I'm wondering if anyone has been involved in buying a property that has been "cleaned up" by a state department of environmental management. I'm in the state of Indiana. So IDEM has spent time removing tanks and top soil for a clean bill of health. If I ask the state this question I get different answers. But I'm wondering if I purchase the property then do I take all liability in the future. Example if the state says it's clean and you can do x,y but not z on the property and I do that (only x and y). But the state or someone tests the soil years later (while I own it or while I'm selling it) and they find to high of contaminants left from the gas station clean up am I liable? Any dialog on this topic would be great. Thanks in advance
Wow maybe this is a sign. No one even wants to comment?
I think most people shy away from these. One would "assume" that it's good and no future liability. I know most times it has to be disclosed if the site was a former station and may be a tough sale in the future.
My knee jerk reaction is to pass and go with a few nice SFH rentals/lease to own homes in Greentown!
Yup might jump over to my last post on the commercial forum. I had a few good returned comments there.
I'm not sure if that @ thing works on my moblie
I was told many, many years ago that old gas stations would make good locations for pizzerias, bagels, etc.. I know I've seen plenty of former gas stations turned into great food venues.
My guess about the future what if's about toxins, let your corporation or llc buy & own it, wouldn't that keep it away from you personally?
Mark have you spoken with an environmental engineer about doing a Phase 1 on it?
Yes Brandon. It is ready for the Phase 1 and a comfort letter. The "old" gas station part will remain a gravel lot to use the current building as a business. Larger development will require it to be used for building area.
Also has anyone ever approached a town or city about doing a tax abatement? I was thinking of asking for a 3 yr tax abatement (if that's the right word) to help me help the city in getting it developed.
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