have any recommendations for people ordering Phase I ESAs?
Holly Neber gives her recommendations for buyers and landowners ordering Phase I ESAs. Phase I ESAs are done for a particular user at a particular time. Using older Phase I reports from a previous buyer or landowner is not ideal. If using an older report, it is recommended to get reliance on that report from the original reporting consultant. In the case of a redevelopment, it is recommended to disclose plans (What type of disturbance to the site? Will there be a basement?) for the site to the consultant. If there is a concern with the property, your consultant should explain it to you and you should be able to understand.
When the video ends, a quiz will appear below. Take the quiz to proceed to the next lesson.
Video Time: 3 Minutes
Is it a legal/regulatory requirement to act on the recommendations of a Phase I assessment?
Holly Neber, Joseph Derhake and Stephanie Trueb discuss legal and regulatory requirements surrounding Phase I assessments. In order to qualify as an “innocent land owner” under superfund law it is required to obtain a Phase I assessment. Many clients are obtaining Phase I assessments simply as a matter of internal risk management and as an industry best practice.
When the video ends, a quiz will appear below. Take the quiz to proceed to the next lesson.
Video Time: 4 Minutes
How far in advance of completing a transaction should Phase I be initiated?
Holly Neber, Joseph Derhake and Stephanie Trueb outline how far in advance a Phase I ESA should be initiated. Buyers and lenders typically have a standard due diligence period within which a Phase I ESA should be completed. Phase I ESA can be obtained at any time, however users of these reports should be aware that certain elements will need to be updated. This is because conditions can change. A Phase I ESA typically takes anywhere from 2-4 weeks to complete depending on the complexity of the project or property as well as the availability of records.
When the video ends, a quiz will appear below. Take the quiz to proceed to the next lesson.
What is a Phase I assessment, and when does the need to perform one arise?
Holly Neber, CEO, AEI Consultants outlines a Phase 1 assessment and when one should be performed. Joseph Derhake and Stephanie Trueb also give their input. The life story of a property is made up of three components – Historical research, current site conditions and regulatory status check on the property. Are there environmental concerns that might affect the value of the property, represent a liability or represent a health risk to occupants? Perspective purchasers, owners and perspective lenders are the three main parties that would order a Phase I ESA.
When the video ends, a quiz will appear below. Take the quiz to proceed to the next lesson.
