Comprehensive Guide to Environmental Assessments (EA)

Learn about the importance, procedures, and key phases of conducting Environmental Assessments (EA) to ensure land sustainability.

Comprehensive Guide to Environmental Assessments (EA)

Introduction

An Environmental Assessment (EA) meticulously evaluates land to uncover any distinctive environmental characteristics. These assessments consider a wide range of elements, from safeguarding endangered species and identifying existing hazardous waste to acknowledging historical and cultural significance. Depending on the EA’s conclusions, an Environmental Impact Statement (EIS) might be deemed necessary.

Real-World Applications

Pipeline Installation

An environmental assessment was performed before the installation of a petroleum products pipeline. The process involved thorough physical inspections and consultations with federal entities such as the Environmental Protection Agency (EPA) and the Army Corps of Engineers for floodplain data. State agencies, including historical commissions and water quality boards, were also consulted. Because of the findings from the EA, it was determined that an EIS was not required.

Addressing Environmental Contamination

When tackling environmental contamination, an environmental assessment involves three critical phases:

  1. Phase I: Identify hazards like asbestos, radon, polychlorinated biphenyls (PCBs), or leaking underground storage tanks (LUSTs).
  2. Phase II: Estimate the remediation or cleanup costs based on the identified hazards.
  3. Phase III: Execute the remediation to address and neutralize the environmental contamination comprehensively.
  • Site Assessment: Investigating a site’s suitability for development based on environmental variables.
  • Due Diligence: The comprehensive appraisal of an asset, to confirm all material facts related to the sale, acquisition, or leasing of real estate and properties.
  • CERCLA (Comprehensive Environmental Response, Compensation, and Liability Act): A U.S. federal law enacted to provide a federal

Related Terms: Environmental Impact Statement, Site Assessment, Due Diligence, CERCLA.

Friday, June 14, 2024

Real Estate Lexicon

Discover the A-to-Z guide to real estate terms with over 3,300 definitions simplified for quick and easy understanding. Essential for real estate agents, consumers, and investors.