Pre-sale Timberland Due Diligence (US)
SLR provided pre-sale environmental due diligence of timberland in seven states in the Northwest, Midwest, and Southeast U.S. for our client, a Timberland Investment Management Organization (TIMO).
The timberland was divided into nine Forest Management Areas (FMAs) which were each assessed in accordance with ASTM E2247-08, Standard Practice for Environmental Site Assessments: Phase I Environmental Site Assessment Process for Forestland or Rural Property. Utilizing staff from both the US and Canada, Gene Watson managed five separate teams of environmental scientists to perform the research and site reconnaissance for the various FMA’s.
Initial reconnaissance was performed through the review of current and historical aerial photography, as well as review of national and state regulatory databases for the properties. Areas of Interest (AOIs) were further identified through the review of previous reports, interviews with foresters knowledgeable with the properties, and interviews of local environmental agencies and regional and state foresters with responsibility for the tracts.
Project highlights included:
- Site visits to the AOIs resulted in the identification of Recognized Environmental Conditions (RECs), as defined by ASTM, and other environmental concerns not meeting the level of risk of a REC.
- Evaluation of environmental risk was complicated by the presence of mining and oil & gas activity on several of the FMAs.
- SLR’s reports were uploaded to an electronic data room to facilitate due diligence by the various bidders for the upcoming property sale.