Refinancing of 145-Square-Mile Farm

FARALLON CONDUCTS DUE DILIGENCE INVESTIGATION TO SUPPORT REFINANCING OF 145-SQUARE-MILE FARM

Farallon obtained regulatory closure for a sustainable farm in Oregon.

Farallon completed a due diligence investigation of a complex multi-use agricultural site with numerous facilities. The site historically was used as a bombing range by the U.S. military and for jet engine testing, further complicating the assessment.  Farallon communicated investigation results to the client and potential investors, and presented a path toward regulatory closure that satisfied interested parties.

The 93,000-acre organic farm in the Columbia River Basin comprised a dairy, irrigated farm land, rangeland, and a conservation area.  Farallon identified several recognized environmental conditions, including areas of chemical storage, potential spills during vehicle and equipment fueling, and undocumented underground storage tanks.  Farallon conducted subsurface investigations, which revealed the presence of petroleum, solvents, and pesticides in soil and groundwater at the site.  Farallon worked with the client and investors to develop a plan to properly decommission the underground storage tanks and remove impacted soil from the site.  Following remediation, Farallon evaluated the nature and extent of remaining contamination and presented a conceptual site model to the Oregon Department of Environmental Quality, which agreed that residual subsurface impacts did not pose a risk to human health or the environment and issued a No Further Action determination for the site.

According to Project Manager Jennifer Whaler, “Our due diligence professionals were able to distill a tremendous amount of information into a manageable summary for the parties involved.  We worked closely with the client, their investors, and the Oregon Department of Environmental Quality to achieve regulatory closure by the client's deadline.”