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,
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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.
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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.
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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.
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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.
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