Thu., April 25, 2013 3:45pm (EDT)

Novel Deal Could Clean Up Site
By Orlando Montoya
Updated: 12 months ago

SAVANNAH, Ga.  —  
The Savannah River has many heavy industry sites.  Pictured is the Imperial Sugar facility.  The Tronox plant is located further downriver.  (photo Orlando Montoya)
The Savannah River has many heavy industry sites. Pictured is the Imperial Sugar facility. The Tronox plant is located further downriver. (photo Orlando Montoya)
A private trust plans to clean up the site of a bankrupt sulfuric acid plant in Savannah.

An unusual financial arrangement is putting the toxic site up for sale.

Taxpayers usually get stuck with the cost of a cleanup when a toxic facility goes broke.

But in the case of the Tronox acid-making site, a bankruptcy court put the still-operating plant in a trust managed privately for federal and state beneficiaries.

Marc Weinreich says his goal is to sell the property for enough money to pay for a cleanup.

We understand how to position these properties, so that they can overcome the stigma associated with the existing environmental conditions," Weinreich says. "We really may not have enough money from the bankruptcy process in order to under take the required work. So what we can do is promote the sale of the property and use the proceeds to clean it up."

Weinreich says the plant is still profitable and well-located.

The sale price is $30 million.