Union Chemical Site, Hope, Maine Sample Clauses

Union Chemical Site, Hope, Maine. Union Chemical is an environmental site for which remediation began in 1992. In 1993, the trust for the site contracted with IT Corp to remediate the site. The contract with IT Corp provided that if the site, excluding bedrock, was not clean by the end of five years from commencement of the air injection system that the contractor would guarantee cleanup and absorb future cost. The operation of the system began in 1996. IT declared bankruptcy in 2002 and was acquired by the Xxxx Group. Unfortunately, the Union Chemical contract was not accepted by the Xxxx Group as part of the acquisition out of bankruptcy. The bankruptcy had occurred on what was perceived by the trust as the end of the cleanup process. The EPA has indicated that it will require long term monitoring together with other activities by the trust relative to the site closure; therefore, the trust required additional funding of approximately $1.7 million. Nashua’s share of the cleanup cost is 18.7%. The cash call in the amount of $317,089 was received in December, 2006 and was paid in February 2007.