You must seek advice from knowledgeable lawyers and consultant in your state. Grants, tax benefits and reduced cleanup requirements may be available. In some cases where the site is affected by nearby property or other circumstances exist, the agency may be able to provide to a prospective buyer some written assurance that they will not be liable for cleanup or other costs. These approaches and others can be tailored to address a broad variety of sites and manage the risk to a point which is acceptable to the business goals. A successful project may be accomplished.
Environmental risks are a fact of life in site development.
Present laws and regulations place a heavy penalty on misjudging the risk of a particular property. Any property may have an environmental risk. Businesses are addressing this risk by a structured review procedure to determine the history and condition of the property. When the risk has been assessed, there are a variety of methods available to manage the risk in the context of a transaction. While in some cases the cost of addressing the risk may be unacceptable, there are many cases where the transaction can move forward.