A Creative Brownfield Solution
A Connecticut owner of property faced a familiar dilemma of how to sell property contaminated by industrial activities predating the owner’s involvement. In order to sell the property, the Connecticut Department of Energy and Environmental Protection (DEEP) had approved a remedial action plan that called for targeted excavation and capping plus an environmental land use restriction. The owner, however, lacked the resources necessary to implement the plan and could not see a way forward.Our environmental attorneys suggested a creative marketing strategy that paired the approved DEEP plan with a discounted sales price equivalent to the remediation plan estimate. This innovative approach solved the liquidity problem and attracted a prospective purchaser. To reassure the purchaser and hold the deal together, our attorneys had to get DEEP to confirm the plan. Our Firm’s positive working relationship with senior DEEP staff helped us to obtain the confirmation the purchaser needed and we were pleased to close the sale for the owner on terms that included a release of further obligation for remediation.