Phase I ESA Risk Scenarios: Truth and Consequences

November 13, 2012 at 7:30am10:00am
Wiggin and Dana LLP 265 Church Street, 15th Floor New Haven, CT 06508

Join GZA GeoEnvironmental and Wiggin and Dana for a complimentary breakfast seminar.

Join us and learn about current environmental due diligence practices and where the industry may be headed with pending revision to the ASTM standard practice for Phase I ESAs, slated for 2013. The panelists will address the problems and solutions faced by those professionals responsible for evaluating and uncovering the environmental and financial risks when conducting due diligence for real estate transactions for institutions, businesses and municipalities in Connecticut and the New York City Metro area.

This program is for owners, tenants and their environmental and financial managers who are involved in the acquisition and divestiture of commercial and industrial real estate and who would like to gain a better understanding of the environmental risks associated with property transactions.

Panelists will share their experiences, perspectives and lessons learned in the field of real estate deals, past and present. Panelists include:

Benjamin Alter, PG, LSRP
Senior Vice President
GZA GeoEnvironmental, Inc.

Adam Henry, PG, LEP
Senior Project Manager
GZA GeoEnvironmental, Inc.

Julie Kilgore, President
Wasatch Environmental
ASTM International Board of Directors
Chair of ASTM RE Assessment and Management Committee

Robert Polito, Jr.
Senior Vice President
Director of Govt. Guaranteed Lending (SBA)
Webster Bank, NA

Barry J. Trilling
Wiggin and Dana LLP

Seating is limited, please register in advance for this program. 
Click on the RSVP for this Event link above or call 203.498.4500.   

The session will cover:

1.  What to expect in 2012 when you request a Phase I ESA (the fundamentals and standard care)

    • The roles and responsibilities of your environmental consultant, environmental lawyer and lender in finding the truth and its consequences.
    • The risk management fundamentals and how to proactively communicate the known and potential risks to meet the schedule and balance the competing and shared business needs of the owner, tenant, buyer, seller, lender and other stakeholders.

2.  The various options for budget, scope, and schedule that you have to choose from for a Phase I ESA scope of work (per ASTM guidance) when you retain a consultant and attorney.

3.  The dynamic regulatory environment for remediation in Connecticut, New York and New Jersey and a forecast of what emerging Phase I ESA issues to track, including:

    • National ASTM guidance for Phase I's
    • New Cleanup Standards in Connecticut
    • Ending the Connecticut Transfer Act
    • The role of LSRPs in New Jersey
    • New Jersey's Site Remediation Reform Act

4.  Review several real Phase I ESA risk management scenarios involving: single property, portfolio of properties, government stakeholders, private parties, no past reports, and abundant past reports that demonstrate the lessons learned (the good and bad consequences) from the usual and unusual outcomes of a Phase I ESA.

5.  Show how the owner, environmental consultant, attorney, and lender can collaborate to identify the environmental baseline (i.e., the truth) about Recognized Environmental Conditions, regulatory risks, and the certainties and uncertainties in Phase I ESAs.

6.  Develop a Conceptual Site Model for risk management decision-making for: (a) stopping at Phase I, or (b) advancing to Phase II/III/RAP in an iterative way. The instructors will focus on assessing how you can leverage asset value to gain profit (desired consequence) and prevent costly consequences in the future (for example: litigation, claims for errors and omissions, remediation cost overruns, unrecognized data gaps or false assumptions about the site conditions).