Old gas station property ?????

6 Replies

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!

@Shawn Holsapple

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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