This is an Agreement for Release of a Windfall Lien (Administrative) pursuant to CERCLA 107(r) issued to the Industry Urban-Development Association (IUDA), the redevelopment arm of the City of Industry, Los Angeles County, California. It is the Agency's first settlement pursuant to the recently enacted CERCLA Section 107(r). IUDA is buying for redevelopment a 17-acre parcel identified as a source of groundwater contamination in the Puente Valley Operable Unit (PVOU) of the San Gabriel Valley Superfund Site. The 2002 Brownfields amendments to CERCLA provide a liability exemption to �bona fide prospective purchasers� (BFPPs) who knowingly acquire contaminated land. To avoid the unjust enrichment of BFPPs who might profit from EPA cleanups that increase the fair market value of their properties, they are subject to a �windfall lien� whereby EPA can its recover its unreimbursed response costs. IUDA, as a BFPP, approached Region 9 to settle the lien based on the potential for a future increase in its property value due to federal funds being spent on groundwater remediation at the PVOU. This settlement encourages urban infill by allowing IUDA to own and market the parcel without the encumbrance of a Superfund windfall lien. In exchange for the release of the lien, IUDA will pay EPA $100,000 in cash, to be deposited into a Superfund Site-specific Special Account.
[ NOTE: This matter is being temporarily entered in ICIS under CERCLA 107A, but only as a placeholder until