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Brownfields, A Step in the Right Direction
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Brownfields_Step_in_the_Right_Direction.pdf
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In 1993 the U.S. Environmental Protection Agency (EPA) responded to the brownfields issue with its Brownfields Economic Redevelopment Initiative. The intent of this initiative was to empower states, localities, and other agents of economic redevelopment to work together in a timely manner to prevent, assess, safely clean up, and sustainably reuse brownfields. At the heart of this initiative were a number of pilot projects (Cleveland, OH; Richmond, VA; and Bridgeport, CT) aimed at developing effective approaches to cleaning up and redeveloping abandoned industrial sites.
On January 25, 1995, EPA Administrator Carol Browner announced the Brownfields Action Agenda which outlined EPA’s activities and future plans to help realize the benefits of the Brownfields Initiative. The efforts outlined in the Brownfields Action Agenda can be grouped into four broad and overlapping categories. In the first category there was a significant expansion of the Brownfields Pilot Project
program - up to 50 additional communities by the end of 1996. By July 1995, EPA had already announced the addition of 15 new pilot projects.
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ESA Opportunities Develop as Bank Merger Mania Slows
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ESA_Opportunities_Develop_as_Bank_Merger_Mania_Slows.pdf
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During the last few years, banks have experienced an unprecedented period of consolidation. However, after a record-setting 1995 with $74 billion in combinations, an eerie quiet has settled over the bank merger and acquisition market. According to data provided by SNL Securities, there were 99 bank and thrift acquisitions announced in the first quarter of 1995, with a total deal value of $7.9 billion.
In this year's first quarter, there were 75 bank and thrift acquisitions announced - for a total deal value of $4 billion. Many experts pin the decline on so-called merger “hangover”: large banks are busy digesting their gains from last year. However, once this is completed, some believe mergers will accelerate since the factors driving mergers - slow revenue growth and the need for banks to achieve economies of scale - still persist.
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Mexico's Emerging Site Assessment Market
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Mexico's_Emerging_Site_Assessment_Market.pdf
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According to the 2006 Bryan Cave Real Estate Executives’ Forecast Survey, more than 60% of commercial real estate professionals are looking outside U.S. borders for investment properties, and Mexico is among the top targets. Legislation passed in Mexico in early 2004, however, has important implications for the transfer of contaminated properties and an owner’s liability after purchase. For this month’s feature story, EDR was fortunate to have the input of Robert L. Soza, Jr., a shareholder with the law offices of Jenkens & Gilchrist in San Antonio, TX, where he advises clients on compliance with Mexican environmental laws.
Fifteen percent of the commercial real estate professionals participating in the Bryan Cave survey consider Mexico a key investment market, while another 15% named China. Other countries of interest included the U.K., Canada and Japan, where 12%, 8% and 8%, respectively, of those surveyed plan to invest in land or property.
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MBA White Paper Molds Lenders' Approach to Mold
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MBA_White_Paper_Molds_Banks_Approach_to_Mold.pdf
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The potential for a mold problem is now a very real business risk with very real costs, both for property owners and their lenders. Reflective of this trend, the Mortgage Bankers Association (MBA) just this month
released a white paper entitled Mold: Steps Toward Clarity as a guide to help lenders mitigate their exposure to mold-related risk. According to Katie Schwarting, the document is designed “to cut through all the recent hysteria surrounding mold, and help the commercial real estate finance industry understand mold and dampness and develop effective strategies for avoiding or minimizing the risks and misperceptions associated with these conditions.”
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Environmental Disclosure: A New Driver for Environmental Due Diligence
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Environmental_Disclosure.pdf
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Today, investors and corporations have the ability to investigate more potential risk factors than ever before prior to making deals. Risk management has evolved significantly over the past several years into an increasingly important business consideration and effective growth mechanism for corporate leaders nationwide. Meanwhile, corporations are under great pressure to act as positive influences on society and the environment. The potential for environmental problems to not only spoil deals and lead to financial troubles, but also to reflect poorly on a company’s public image, has become a very real business threat. What’s more, the Sarbanes-Oxley Act has forced greater scrutiny on public companies’ responsible disclosure of environmental liabilities to stakeholders. Rounding out these new drivers is the fact that better risk management, including the management of environmental risk, has proven to have a positive impact on the bottom line of many companies. These emerging trends are driving both public and private companies to expand traditional environmental due diligence.
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