Addressing any potential or perceived environmental issues can have significant impacts on the salability of a property. The assessments can help mitigate this by identifying whether environmental impacts exist or not, and if they do, to what degree. This information is vital for a property owner and a potential purchaser (developer) to come to a fair market value for the property. Absent this assessment, any educated purchaser will be extremely conservative and offer less than fair market value for the property.
Participation can determine if no impact exists, remove the negative stigma associated with it, and thereby increase the value of the property substantially. If an issue does exist, an environmental assessment under this program can provide liability protection, preliminary cleanup planning along with expected costs, and better enable lender support for redevelopment.