Roseland, N.J. September 2013, Steve Barnett Featured in Commerce Magazine's Article "Brownfield Redevelopment: Transforming Contaminated Properties into Ratables"
A client recently purchased property subject to ISRA with operations closing across the street from a CERCLA Superfund site, and adjacent to a site in the NJDEP Site Remediation Program (SRP). Our law firm worked with the client, brokers, prospective sellers and consultants to assess various sites, and we oversaw all legal aspects. We worked with the Buyer’s surveyor to correct prior legal descriptions. We negotiated for the Seller to satisfy ISRA and that Buyer may undertake due diligence for innocent purchaser status. We engaged the Buyer’s environmental consultant and arranged for split samples and review of the Seller’s LSRP files. We worked with the Buyer’s engineer and municipal officials to determine federal, state and local requirements and with the bank to secure a mortgage on the property and refinancing of the Buyer’s equipment. Environmental issues included the Seller’s post-closing access, LSRP professional judgment, compliance averaging; the Buyer’s approval of the Seller’s ISRA remediation funding source and NJDEP submissions; the Buyer’s responsibility for future monitoring, maintenance and reporting; a previous NFA and ISRA Letter of Non-Applicability; and legal risks of the SRP site and the Superfund site. We also negotiated the Buyer’s environmental insurance. The transaction closed-and the Seller’s decommissioning and ISRA compliance work and the Buyer’s improvements are on schedule.