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August Mack Real Estate & Environmental Educational Forum

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August Mack Environmental, Inc.

10 South Riverside Plaza

Suite 875

Chicago, IL 60606

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August Mack is pleased to announce a FREE real estate and environmental educational forum for attorneys, insurance underwriters and claims specialists, bankers, brokers, and developers. By attending this event, you will gain valuable knowledge on three environmental and real estate related topics, attorneys will get three CLE credits, and breakfast will be provided, all at no cost to you!

The educational forum will take place on Thursday, February 22nd at 8:00 in the morning at the August Mack office in Chicago. A continental breakfast will be served starting at 8:00 AM and the presentations will follow, with everything concluding at 12:00 PM.

The event will include three presentations from various August Mack Environmental employees that all have extensive experience dealing with environmental issues related to real estate development. The topics for this event are as follows:

Strategies for Completing Deals on Environmentally Impaired Property: Most commercial property transactions are subject to some level of environmental due diligence. In most instances, the due diligence discovers no substantial environmental issues that would jeopardize the deal from moving forward. However, a small percentage of sites encounter environmental conditions that need to be addressed to keep the deal alive. Negative environmental due diligence findings should not necessarily kill a real estate deal. In most cases, options are available to help lenders, buyers and sellers get comfortable with the issues and keep the deal moving towards closing. This 60-minute training will provide the audience with an understanding of
a) Initial due diligence strategies – from site assessments to site investigations,
b) Financial and technical strategies for dealing with adverse environmental findings; and c) A real life case study on how an environmentally impaired property was transacted.

Closure Cost and Time Frame Estimating: One of the first questions often asked by parties responsible for environmental clean-up costs is “How much will it cost to bring this site to closure?” The second question usually asked is “How long will it take?” These are important questions for property owners, developers, their consultants, and legal counsel working with the various parties. An understanding of remedial costs and timeframes are needed when trying to estimate the value of environmental liabilities, for insurance companies setting reserves for environmental claims, and for site owners and legal counsel looking at the impact of environmental costs to a business.

There are number of approaches to estimating cost-to-closure, from simplistic “best guesses” to more sophisticated cost modeling techniques using Monte Carlo simulations. The challenge for accurately determining cost for closure comes down to the client risk tolerance, regulatory acceptance, available reserves, timeframes, and other variables. Cost modeling provides a more statistically rigorous analysis of all of the potential costs and their likelihood of being incurred as the site proceeds to closure. The interpretation of these results provides a mathematically defensible estimate of the cost to closure. However, like with all models, it is only as good as the data used to build it. The more that is known about a site, the more confidence can be placed on the model results. Cost Modeling provides answers to questions like:

  • “If we want to settle an insurance claim for an environmental liability, what is the minimum acceptable settlement amount to be 90% certain we will have enough to complete the cleanup?”
  • “If we want to purchase a property with environmental liabilities, how much should the purchase price be reduced to account for the liability?”

Understanding Mold: What is it? How to Investigate? How to Address it?: Molds are naturally-occurring, microscopic fungi that are found almost everywhere. In nature, molds break down organic matter such as fallen leaves and dead trees. But indoors, and at high concentrations, molds can affect the health of certain individuals and Indoor Air Quality (IAQ). Exposure to molds and the mycotoxins they can produce, can lead to adverse health effects in sensitive individuals including rash, fever, headache, fatigue, and asthma. As a result, mold has been increasingly scrutinized and evaluated by environmental scientists, regulatory agencies, and the legal community as it relates to property conditions. The presence of mold can be an indication of failures of various building systems, such as plumbing, HVAC, or even exterior components (such as brick or siding), which can lead to insurance claims and potential litigation expenses. It is important to understand what to look for in buildings as possible indications of a mold, water intrusion or other IAQ issues. If mold is present, understanding how to properly investigate, respond, and address the mold is critical. There are many misguided approaches to addressing mold and some of these can cause further issues for buildings and their occupants, potentially resulting in legal action.

Make sure to reserve your spot today, as space is limited!

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August Mack Environmental, Inc.

10 South Riverside Plaza

Suite 875

Chicago, IL 60606

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