HDC has averaged over 35 Phase I Environmental Site Assessments (ESAs) per year. A Phase I determines if there are "Recognized Environmental Conditions" (RECs) at the property or adjacent properties. Any adverse environmental conmcnerns may affect a property transaction. However, most environmental conditions are correctable. Phase II ESAs are designed to explore potential impact to a site from the REC by advancing soil borings, analytical data, or other sampling. We have performed approximately 12 Phase II's per year. Phase III ESAs involve determining the extent of identified contamination and designing and implementing a remediation plan.
Property transactions are typically the basis of conducting ESAs, although refinancing, structure additions, and other property enhancements contribute to the need for ESAs.
