Phase 1 Environmental Assessment Standard Revision

The ASTM Standard used to define Phase I Environmental Site Assessments (ASTM E 1517-05) is currently undergoing review and will potentially be revised. A few of the issues currently being debated include:

Reliance: Given that SBA requires third party reliance on Phase I ESAs performed on properties guaranteed by there 504 and 7(a) loan programs, should the E1527 standard be revised to include better guidance about who can rely on a Phase I report?

Oil Pollution Act: The Oil Pollution Act (OPA) was amended in 2004 to include a secured creditor exemption and innocent owner protection provided that an OPA regulation very similar to the CERCLA All Appropriate Inquiry (AAI) rule is met.

Indoor Air Exclusion: Since the revision of the E2600 Standard on Vapor Encroachment, there have been many questions about when indoor air problems should be considered RECs during the Phase I ESA process. While the standard currently lists indoor air as a non-scope considerations, there may be instances when contamination encroaching on a property is both a release on the property and an indoor air problem.

Caltha LLP assists Minnesota Sellers, prospective Buyers and their Lenders in meeting Due Diligence, Environmental Site Assessment and Environmental Review requirements.

To request a quote on-line, go to Caltha Environmental Assessment Quote Web Page.

For further information, contact Caltha LLP at:
Email: info@calthacompany.com
Phone: (763) 208-6430
Website: http://www.calthacompany.com/
Two Minnesota offices - Minneapolis and Pine River