The luncheon event, “Do you know how the ASTM 1527-13 changes are affecting your business?” was held yesterday at the Birmingham Country club in Birmingham, Michigan. The event was sponsored by PM Environmental, ACG Detroit, The Community Bankers of Michigan (CBM) and the Risk Management Association (RMA).
The expert panel featured presentations by Julie Kilgore, chair of the ASTM 1527 task group and member of the EPA Federal Advisory Committee, Mike Kulka, CEO of PM Environmental and Jeff Furton, Assistant Group Manager of the Environmental Risk Management group at Comerica bank.
“It was really great to speak with such an engaged group,” said Kilgore. Her lively presentation discussed the subtleties between environmental conditions (RECs, HRECs and the recently added CRECs) and demonstrated how the ASTM 1527-13 changes may necessitate new reports and reviewing previous ones closely to maintain compliance and avoid future issues on transactions. “I’m very passionate about what I do and love discussing it with others.”
Vapor intrusion (VI) is another hot topic since the change in the ASTM 1527-13 standard, and Mike Kulka demonstrated the challenges in identifying VI and some of the most efficient and cost effective ways to mitigate it. “We really had a focused crowd of professionals who care,” said Kulka. He also discussed Brownfield and financial incentives for redeveloping troubled sites.
Jeff Furton demonstrated a lender’s point of view by discussing how low quality and outdated Phase I ESAs can become a roadblock in closing deals, which resonated with many of the lenders in attendance. “I had several good discussions with the attendees both before and after the show,” said Furton.
The audience feedback was overwhelmingly positive and many stated they appreciated that the issue was examined from the point of view of ASTM, the environmental consultant and the borrower/lender.