Environmental risk can present an unacceptable environmental liability that will affect your bottomline whether buying, growing or selling a business or real property. Fortunately, many states provide protection from liability after specific testing and study requirements are met. To determine how you can benefit from liability protection, the first step is recognizing the three elements of environmental risk. Understanding these elements and their impact on your investment will help turn risk into reward.
All environmental risk scenarios contain the three elements of environmental risk no matter the size or complexity of your business or property. The elements are:
1.) A source of contamination (e.g., an accidental spill, a release from a gasoline tank or home heating oil tank, a history of industrial or commercial activity, etc.)
2.) A receptor(s) (e.g., workers, customers, residents, students, patients, creeks or streams, etc.)
3.) Migration pathways (e.g., does groundwater connect a source to water supply wells or streams; can people come into direct contact with contaminated soil or dust; can a source affect indoor air quality, etc.)
Once you recognize the three elements, effectively managing the risk can be as simple as removing one or a combination of these elements. In fact, existing site features like a paved parking lot or planned site improvements like the extension of public water can effectively manage risk.
Herbert, Rowland & Grubic, Inc.’s (HRG) team of licensed professional geologists and environmental scientists work alongside clients to help them navigate the liability management process. HRG’s experts can provide one or all of the following services based on your specific needs:
- Phase I and Phase II Environmental Due Diligence
- Pennsylvania’s voluntary Act 2 Land Recycling Cleanup Program
- The Storage Tank Corrective Action Program
- State and Federal Brownfield Assessment and Remediation Grant Funding
For more information about successfully developing sites with potential environmental liabilities, please contact Jim LaRegina.