Contributer: David C. Meyers, PG, CHMM, EMS-A Business Title: Environmental Manager Contact Information: Hardy Environmental Services 425 Old Airport Road New Castle, DE 19720 Phone: 302 328 9457 Fax: 302 328 0434 E-mail: dcmeyers@msn.com Affiliation: Hardy Environmental Services is an environmental company that specializes in soil and groundwater remediation. Biography: Mr. Meyers manages Hardy Environmental Services and teaches continuing education courses to real estate appraisers and brokers. He is a Certified Hazardous Materials Manager (a member of the Delaware Chapter), a Certified ISO 14001 Auditor, a Certified Professional Geologist, and an Affiliate Member of the Appraisal Institute. Mr. Meyers attained his B.S. from the University of Wisconsin and his M.S. from Miami University.

Title of Presentation: Valuating Environmental Stigma Damage: A Marriage of the CHMM and the Real Estate Appraiser/Broker Author: David C. Meyers Key Words: CHMM, Environmental, Business Opportunities, Real Estate, Brokers, Appraising, Appraiser, Valuating, Stigma Abstract: Environmental Stigma Damage is the reduction in property value caused by the increased risk associated with the historical presence of contamination on a property, or the belief that the property is still contaminated. Real estate appraisers and brokers often look to environmental experts to assist them with developing an appropriate stigma adjustment factor i.e., dollar amount to deduct from the value of an environmentally impaired property. A CHMM's diverse background in science and technology, regulatory compliance, environmental auditing, contaminant remediation, and health and safety uniquely qualifies them to provide this type of service to real estate professionals. Determining how much to devalue a currently or previously contaminated property is not just the cost to remediate the site. Instead, ancillary costs associated with the inconvenience the property owner experiences during the site investigation and remediation stages, potential legal and administrative fees, third party claims, additional insurance premiums, an adverse change in regulatory statues, a higher vacancy or lower rents from tenants, difficulty in obtaining a mortgage, and additional marketing time to resell the property in the future all have to be calculated into the final adjustment factor. There is no universally accepted model for determining an environmental stigma adjustment factor when valuating contaminated property. Utilization of case studies and the reliance on the expert opinion of environmental professionals has become an accepted technique for deriving a "stigma adjustment factor" to apply to the market value of an environmentally impaired property. The broad based background of the CHMM can provide key assurances that the appraiser or broker can depend on to develop a reliable stigma adjustment factor. This paper presents one model that may be of assistance to the CHMM in developing an appropriate environmental stigma adjustment factor for real estate professionals.