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In Ky., A Sign of the Times

A fairly recent law passed in Kentucky made purchasing brownfield properties more attractive by limiting the liability of the purchasers. On April 11, 2012, Kentucky House Bill 465 became law. The new provisions encourage property redevelopment by providing a mechanism for the state to work with prospective property owners to remove environmental liability obstacles and increase certainty regarding future liability. The new law is found in Kentucky Revised Statute 224.01-415. The administrative regulations became effective on Feb. 3, 2014, and are found in 401 KAR Chapter 102. The application form is also incorporated into regulation by reference. “The provisions of HB 465 rely upon a Property Management Plan, which serves as an agreement between the buyer and the division of what constitutes appropriate care, providing assurance that, if the plan is followed, the buyer will not have liability for cleanup of releases that occurred prior to purchase,” explains Shawn Cecil,…Log In to Read Full Article

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