TRC worked with the city and the former owners in a public-private partnership to structure a mutually beneficial transaction that resolved the environmental and redevelopment issues. The city was given the title to the property prior to the completion of the cleanup- and the flexibility to keep all its future-use options available, including residential development. The former owners’ costs were limited to a set amount. By assuming the environmental liability and responsibility for the cleanup of the site, TRC allowed the parties to conclude the transaction without the uncertainty of the environmental issues affecting the deal.
TRC assumed the legal and financial obligations to clean up the property and satisfy the regulatory agencies and the requirements of the city. As part of the deal, TRC tool responsibility for the physical demolition of the plant, immediately improving the character of the community. The site’s demolition and remediation presented a unique challenge because it was located in the middle of a residential neighborhood. TRC and the city conducted numerous community and door-to-door meetings to keep the neighbors informed about the project, its benefits and its progress.