Properties in Illinois that are currently contemplating or pending sale, and properties with existing No Further Remediation (NFR) letters, may encounter difficulties and issues arising under the recent indoor inhalation rules adopted in Illinois. In the Matter of: Tiered Approach to Corrective Action Objectives (TACO) (Indoor Inhalation): Amendments to 35 Ill. Adm. Code 742.
The three hundred and twelve pages of TACO amendments were adopted by the Illinois Pollution Control Board on May 16, 2013. Opinion and Order of the Board. We have prepared a more detailed analysis of the rules that is available in a corresponding Management Alert. The Seyfarth Environmental Safety and Toxic Torts Group has been working with environmental consulting groups to evaluate the practical impact these new regulations will have.
Our take away is this: property transfers may be slowed because consideration of vapor intrusion is likely to trigger the need for Phase II testing on properties that otherwise would not need intrusive testing. In addition, parties need to be aware that an existing NFR letter never addressed vapor intrusion so prudent buyers will want to ensure that vapor intrusion is considered despite the NFR letter.