On March 23, 2018, Congress passed, and the President signed into law, the omnibus spending bill known as the Consolidated Appropriations Act of 2018. Buried in Section N of the spending bill is a provision called the BUILD Act (“Brownfields Utilization, Investment, and Local Development Act of 2018”), which amends sections of the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA). One of the significant updates to the law is that now, a tenant at an industrial or manufacturing site can, under appropriate circumstances, claim the “bona fide prospective purchaser” (BFPP) defense to Superfund liability and escape strict, joint, and several owner/operator liabilities when leasing previously-contaminated property.
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December 31, 2019
BALANCE OF CAUTION AND MORE RIGOROUS UNDERWRITING REQUIREMENTS As we look ahead to a new year, and commercial real estate enters the late stages of the current cycle, transaction volume […]
July 01, 2019
NEW EPA BROWNFIELD GRANTS ARE TARGETED AT AREAS THAT NEED THEM THE MOST. In this recent article by Connect, I am quoted about new Brownfield Rehabilitation and Opportunity Zone developments. […]
December 20, 2018
BASE INVESTMENTS ON SOUND MARKET STRATEGIES As commercial real estate stakeholders look ahead to 2019, they are basing investments and strategies based on market projections, a possible late-cycle downturn, and […]
