ISRA

Question 1

If there are multiple tenants and the ISRA transaction is sale of the property, how many GINs do you need to file?

One for the property
One for each tenant

Answer 1

One for each tenant

Question 2

What are the circumstances where an owner/operator is authorized to transfer ownership/operations or authorize the cessation of operations without a final remediation document?

Answer 2

1. Remediation certification pursuant to NJAC 7:26B-3.3(c) - agreements with NJDEP prior to November 4, 2009
2. NJDEP approves regulated UST waiver application
3. NJDEP approves remediation in progress waiver application
4. NJDEP approves de minimis quantity exemption

Question 3

Under ISRA, ownership or operations can not be transferred until the following are met:

Answer 3

1. LSRP has issued RAO
2. LSRP has certified a RAWP
3. Prior to November 4, 2009 the owner/operator executed remediation agreement amendment or remediation certification
4. NJDEP has issued authorization letter (special cases like de minimis exemption)

Question 4

When was ISRA established?

Answer 4

Originally as the Environmental Cleanup Responsibility Act, signed into law June 16, 1993.

N.J.A.C. 7:26B (rules implementing ISRA) became effective December 21, 1987.

Question 5

ISRA triggering events?

Answer 5

1. Close of operations or public release of decision to close operations (whichever occurs first)
2. Execution of agreement to transfer ownership/operations
3. Agreement of sale or execution of lease for 99yrs or longer
4. Corporate dissolution
5. Change in operations that changes the NAICS number
6. Purchase of industrial establishment or real property of establishment
7. Accepting payment for majority of stock involving direct owner/operator
8. Sale/transfer of stock resulting in a merger or consolidation involving owner/operator
9. Sale/transfer/execution of agreement of >50% assets within a five year period
10. Sale/transfer/execution of stock that changes person holding controlling interest
11. Sale/transfer/execution of agreement for partnership interest in a partnership that would reduce assets available for remediation by 10% or more
12. Putting the establishment into a trust, except when grantor and beneficiary are identical or members of immediate family
13. Owner finds out industrial establishment is nonoperational for H&S reasons or judicial proceeding
14. Dissolution or liquidation for benefit of creditors
15. Bankruptcy