When a business or bank realizes that there’s a high potential
that the area they’re investing in could be contaminated, they hire an
environmental consulting firm to conduct a Phase I Environmental Site
Assessment. An example of a business that does that can be found here.
Once the firm conducts a series of groundbreaking tests on the property, they
can report back to all the stakeholders to identify what risks are present and
the costs of repairing or cleaning the property.
These assessments give banks and businesses a clear and
accurate picture of what they may be getting themselves into, and it helps promote
business growth in areas where no business activity was seen to be possible.