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Brownfield Site Sales Transactions: Buyer and Seller Considerations, Environmental Risks, Financial Incentives

Recording of a 90-minute premium CLE video webinar with Q&A

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Conducted on Tuesday, October 1, 2024

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This CLE webinar will provide a comprehensive overview of brownfield property sales transactions. The panel will discuss the opportunities and risks associated with these transactions, particularly related to environmental liability, as well as federal and state law incentives. The panel will address areas of pre-purchase negotiation including determining whether clients qualify for these incentives and for limited liability protections. The panel will also offer best practices for buyers and sellers when drafting the purchase and sale agreement to include terms unique to these transactions.

Description

With continued public interest in urban living within walking distance to working, shopping, entertainment, and public transportation, brownfield development may be an attractive option for real estate developers and investors, especially given certain federal and state incentives. However, along with the opportunities come certain risks and challenges of which counsel should be aware so they can best guide their clients through the purchase and sales process.

A brownfield site is typically a commercial or industrial property of which the reuse or redevelopment may be complicated by the presence or potential presence of hazardous substances, pollutants, or contaminants. Under CERCLA as well as state and local laws, purchasers may be exempt from environmental liability if they meet certain criteria. In addition to limiting liability, federal and state laws also provide certain financial incentives, such as tax credits and grants, to purchasers of brownfield properties.

Counsel should understand the opportunities and risks involved with brownfield transactions as well as the pre-purchasing negotiations required on behalf of their clients whether buyers or sellers. Counsel should also know what key terms to include in the purchase and sale agreement (PSA) to best protect their clients' interests.

Listen as our expert panel provides a comprehensive overview of brownfield sales transactions. The panel will discuss the impact of federal and state laws on these transactions, particularly as they pertain to environmental liability, and provide pre-purchase considerations and best practices for drafting the PSA.

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Outline

  1. Introduction to brownfield property
    1. Brownfield redevelopment process
    2. Key parties in the transaction
    3. Helping clients decide whether and/or how to move forward with purchasing a brownfield property
  2. Federal (CERCLA, RCRA) and state law impact
    1. Potential risk exposure
    2. Limited liability relief
    3. Financial incentives
  3. Pre-purchase negotiations
    1. Buyer and seller
    2. Government agencies
  4. Drafting the PSA
    1. Buyer considerations
    2. Seller considerations
  5. Insurance and finance pointers
  6. Practitioner takeaways

Benefits

The panel will address these and other important considerations:

  • What are the opportunities available to buyers of brownfield property? What are the environmental risks facing these buyers?
  • What are the seller's responsibilities in a brownfield sales transaction when it comes to environmental issues?
  • What federal and state laws impact the purchase of brownfield property sites? How can counsel ensure that their clients qualify for any limited liability and/or financial incentives offered under these laws?
  • What terms unique to these transactions should be included in the PSA to mitigate risk for buyers and sellers?

Faculty

Doty, Robert
Robert P. Doty
Partner
Cox, Castle & Nicholson

Mr. Doty is a leading real estate redevelopment attorney who provides strategy and counsel to a wide variety of...  |  Read More

Schnapf, Lawrence
Lawrence P. (Larry) Schnapf
Principal
Schnapf LLC

Mr. Schnapf primarily concentrates on environmental risks associated with corporate, real estate and Brownfield...  |  Read More

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