Buyers, sellers, and lenders are now being provided with greater certainty about future liability and cleanup costs, as well as financial incentives to invest in brownfields. §9601 et seq., (CERCLA) has only aggravated this situation, motivating developers and industry to move from urban areas into suburban "greenfields."įaced with a quickly eroding urban job and tax base, state and local officials have aggressively developed alternative approaches to bring these contaminated properties back into productive use. Congressional gridlock over reauthorization of the federal Comprehensive Environmental Response, Compensation, and Liability Act, 42 U.S.C. Private parties have been reluctant to purchase or finance brownfields sites because of uncertainty over the amount of contamination at a site, applicable cleanup standards, likely cleanup costs, potential third party lawsuits, undiscovered contamination, and potential regulatory reopeners. *This article was originally published in the March 2003 issue of The Practical Real Estate Lawyer.Ī growing number of state and Federal initiatives hold the hope of developing brownfields into properties that are useful and safe once more.
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