Under Superfund legislation, the innocent landowner defense has led to the use of environmental site assessments (ESAs) as a common practice in the acquisition and financing of commercial property. The objective of this inquiry was to examine the effects of environmental risks and liabilities as disclosed in ESAs in the acquisition and financing of a set of commercial property transactions in the Portland, Oregon metropolitan area. The findings suggest that transaction prices are not reduced in the structuring of risk and liability. In addition, financing is likely to revert to seller financing when environmental risk and liability are present. Furthermore, the Superfund liability provisions have led to the mitigation of environmental degradation in the acquiring of commercial properties with minor environmental problems while those with more substantial problems may not be acquired or financed. Policy implications are posited addressing brownfield redevelopment issues. Commercial real estate brokers, attorneys, and lenders; and professionals in environmental law, policy, planning, and economics should find this research useful and enlightening.
Under Superfund legislation, the innocent landowner defense has led to the use of environmental site assessments (ESAs) as a common practice in the acquisition and financing of commercial property. The objective of this inquiry was to examine the effects of environmental risks and liabilities as disclosed in ESAs in the acquisition and financing of a set of commercial property transactions in the Portland, Oregon metropolitan area. The findings suggest that transaction prices are not reduced in the structuring of risk and liability. In addition, financing is likely to revert to seller financing when environmental risk and liability are present. Furthermore, the Superfund liability provisions have led to the mitigation of environmental degradation in the acquiring of commercial properties with minor environmental problems while those with more substantial problems may not be acquired or financed. Policy implications are posited addressing brownfield redevelopment issues. Commercial real estate brokers, attorneys, and lenders; and professionals in environmental law, policy, planning, and economics should find this research useful and enlightening.
The BiblioGov Project is an effort to expand awareness of the public documents and records of the U.S. Government via print publications. In broadening the public understanding of government and its...
This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and...
The adventure begins when a farmer's well is found to be contaminated with gasoline compounds. The farm is located adjacent to a former landfill and hazardous-waste-disposal facility on which illegal...
This is a practical guidebook to current CERCLA litigation, written by an experienced attorney who specializes in this area of law. Because it emphasizes the practitioner's needs for focused,...
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