New Brownfields Rules

Hoping to devise a new brownfields rule to foster increased redevelopment of contaminated property, the Environmental Protection Agency has been meeting for the last three months with individuals from 25 groups representing the government, the real estate industry, and the environment. However, representatives of such groups as the National Association of Home Builders and the Real Estate Roundtable are amongthe various residential and commercial property interests arguing that some of the ideas being bandied about are even tougher than standards currently in place and could inadvertently discourage redevelopment efforts. Recently, a heated debate broke out over whether the new rule should require interviews with owners or occupants of sites located next to the for-sale property. Opponents insist that adding interviews wouldmake the redevelopment process unnecessarily burdensome because it would add yet another layer of inquiry; transaction confidentiality also hasbeen a dividing issue. [Editor's note: The WSJ requires a paid subscription.]