ENVIRONMENTAL SITE ASSESSMENT
§ 73.201. Environmental site assessment.
(a) Prior to loan closing and unless specifically waived by PIDA, PIDA requires a completed Phase I environmental site assessment report relating to the site of the industrial development project performed by an independent qualified environmental professional.
(b) The contract between the applicant or industrial occupant and the environmental consultant may be reviewed by PIDA to insure that the contract is in form and substance satisfactory to PIDA. The contract should provide expressly that PIDA is an intended third-party beneficiary of the contract and expressly permit PIDA to rely on the report and findings of the environmental audit in determining whether to close its loan. The contract should provide for a limit of liability for the consultant against losses arising from the consultant’s negligence or misfeasance of no less than 10% of the total eligible project cost or $50,000, whichever is greater. The environmental consultant shall provide proof of professional liability insurance in amounts no less than the required limit of liability.
(c) The scope of work of the Phase I environmental assessment must be in accordance with the ASTM International E1527-00 Standard Practice for Environmental Site Assessments: Phase 1 Environmental Site Assessment Process.
(d) The applicant or industrial occupant may be required to demonstrate its use of best efforts to provide the consultant with information and materials needed to complete its work, including, without limitation, negotiation of contractual provisions requiring the seller of the particular project to furnish information to the applicant or industrial occupant and the consultant, to cooperate with the proposed audit and to permit access to the project site for purposes of inspection.
(e) After reviewing the Phase I report, PIDA may determine that additional environmental testing or remediation of contamination, or both, is required prior to closing the loan.
Source The provisions of this § 73.201 adopted November 27, 1991, effective November 30, 1991, 21 Pa.B. 5539; amended October 19, 2007, effective October 20, 2007, 37 Pa.B. 5601. Immediately preceding text appears at serial pages (230917) to (230918).
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