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PURPOSE: ESAs help identify potential environmental liabilities associated with a property, which is crucial for real estate transactions (purchase, sale, refinancing), and for developers and businesses.
TYPES OF SURVEYS:
Phase I ESA: A preliminary assessment that involves reviewing public records, conducting site reconnaissance, and interviewing relevant parties.
II ESA: A more in-depth assessment that involves sampling and testing soil, groundwater, and other environmental media to confirm or rule out contamination.
TECHNIQUES USED:
Historical Data: Reviewing maps, older survey information, and other records to establish property boundaries and identify past pollution or waste dumping.
Water Sampling: Reviewing maps, older survey information, and other records to establish property boundaries and identify past pollution or waste dumping.
Earth Sampling: Analyzing the level of pollutants in the soil.
Geometric Data: Using geometric data to establish areas prone to flooding or monitor the spread of pollutants.
Geographic Information Systems (GIS): Cross-referencing map data with statistical data to assess environmental conditions.
IMPORTANCE:
Environmental Liability: Failing to address environmental concerns can lead to costly remediation efforts and legal issues for property owners.
Sustainability: ESAs help ensure that projects are environmentally sustainable and minimize potential damage to ecosystems.
Regulatory Compliance: Meeting environmental regulations is crucial for businesses and developers.
COST:
The cost of a Phase 2 ESA can vary significantly depending on the size and complexity of the site, but for a standard commercial lot, it can range from $8,000 to $15,000, and potentially up to $25,000 - $100,000.
TIMEFRAME:
The time required for a Phase 1 ESA can range from a few weeks to a month or more, depending on the property's history and the complexity of the assessment.
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