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Kodak, DEC amend environmental trust agreement

Rochester Business Journal
August 7, 2013

Eastman Kodak Co., Empire State Development and the state Department of Environmental Conservation have amended their agreement for an environmental trust fund for future remediation work at the 1,200-acre Eastman Business Park.

The U.S. Environmental Protection Agency, in a 91-page filing late Tuesday with U.S. Bankruptcy Court, includes a commitment from New York State to provide up to $50 million if Kodak’s original $49 million is depleted.

“DEC and Kodak shall agree that in the event the costs of EBP Environmental Response Actions exceed $49 million, DEC shall be responsible for payment of such costs in excess of $49 million, up to a limit of an additional $50 million,” the filing states.

Anything over that, the DEC and Kodak will split 50-50.

“In the event the costs of EBP Environmental Response Actions exceed $99 million, Kodak shall pay 50 percent of such costs in excess of $99 million and DEC shall pay 50 percent of such costs in excess of $99 million,” the filing states.

The EPA had taken issue with a recent agreement with Eastman Kodak Co. to provide $49 million to maintain the Eastman Business Park, saying the trust fund for remediation might not be enough to pay for environmental cleanups at the business park and in the Genesee River.
  
The EPA had "significant concerns" about the proposed fund's ability to fulfill the requirements of the Resource Conservation and Recovery Act of 1976, a filing in mid-July stated.
  
The Resource Conservation and Recovery Act allowed the EPA to control hazardous waste from "cradle to grave," including generation, transportation, treatment, storage and disposal, the agency said.
  
In July, representatives from Eastman Kodak Co. and from state government had said the $49 million was more than enough to handle contamination issues.
  
The amended agreement is subject to court approval of Kodak's Chapter 11 bankruptcy. A hearing is slated for 11 a.m. Aug. 16.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


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