With certain legal exclusions and additions, the term "brownfield site" means real property, the expansion, redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance, pollutant, or contaminant.
Under the TBA (Targeted Brownfield Assessment program) the EPA may provide funding or assistance for site assessments and cleanup of contaminated or potentially contaminated commercial or industrial use sites and facilities. Often these properties may be ideally situated for redevelopment and offer the possibility of a high yield investment if the potential liability issues associated with the contamination were resolved. Therefore, the TBA program has been established to help identify contamination and provide relief to property owners and/or prospective property owners of subject sites.
An EMP (Environmental Management Plan) can be provided and implemented by the consultant to assist all parties involved in a commercial real estate transaction reduce or eliminate environmental contamination liabilities. In some cases public funding for the subject properties require the completion of an EMP prior to close.
EMPs are utilized to protect property investment firms, property management companies, financial institutions, and private owners from regulatory actions. The EMP provides a review of site information and determines what local, state, and/or federal regulations are required at a particular facility. It may also include the specific management of issues such as on-site contamination, asbestos, and lead-based paint. The EMP also aids property owners in preparing for regulatory inspections and avoids enforcement actions, fines, or violations. An EMP can also be integrated with any site investigation and cleanup to ensure all required sampling is current and that the State UST Cleanup Fund guidelines are followed.