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<br />~ <br />~HILLS <br /> <br />TCAAP Community Dialogue: Environmental Clean-up Focus <br />July 10, 2002 <br />7:00 p.m. <br /> <br />Dialogue Notes Prepared by the City of Arden Hills <br /> <br />Comment: How does environmental insurance work? <br />A quick example of the benefits of using environmental insurance can be seen in a <br />project completed in St. Paul. The City of St. Paul recently developed an area known as <br />the Upper Landing, which was formerly a heavily contaminated scrap yard. This area <br />required several million dollars of remediation. At the time the developer investigated the <br />property, the entire site had not yet been characterized, so the city wanted to have <br />assurances from the developer that the city would not be held responsible for any cost <br />overruns or nnidentified contamination. The developer was able to provide the city with <br />such assurances by purchasing a cost cap liability policy to help put a limit on any <br />possible future cleanup expenditures due to contamination. <br /> <br />Page 5 of 5 <br /> <br />. <br /> <br />, <br /> <br />. <br /> <br />. <br /> <br />. <br />