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experience: matters
WP Carey - Brownfield Grant and Remediation Financing
2006

Representation of WP Carey, a real estate finance company, in obtaining a brownfield grant from the State of Ohio to develop a former industrial site in Cincinnati. The sale of the site was conditioned upon obtaining a  site-wide "no further action letter" which Herrick helped secure, along with a covenant not to sue from the Environmental Protection Agency of the State of Ohio (OEPA)—all of this in spite of difficult new conditions discovered after the initial site assessment.

During the remediation, substantial additional contamination was discovered which more than doubled the estimated cost of remediation, pushing the cost far in excess of the amount of the brownfield grant. Herrick obtained a very substantial  contribution to the clean up costs through a negotiated agreement with the former site owner and also obtained additional money for the client to cover the short fall in the cost of remediation from a negotiated settlement with the site’s insurance company under a cost cap insurance policy.