An attorney The Reynolds Group has worked with was instrumental in creating SB989, The Bonafide Ground Tenant concept. SB989 allows real estate transactions under a lease to own the concept to test the property and remediate the contamination. An interested buyer can enter into a lease to develop a contaminated property with an option to buy. The development can be advanced, the property can be developed, and the resulting cash flow can be used to pay for remediation. This law indemnifies the developer from the seller’s contamination. TRG teamed with this environmental attorney to evaluate SB989 for a project in the Old Town Tustin redevelopment area and facilitated the real estate transaction for a retired couple who needed the property sold for retirement liquidity.
In addition, TRG has partnered to sponsor a White Paper for a joint DTSC/EPA Region 9 Solar Energy on Landfills and Contaminated Sites Initiative. TRG remains close to the cutting edge of legislative activity in the Brownfield area that can match financing, credits or favorable Brownfield laws towards completing assessment and remediation.