ABSTRACT
Environmental laws that were passed during the latter half of the twentieth century have played a large, if not primary, role in stifling the redevelopment of manufactured sites. These laws impose broad legal and financial liabilities on various individuals and entities associated with manufactured sites, including current owners, potential purchasers, and lenders who provide capital to finance the purchase of such sites. These liabilities create strong disincentives to the redevelopment of urban areas that contain actual or suspected contamination. Developers and prospective purchasers shy away from such properties, despite their often desirable location, on account of the uncertain and seemingly unending liability associated with them. The regulatory risks and liability risks have been created by the laws governing polluted sites. The regulatory risks arise from a myriad of complicated environmental laws that regulate such matters as impact assessment, standard-setting and licensing. Compliance with these laws can be expensive, time-consuming, onerous and, in some cases, may preclude the development of a manufactured site or the operations of a business on the premises. Failure to comply with these laws and regulations can result in excessive costs, as well as exposure to civil and criminal fines and penalties.
