Refinancing of 145-Square-Mile Farm

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

A sustainable farm in Boardman, Oregon relied on Farallon to provide a thorough environmental assessment of its sprawling site.

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 investigation.  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 to further evaluate potential impacts in the areas of concern, which revealed the presence of petroleum, solvents, and pesticides in soil and groundwater at the site.

According to Project Manager Jennifer Whaler, “Our due diligence professionals were able to distill a tremendous amount of information gathered during the site reconnaissance and historical review into a manageable summary for the parties involved.  We’re currently working with the client to develop a plan to remove the underground storage tanks and impacted soil from the site.  I look forward to our team’s collaboration with the client, investors, and the Oregon Department of Environmental Quality to achieve regulatory closure for the site.”