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Questions and Answers March 2001 |
| 3) Even if the Superfund site were cleaned up, wouldn’t the
property still be considered a bad investment because of the history and
the ground water contamination that may still exist?
First, the former Eastland Woolen Mill and surrounding land is located in a high profile, easily accessible part of Town. This location will make the property very attractive to investors. For that very reason, the Town wants to make sure that the redevelopment of this area is done in a way that is best for the long-term future of Corinna. Furthermore, to encourage redevelopment of formerly contaminated properties, the EPA and Maine DEP have developed programs that can release all future landowners from liability associated with the contamination. The legal documents they provide are important since some banks may be reluctant to finance development projects on contaminated or formerly contaminated property. EPA has developed the Prospective Purchaser Agreement approach. The EPA will provide a buyer of land at a Superfund Site with "an agreement and covenant not to sue" for any contamination that existed or may remain into the future. The Maine DEP has the Voluntary Response Action Plan program. The DEP will similarly provide a release from environmental liability from existing conditions for all future landowners.
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