by Caltha Company | Jan 21, 2017 | Caltha LLP Project Summaries, Due Diligence, Environmental Due Diligence, Environmental Site Assessment, Redevelopment, Site Assessment
Caltha LLP Project Summary Project: Phase 1 ESA Client: Property Owner Location(s): Duluth, Minnesota Key Elements: Phase 1, Environmental Assessment, All Appropriate Inquiry Overview: Caltha LLP was retained by the property owner to conduct a Phase 1 Environmental...
by Caltha Company | Dec 11, 2016 | Due Diligence, Environmental Site Assessment, FAQ
Lenders have a vested interest in the condition of a property they will accept as collateral. If contamination is discovered later, the value of the property can be significantly reduced and can make the property difficult to resell. Make sure to discuss with your...
by Caltha Company | Dec 11, 2016 | Due Diligence, Environmental Site Assessment, FAQ
Sometimes the Phase I will identify issues (referred to as “Recognized Environmental Conditions” or REC) that indicate that contamination may be present on the property. Under the current ASTM standard, three categories of RECs are established: Current Recognized...
by Caltha Company | Dec 11, 2016 | Due Diligence, Environmental Site Assessment, FAQ
Yes and no; legally, anyone can conduct a Phase I ESA. However, if you want your assessment to meet the ASTM standard, then the “environmental professional” you use will need to provide documentation that they meet the specific qualification requirements contained in...
by Caltha Company | Dec 11, 2016 | Due Diligence, Environmental Audit, Environmental Site Assessment, FAQ, Hazardous Materials, OSHA
Simply stated, a Phase I ESA is looking for indications that current or historic uses of the property may have resulted in contamination. The Phase I also considers neighboring properties where contaminants may have migrated onto the property through groundwater, etc....
by Caltha Company | Dec 11, 2016 | Due Diligence, Environmental Site Assessment, FAQ
A Phase I ESA is an investigation of the current and historic uses of a property, and an inspection of current conditions of the property to determine the likelihood that contamination is present. The Phase I environmental assessment is intended to be a standardized...
