Targus was retained to perform an environmental site assessment (Phase I ESA and additional non-ASTM services) of approximately nine acres of graded land planned for development and construction of a retail shopping center. The subject property was historically occupied by multiple manufacturing businesses known to have used and released hazardous substances and petroleum products, including from underground storage tanks (USTs) and sewers. Portions of the subject property and at least one adjoining Illinois Environmental Protection Agency (IEPA) Site Remediation Program (SRP) site (being closed under restricted use) had been occupied for historical manufacturing operations conducted by common prior parties.
Targus reviewed multiple Phase II environmental and geotechnical assessments documenting the presence of polynuclear aromatic hydrocarbons (PNAs), volatile organic compounds (VOCs), total petroleum hydrocarbons (TPH), and metals (chromium, arsenic) in soil, soil gas, or groundwater. The presence of these constituents of concern (COC) at concentrations exceeding IEPA cleanup objectives prompted the enrollment of the subject property in the SRP. Targus reviewed and commented on the developer partner’s Remedial Action Plan (RAP) which relied on hot spot removal, installation of a site-wide engineered barrier, and reliance on the City of Chicago groundwater ordinance. Following revisions to the barrier plan to address areas of uncertainty and integrate with construction and soil re-use plans, the RAP was submitted to and approved by the IEPA.
Because the transaction pre-dated installation of the barrier and issuance of a comprehensive No Further Remediation (NFR) designation, Targus’ report identified the site conditions to constitute a recognized environmental condition. However, based on the nature of the barrier plan (integral with building slabs and pavements) construction completion was reasonably assured to fulfill the remaining RAP requirements and the venture was consummated.
Following closing Targus has conducted review of ongoing project progress documentation on behalf of the equity partner and, upon completion, is verifying that completion and recording requirements have been met.