Left Unsaid

The Recorder has an update on the environmental study (here).

I want to highlight a point that was made at the public forum on Chalmers that I think gets lost in the debate. Although it remains unlikely, there does exist a possibility that the environmental study will find that Chalmers cannot be repurposed if significant and complex remediation must be performed on the footprint of the building itself. In short, environmental contamination may make the project infeasible. Again, let me emphasize that the expectation of such an issue seems unlikely per the Saratoga Associates presentation.

What you then have to consider is the sheer irrelevance of any discussion of permanent financing or commitment from a bank in light of an unknown yet serious risk of environmental liability which a bank could assume from bypassing its environmental due diligence. Ain’t happening.

I covered this before but thought this is a vital point to highlight again.

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