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  #1  
Old 12-05-2007, 09:31 AM
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Location: Urbana, Missouri
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be aware

Quote:
Originally Posted by vstech View Post
it's a nice Frank Lloyd Wright style cantileavered awning filling station right off of downtown. it's been closed for a while, it opened up briefly last year, so I am pretty sure the tanks are safe, but it is a concern. anybody on here know anything about regulations and liability with the tanks and groundwater?
I am actually thinking of making it a resturant with a 50's filling station vibe... anyway, just bouncing the idea off you guys, I would also like to have the 10K above ground kero station in back for sale of B99 Bio... (since the resturant will be a deep fat style) Gaston county has large heart for Bio, so this may work out to my advantage.
thanks!
Don't know how it is in NC, but it is a large undertaking in MO and requires a great deal of patience, perseverance, and money. EPA rules are nightmarish regarding petroleum products (necessarily so). That includes both state and federal. Also ANY previous violations may require that you clean everything up before opening ANY business. Same with any tax liabilities, sales, income, FICA, etc from previous owner.

Know everything about any of this before you consider doing anything or you may buy yourself a large liability and a valueless piece of property.

BTW, gas sales are highly volatile and not necessarily profitable to any retailer. Profitability often depends upon your terms with the jobber or distributor.

Been there and done that and was very profitable but I still would not recommend it to the faint of heart.
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  #2  
Old 12-05-2007, 09:39 AM
t walgamuth's Avatar
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Join Date: Apr 2005
Location: Lafayette Indiana
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x2 regarding the underground tanks.

I know of numerous properties here in Lafayette in which the liability of the tank clean up was a lot more than the value of the property in spite of being in favorable commercial locations.

Before buying be sure to have environmental reports saying there is no problem. The seller should be well aware of this and it should not be your problem to solve, but his.

That said, a FLW style station? I would like to see some pics of that.

Tom W
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  #3  
Old 12-05-2007, 11:01 PM
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Quote:
Originally Posted by gdemoss01 View Post
Don't know how it is in NC, but it is a large undertaking in MO and requires a great deal of patience, perseverance, and money. EPA rules are nightmarish regarding petroleum products (necessarily so). That includes both state and federal. Also ANY previous violations may require that you clean everything up before opening ANY business. Same with any tax liabilities, sales, income, FICA, etc from previous owner.

Know everything about any of this before you consider doing anything or you may buy yourself a large liability and a valueless piece of property.
1. I agree with the checking out the legal/EPA issues.
2. gdemoss I was through Urbana 4 times in the past few days, twice with the Corporate Conveyance and twice the MB. I will wave next time or take a couple minutes and take a lap around town!
3. Mercifully the "underground" tanks at my shop were either removed, or in a sub-basement. Still have the old pump, from when pump meant "pump" as in physical work.
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Old 12-05-2007, 11:16 PM
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wow, look at those old gas prices on that sign.
is that on hwy74?
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  #5  
Old 12-06-2007, 12:26 AM
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Quote:
Originally Posted by retx View Post
wow, look at those old gas prices on that sign.
is that on hwy74?
yup
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