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Developer to clean up Superfund site Historic agreement clears way for future redevelopment
Release Date: 11/09/2006
Contact Information: Dave Bary or Tressa Tillman at 214-665-2200 or firstname.lastname@example.org
(Dallas, Texas – November 9, 2006) The U.S. Environmental Protection Agency marked the signing of the first-ever agreement in the nation by a developer to clean up a Superfund site today at a ceremony held in Houston.
The agreement with the developer, Clinton Gregg Investments, L.P., to clean up the 36-acre Many Diversified Interests, Inc. (MDI) site will save $6.6 million, since there are no former site owners available to perform or fund on-site cleanup of the lead-contaminated soil. It also allows the private company to redevelop the property for residential land use.
“This ground-breaking agreement shows the innovative solutions that are possible when government and industry work together to achieve a shared goal,” EPA Regional Administrator Richard E. Greene said. “We are clearing the way for redevelopment and saving millions of taxpayer dollars in the process.”
The MDI site was once the location of a metal casting foundry. Former property owner, MDI, filed for bankruptcy in 1994. The site was added to the Superfund National Priorities List in 1999. EPA spent $4.4 million to clean up about 60 nearby residential properties contaminated from activities at the site.
Under the agreement, the buyer guarantees that it has sufficient funds to complete the cleanup and agrees to pay for EPA's oversight costs to make sure the work is being done properly. It also provides protections for both the buyer performing the cleanup and future buyers who purchase portions of the property. Clinton Gregg Investments purchased the property for $7.8 million.
For more information about the MDI site, visit www.epa.gov/earth1r6/6sf/pdffiles/0605008.pdf.
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