Phase I Environmental Site Assessment(redirected from Level I Environmental Site Assessment)
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Phase I Environmental Site Assessment
Investigation of real property to determine the possibility of contamination, based on visual observation and property history, but no physical testing. Under new Environmental Protection Agency regulations that went into effect on November 1, 2006,a Phase I,as it is called for short,will be mandatory for all investors who wish to take advantage of CERCLA defenses that will shield them from liability for future cleanup,should that prove necessary. The new Phase I rules, called “All Appropriate Inquiry” or AAI, also require more investigation than previously mandated. Investors can expect to see dramatic price increases over prior experiences.