T13-3218 POTA SJ

Project Summary Phase I ESA and Additional Services
Location Dallas, Texas
Service Phase I Due Diligence, Phase II Assessment, Remediation
Outcome Successful Acquisition of Contaminated Signature Asset

Targus was retained to perform a Phase I Environmental Site Assessment and additional non-ASTM services for two office towers with a hotel and connecting retail plaza. The subject property occupied ten acres in a historically-developed downtown area.

The subject property was situated over an area of: (1) known groundwater contamination with halogenated and non-halogenated volatile organic compounds attributable to releases from multiple historical on-site and off-site sources; and (2) metals and petroleum soil contamination from prior on-site operations. The Dallas Municipal Setting Designation (MSD) process was known in advance to be extraordinary lengthy and tedious, but predictable. Based on Targus’ opinions of the probable outcome in light of preliminary Phase II data and prior discussions with city and state representatives, the property was entered into the Texas Commission on Environmental Quality (TCEQ) Voluntary Cleanup Program (VCP), acquisition was closed, and the asset entered into the portfolio insurance policy with narrowly-defined exclusions.

Thereafter, Targus conducted extensive interior and exterior characterization of soil and groundwater to demonstrate shallow soil to be suitable for continued child care occupancy and that indoor air was not unacceptably threatened by vapor, and to demonstrate that prior on-site dry cleaning operations were not a continuing secondary source. Targus conducted community outreach and presented site assessment information during the public participation and comment period. Following representation to city council Targus secured the required ordinance and satisfied the Affected Property Assessment Report (APAR) requirements of the TCEQ MSD and VCP, thereupon securing a final VCP Certificate of Completion (COC). The final VCP COC was secured within a period of less than three years, within budget and shortly earlier than predicted and prior to scheduled refinance.

T13-3218 POTA SJT13-3218 POTA SJ