Environmental Contamination

Regardless of the type and source of the contamination, the effect on property values is the same—diminished worth. But, determining both the extent of the damages and how costs are allocated to the various parties involved is extremely complex. Here are examples of our involvement in various contamination cases:

Big Rock Nuclear Power Plant – In 2006, Michigan ’s Big Rock Nuclear Power Plant will be dismantled, the site remediated and the real estate adaptively converted to other uses. Greenfield Advisors provided the owners of the site with feasibility studies and highest/best use analysis for the post-remediation disposition.

Twin Cities Army Ammunition Depot – This U.S. Army small arms ordinance manufacturer was once located in rural Minnesota.  Today the Twin-Cities suburbs surround the site and the facility is mostly abandoned.  Greenfield Advisors provided analysis to the U.S. General Services Administration and the U.S. Army on the adaptive re-use of the site and on various valuation issues, including cost/benefit analyses.

Railroad Chemical Spill -- In 1998, a railroad car loaded with hazardous chemicals spilled its contents in a residential area of Lake Charles , Louisiana . Greenfield Advisors provided the expert testimony on appropriate valuation methods, aiding the court in certifying a class action as the appropriate method for handing the complex litigation.

Oil Pipeline Leakage -- An oil company pipeline running under a road in a commercial neighborhood near San Luis Obispo, California leaked for many years and caused significant economic damage to properties fronting on the road, including diminished marketability, lower ability to obtain financing and construction/development permits and the inability to lease properties at optimum rates. Our analysis and subsequent testimony aided the property owners in obtaining compensation for these losses.

Railroad Refueling Remediation -- A large railroad company has operated refueling facilities across the U.S. for many decades. After passage of the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) they have had to deal with both environmental remediation and third-party torts. We have aided the railroad in determining both unimpaired and impaired values of adjacent properties and in the subsequent settlements with claimants.