Phase I Evironmental Site Assessment (ESA) Case Study
Abstract
BAC Florida Bank retained GeoTech to conduct a Phase I ESA of their facility, located in Miami, Florida. The bank required the performance of an environmental site assessment to identify and evaluate environmental liability and risk involving a real estate transaction. Commercial lending institutions face many areas of exposure to liability including direct liability through ownership after foreclosure, loss of collateral value, and third party liability during lender ownership.
Environmental assessment prepared by GeoTech was to satisfy due diligence requirements and identify potential impact on the sites soil and groundwater and potential offsite contamination in accordance to the ASTM Standard Practice 1527-05. GeoTech utilized a wide variety of methods and information sources to conduct the site assessment depending on the site specific liability found within the study area.
Conclusions
GeoTech identified several recognized environmental conditions on the site such as a former buried fuel underground storage tank including documented evidence of groundwater contamination as a result of illicit discharge of hazardous waste into the onsite septic tank system. Review of regulatory database records and information from former tenants and adjacent property owners also revealed the former tenant was discharging industrial effluent waste to the septic tank and the nearby river. Our site assessment concluded with a recommendation for additional site investigation including analytical testing associated with Phase II activities. The scope of work was completed in less than two weeks and within the prescribed budget.
What does the client say about us...
"GeoTech findings and recommendations was enormously beneficial in mitigating environmental liability and future risk for the Bank and at the same time saved thousands of dollars in future environmental cleanup and regulatory enforcement actions to the buyer.
See Phase II ESA Case Study...
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