City of Cortland (Buckbee-Mears)

The Site was operated by International Electron Devices, LLC for a brief period in 2005 to manufacture aperture masks for cathode ray tubes and other photo-chemically etched parts for the medical, automotive and electronics industries. In or about May 2005, IED ceased manufacturing operations and abandoned the Site, leaving significant contamination behind. On September 29, 2006, EPA issued a Unilateral Administrative Order (UAO), pursuant to Section 106(a) of CERCLA to IED. IED did not comply. From January 2007 to May 2009, EPA conducted an extensive removal action at the Site. As of December 31, 2011, EPA had incurred over $8.3 million in response costs, plus interest, in connection with its removal action at the Site. Attempts to contact IED proved unsuccessful thus EPA began a dialogue with the State Bank of India, the mortgage holder, as well as the City of Cortland and the County of Cortland, holders of tax liens, to resolve the parties’ competing liens on the Site properties. On June 6, 2012, the City signed an Agreement with EPA (“City Agreement”) in an effort to facilitate the foreclosure, sale, and redevelopment of the Site. EPA signed the Agreement on June 8, 2012. A similar agreement was signed by the County on July 12, 2012. These 2 agreements are collectively referred to as the “Municipal Settlements.” Under the Municipal Settlements, the City and the County have agreed to facilitate the sale and redevelopment of the Properties. A 3rd agreement