Vapor Migration Is Identified as a Recognized Environmental Condition: Now What?
Vapor migration is part of the new Phase I environmental site assessment protocol from ASTM, E 1527-13. In December, the U.S. Environmental Protection Agency blessed the new standard as compliant with the federal All Appropriate Inquiries rule, emphasizing the importance of assessing vapor migration risk as a standard part of Phase I ESAs. US EPA went even further in the December preamble and stated that vapor migration has always been a part of conducting AAI. In light of US EPA’s statements and the emphasis that assessing vapor migration is current standard practice for AAI-compliant Phase I ESAs, how is vapor being addressed in the field? If a Phase I ESA report identifies vapor migration as a Recognized Environmental Condition, or REC, what next? In today’s market of intensely short turnaround times for property transactions, is a vapor migration issue a deal killer? What are the current tools and options to investigate a vapor migration REC under transactional time constraints? When should a buyer walk away from a site potentially impacted by vapor migration? When to mitigate? How are environmental due diligence firms establishing consistent processes for recommending “next steps” for clients when vapor migration issues arise?
This timely webinar will bring together an attorney and two leading technical experts to address head-on the various avenues that firms are taking to assist end users of Phase I ESA reports on how to address vapor migration risk during the deal making process.
David Gillay, Partner and Chair of Brownfields & Environmental Transactional Diligence Practice Areas, Barnes & Thornburg LLP
When: Tuesday, June 24, 2014 | 2 - 3:15 p.m. (ET)
Questions: Contact Jodie Daugherty at email@example.com or (317) 261-7922.