Resolution 5742 - Laserfiche WebLink

ATTACHMENT 1 The property transaction is providing the primary source of funding for the cleanup. EHA is obtaining a line-of-credit from a private financial institution backed by the City of Everett as a guarantor as the mechanism to finance the acquisition of property and carry out related obligations which arise from this plan. To carryout the acquisition and obtain limit its liability, EHA has negotiated two "Prospective Purchaser Consent Decrees" with Ecology. The principal remediation and site preparation work will be: • Asarco Houses - EHA will purchase 15 Asarco-owned homes outside the Fenced Area and accept responsibility for cleaning up contamination to residential standards. Asarco will clean up the contaminated yards of the 15 Asarco-owned homes for EHA as a condition of the transaction. Seven of the 15 houses may be demolished as part of the cleanup work. • Fenced Area - Under the Remediation Agreement with EHA and other applicable regulatory requirements, Asarco will remove the most contaminated soil from the Fenced Area (more than 3,000 mg/kg arsenic). After Asarco has removed this soil and Ecology has certified that the standard has been met, EHA will purchase this area from Asarco and accept responsibility for cleaning up the remaining arsenic-contaminated soil to residential standards. Asarco will perform the cleanup work for EHA as a condition of the transaction. As explained in Section 5.1, the Fenced Area will be regarded and a minimum 2-foot cap of clean soil will be placed over the area in preparation for redevelopment. • Other Houses - The remediation plans and orders also require Asarco to clean up contaminated yards at an additional 22 homes in the area which are not owned by Asarco. Streets, utilities, and other facilities identified in the Final Design Report (Asarco 2004, as approved by Ecology) and related engineering documents and City permits will be demolished or removed as part of remediation and site preparation for future redevelopment. The contaminated soil will be barged to a disposal facility at the Asarco Tacoma Smelter. Funding for this cleanup work will come from several sources. As indicated above, EHA will provide funds to Asarco as consideration for EHA's purchase of the Fenced Area and 15 Asarco-owned houses (as part of the transaction, Asarco will clean up the Fenced Area to residential standards, along with the 15 Asarco- Community Renewal Plan-page 12