MECC recently represented a client with the closing out of a New York State Department of Environmental Conservation (NYSDEC) spill event. The spill was recorded several years ago during a due diligence investigation by a perspective buyer. The transaction was never finalized and the property owner was not aware of the open spill number. During a recent refinance with a local lender the open spill event came to light. As the lender's chief credit officer was worried about the stigma of the open spill, he reached out to MECC. During that conversation it was outlined that the owner was looking to do some renovations with the proceeds of the refinancing. It was also conveyed that an out of service oil tank remained in the alley way many years after the building had converted to natural gas. This also appeared to be the area that the previous investigation discovered some localized soil contamination. MECC worked with a reputable firm to remove the old buried oil tank. During the excavation MECC obtained soil samples from the open pit. A representative from the NYSDEC was on site during the tank removal and also witnessed the site conditions. Upon receiving "clean" soil samples, MECC submitted a report to the NYSDEC and obtained a closure to the spill event. The information was then presented to the lender who in turn scheduled an expedited closing for their borrower.

President /LEED, AP

Merritt Environmental Consulting Corp.

77 Arkay Drive, Suite D

Hauppauge, New York 11788

Phone: (631) 617-6200

cgm@merrittec.com

www.merrittec.com

 

 

 

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