Caltha LLP Project Summary
Project: Site Acquisition Due Diligence
Client: Prospective Buyer and Prospective Lender
Key Elements: Phase 1 ESA, Phase 2 Investigation, Lender liability protection, Prospective purchaser liability protection
Overview: Caltha conducted an ASTM Phase 1 Environment Site Assessment for the property in South Saint Paul, Minnesota. The property was located on a large brownfields site with historic industrial uses dating back to about 1890. Based on its close proximity to known release sites, a Phase 2 Limited Site Investigation (LSI) was conducted to assess potential groundwater and soil impacts from off-site sources. Results of the LSI indicated that groundwater at the property had been impacted; site entered the Minnesota Pollution Control Agency Voluntary Investigation & Cleanup (VIC) program to obtain liability protections for both the prospective buyer and their lender.
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