Environmental Due Diligence / Phase I Environmental Site Assessments Services
ELM has a team of experienced due diligence experts to assist with all your environmental due diligence needs. ELM completes Phase I Environmental Site Assessments (ESAs) in accordance with the 2021 ASTM Standard (E1527-21) to satisfy the federal requirements of CERCLA’s innocent landowner defense and provide the client with a baseline of conditions and potential liabilities/risks associated with a property it may be planning on purchasing or occupying. ELM’s due diligence program is structured to identify and communicate potential and/or existing environmental concerns early in the transaction negotiation process and/or prior to occupying the property.
ELM also maintains extensive experience in guiding clients through the New Jersey Department of Environmental Protection (NJDEP) Industrial Site Recovery Act (ISRA) process and has successfully completed hundreds of ISRA cases in a timely and cost-effective manner. Under ISRA, a Preliminary Assessment (PA) is completed in accordance with NJDEP requirements. In a due diligence situation, a PA provides additional protections for environmental liabilities under New Jersey’s Spill Act. ELM often combines Phase I ESA and PA to create a hybrid document that accomplishes both objectives more efficiently. When appropriate, ELM can also provide Phase II/Site Investigation programs to further evaluate potential environmental conditions based upon the initial Phase I ESA/PA findings.
ELM’s consideration of client needs, and risk tolerances, facilitates well-informed decision making. Based upon our due diligence findings, ELM:
- Advises our clients regarding a property’s potential environmental liabilities/risks.
- Develops recommendations to manage or assess those risks.
- Delivers a comprehensive report for client/lending institution/investor use.
- Provides remediation cost estimates to satisfy regulatory or reserve requirements.
ELM’s due diligence team also performs desktop due diligence review of prospective purchase opportunities. We also review Phase I ESA reports by others and provide our professional opinion regarding the conclusions and recommendations of those reports.