Forsite was approached by an environmental attorney representing a large Tier 1 mortgage and banking institution (Seller). The Seller had foreclosed on a property in North Carolina that had historically been used as a chlorinated pesticide mixing facility. The Seller subsequently reported the contamination to NC’s Inactive Hazardous Sites Program as the Responsible Party.
Once enrolled, the Seller recognized they should not have enrolled the site due to in-place legal protections provided by NC law protecting lenders who foreclose on contaminated sites. The Sellers environmental attorney then sought out firms who could acquire the site, and assume this complex environmental situation as the Responsible Party.
Forsite acquired the site, assumed all remedial responsibilities and provided the Seller with a robust indemnity from future liabilities. Forsite then enrolled the site in NC’s Recognized Environmental Consultant (REC) Program. The REC program allows approved environmental consulting firms to design and implement a remedial strategy for qualified sites without oversight by the State regulatory agency. Forsite enlisted their preferred firm Hart & Hickman to develop a remedial strategy for the site.
A remedy that included source removal of impacted soils that were contributing to groundwater contamination was subsequently implemented. Upon the successful completion of the active remediation activities, Forsite is now monitoring the groundwater to ensure criteria limits are trending down and ensuring there is no offsite releases in support of possible risk-based closure of the site. Once the monitoring is complete, Forsite will be marketing the site for sale.