Below are come extracts from the
SIGNED Purchase Option Agreement

 

Section 2.B-D: Option Price/Payment/Exercise

This section has extensive redactions so almost the entire content is unknown. It is not possible to confirm the land purchase price or the content of these sections. It is unknown why this information is redacted since County officials have stated that the purchase price is $4,800,000.

 

Section 3.A: Option Purchase Price

This section has been entirely redacted so it is not possible to verify the actual cost of the Option. 

 

Section 3.D.: Environmental Liability Allocation
Camden County will assume any and all Environmental Liability except for liabilites that arose entirely from Union Carbide's prior activity or the costs with cleaning up the currently known SWMUs and MRAs. It will be the responsibility of Camden to find any unknown environmental risks prior to closing since all future risk will be on Camden County.

 

Section 3.E.D Environmental Insurance

The Purchase Contract requires that Camden purchase $10,000,000 of insurance to protect both Camden County and Union Carbide from damage claims and costs of restoration issues related to the toxic landfill. Assuming that $10,000,000 is enough and that Camden can actually purchase such a policy the toxic Landfill is still very close to the launch and landing sites. The toxic dump is still leaking. They still will not know what the results of launch seismic vibrations will have on the toxic Landfill. The Landfill will still be encroaching on Todd Creek and will still require future mitigation. But whereas Union Carbide now has all of the responsibility for the toxic Landfill they created, Camden County seems to be willing to takeover some of the responsibility and costs. Similarly to the lawsuit between Union Carbide and Thiokol over this same property, liability for the landfill, whether due to spaceport operations or not, could end up in expensive litigation and perhaps result in a split decision exposing Camden County to huge costs. At the very least, Camden has to insure against this risk.

 

Section 3.G.: Adjustments at Closing

This section is 100% redacted so the entire content is unknown.

 

Section 4.A.(vii): Cooperation Provision

The purchase contract with Union Carbide requires that Camden County cooperate with and support [Union Carbide's] efforts to subdivide the Landfill from the spaceport property, and to revise the Environmental Covenant covering the Landfill and its impact on the 4,011 acre site.  

 

Section 4.B.: Termination

Camden County shall have the right to terminate the Purchase Agreement at any time prior to the expiration of the Option Period. However, officials have stated that Camden can get a refund of our $960,000 deposit if the FAA does not approve the spaceport. Redactions in the Agreement conceal this information so it cannot be verified.

 

Section 5.iv.: Subdivision/Environmental Covenant Revision

If Union Carbide is unable to separate the landfill from the property, and to achieve other revisions to the Environmental Covenant, then they can cancel the agreement. It is unclear if the deposit is refunded.

 

Exhibit B-1: Dock and Marina Not Included

It is interesting that the deep water dock and access to Floyd Creek shown in Camden County's FAA Public Hearing documents are not a part of the purchase transaction with Union Carbide.

 

Attachment: March 25, 2015 Letter from GDNR

Item 5: "...sufficient evaluation has not been performed to properly assess the risk to human health and the environment in accordance with EPA guidance document, Munitions and Explosives of Concern Hazard Assessment Methodology (October 2008)."