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Goose Island Brownfield


Challenge
The owner of a prime piece of land located on Chicago's prestigious Goose Island was interested in selling the property. However, because the land was historically used for industrial activities, the prospective purchaser was unwilling to proceed with the deal without attaining liability protections for existing environmental conditions. The consultants that had performed the environmental due diligence proposed a remediation plan that included the excavation and offsite disposal of large volumes of contaminated soil. The expense associated with this approach resulted in an unfavorable pro forma for the entire redevelopment project and the transaction was halted. A third party to the transaction, a client of Weaver Boos, asked for time to find another solution. Our client approached us with the facts and stipulations of all the parties. They then challenged us: can Weaver Boos, in less than 72 hours, develop a less expensive remediation plan that will satisfy both the Illinois EPA and the purchaser, and that can be implemented concurrently with an aggressive site development and construction schedule?

Solution
Solution Over a long weekend, Weaver Boos developed an innovative remedial strategy utilizing newly promulgated state regulations. These regulations allowed for contaminated soils to remain on-site, if used in a manner that would be protective to human health and the environment. This approach, by creating a Soil Management Zone, effectively integrated site remediation with site development. It also offered the constructors the flexibility to utilize impacted soils in place of expensive clean fill. Coupled with a few other "first ever" ideas to reduce environmental risks, Weaver Boos was able to develop a plan that would reduced remediation costs by more than half, which saved the project hundreds of thousands of dollars.

To address requirements of the seller, purchaser, and other parties, Weaver Boos recommended site enrollment in the Illinois Site Remediation Program (SRP). To accommodate the very aggressive schedule, and to facilitate approval of the more cost effective remedial strategy, Weaver Boos proposed completing supplemental investigations, and assisting the parties and legal counsel with presentation of the plan to the Illinois EPA. Weaver Boos facilitated efforts to gain preliminary Agency concurrence with the plan, helped develop draft NFR letters, and defined clear objectives to ensure a Comprehensive NFR Letter could be issued upon project completion.

Results
Working faster than our clients expected, and within the proposed budget, Weaver Boos developed a site remediation plan that was both pragmatic and innovative, and obtained necessary approvals. The draft NFR letter met the needs of all parties, revitalized the transaction, and ensured the transaction could proceed and close on schedule. Weaver Boos assisted throughout all phases of construction, helping complete the Goose Island property redevelopment in 2005 and celebrate the opening of its 193,000 square foot Global Research and Development Center.