Phase I Environmental Site Assessment Report Record No
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Phase I Environmental Site Assessment Report Record No. 101650317 17771-17789 Panama City Beach Parkway; 17690 Front Beach Road Panama City Beach, FL 32413 Prepared For: Federal Deposit Insurance Corporation (FDIC) as Receiver for Peoples First Community Bank,Bank No. 10165, c/o CBRE 2001 Ross Avenue, 33rd Floor Dallas, TX 75201 Prepared By: Tetra Tech, Inc. 17885 Von Karman Avenue Irvine, CA 92614 TETRA TECH PROJECT T24023.003 2010-08-25 17885 Von Karman Avenue, Suite 500 Irvine, CA 92614 Office: (949) 809-5000 Fax: (949) 809-5010 August 25, 2010 Mr. Jon Walker (CB Richard Ellis, Inc. [CBRE]) Federal Deposit Insurance Corporation (FDIC) as Receiver for Peoples First Community Bank, Bank No. 10165 c/o CBRE 2001 Ross Avenue, 33rd Floor Dallas, TX 75201 RE: Phase I Environmental Site Assessment Record No. 101650317 17771-17789 Panama City Parkway and 17690 Front Beach Road Panama City Beach, Florida 32413 Project No. T24023.003 Dear Mr. Walker: Tetra Tech, Inc. (Tetra Tech) is pleased to submit this Phase I Environmental Site Assessment (ESA) report to Federal Deposit Insurance Corporation (FDIC), as Receiver for Peoples First Community Bank, Bank No. 10165, c/o CBRE, for the above-referenced property (the Site). Tetra Tech found one recognized environmental conditions (RECs), no historical RECs (HRECs), no potential environmental concerns (PECs), and three business environmental risks (BERs) in connection with the Site. It is Tetra Tech’s understanding that this ESA is being requested in conjunction with due diligence activities for the Site by the FDIC, as Receiver for Peoples First Community Bank, Bank No. 10165. Tetra Tech recognizes that this report is to be used exclusively by the FDIC, as Receiver for Peoples First Community Bank, Bank No. 10165. It is a report upon which the FDIC, as Receiver for Peoples First Community Bank, Bank No. 10165, can rely. Mr. Jon Walker 2 Tetra Tech, Inc. FDIC, as Receiver for 17771-17789 Panama City Parkway Phase I ESA Peoples First Community Bank, and 17690 Front Beach Road Record No. 101650317 Bank No. 10165 Panama City Beach, Fl 32413 Project No. T24023.003 August 25, 2010 We appreciate the opportunity to provide you with these services. Please do not hesitate to contact us at your convenience should you have any questions or comments regarding this report or our findings. It has been a pleasure working with you on this transaction. Sincerely, TETRA TECH, INC. STEVEN GROD, REA 07806 JON R. LOVEGREEN, CPG No. 4379 Project Manager Manager, Private Practice Group (PPG) Phone: 949.809.5076 Phone: 949.809.5060 Enclosure TABLE OF CONTENTS 1.0 General Information.................................................................................................................................1 2.0 Executive Summary................................................................................................................................. 2 2.1 Findings, Opinions, and Conclusions................................................................................................3 2.2 Recommendations............................................................................................................................. 4 3.0 Introduction..............................................................................................................................................5 3.1 Purpose.............................................................................................................................................. 5 3.2 Scope of Work................................................................................................................................... 5 3.3 Signi®cant Assumptions.................................................................................................................... 6 3.4 Limitations and Exceptions............................................................................................................... 6 3.5 Deviations..........................................................................................................................................7 3.6 Special Terms and Conditions........................................................................................................... 7 3.7 Reliance............................................................................................................................................. 7 3.8 Data Gaps.......................................................................................................................................... 7 4.0 Site Description........................................................................................................................................8 4.1 Location and Legal Description........................................................................................................ 8 4.2 Site and Vicinity Description.............................................................................................................8 4.3 Current Use of Property.....................................................................................................................8 4.4 Description of Structures, Roads, and Other Improvements............................................................. 8 4.5 Adjoining Property Information........................................................................................................ 8 5.0 User Provided Information.....................................................................................................................10 5.1 Actual or Specialized Knowledge....................................................................................................10 5.2 Commonly Known or Reasonably Ascertainable Information........................................................10 5.3 Valuation Reduction for Environmental Issues................................................................................10 5.4 Owner, Property Manager, and Occupant Information................................................................... 10 5.5 Land Title and Judicial Records for Environmental Liens or Activity and Use Limitations (AULS).................................................................................................................................................. 10 5.6 Reason For Performing Phase I ESA.............................................................................................. 10 6.0 Records Review......................................................................................................................................11 6.1 Environmental Database Records Search........................................................................................11 6.2 Additional Environmental Record Sources..................................................................................... 12 6.3 Physical Setting Sources..................................................................................................................13 6.3.1 Surface Water Bodies.............................................................................................................13 6.3.2 Geology and Hydrogeology...................................................................................................13 6.3.3 Soils........................................................................................................................................13 6.3.4 Hydrology.............................................................................................................................. 13 6.4 Historical Use.................................................................................................................................. 13 6.4.1 Historical Summary............................................................................................................... 13 6.4.2 Title Records.......................................................................................................................... 14 6.4.3 Previous Environmental Investigations..................................................................................15 6.5 Environmental Liens and Activity/Use Limitations (AULs)........................................................... 15 7.0 Site Reconnaissance...............................................................................................................................16 7.1 Methodology and Limiting Conditions........................................................................................... 16 7.2 Site Visit Findings............................................................................................................................16 TETRA TECH, INC. PROJECT NO. T24023.003 RECORD NO. 101650317 TABLE OF CONTENTS 7.2.1 Hazardous Substances............................................................................................................16 7.2.2 Petroleum Products................................................................................................................ 16 7.2.3 Underground Storage Tanks (USTs)......................................................................................16 7.2.4 Aboveground Storage Tanks (ASTs)......................................................................................16 7.2.5 Other Suspect Containers.......................................................................................................16 7.2.6 Equipment Potentially Containing Polychlorinated Biphenyls (PCBs).................................16 7.2.7 Interior Staining/Corrosion...................................................................................................