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at the same rate. In 1995, at the end of the first extension,
Hinz and Pacific discussed another 5-year extension. Hinz’ final
rental offer was $6,000 per month, which Pacific rejected. The
Parker Property then remained vacant for about 7 months.
In 1984, groundwater monitoring wells were installed on the
Parker Property to monitor a 1,000-gallon diesel storage tank and
an 8,000-gallon gasoline storage tank. In 1985, the 1,000-gallon
tank was removed. Tests of soil at the 1984 installation of the
monitor well near the 1,000-gallon tank, and at the 1985 removal
of the 1,000-gallon tank, did not show substantial contamination.
However, tests of water samples collected in August 1993 from
that monitoring well showed substantial contamination around the
former diesel tank. Remediation work was performed in the latter
half of 1995. No significant contamination was found near the
8,000-gallon tank, which was removed in August 1994. At
decedent’s death, there was soil and groundwater contamination
adjacent to the former location of the 1,000-gallon tank, while
the 8,000-gallon tank remained on the Parker Property with no
known contamination associated with it. On May 4, 1992, a
reasonable buyer would have discovered the groundwater
contamination and adjusted the sales price of the Parker Property
downward.
At decedent’s death, the highest and best use for the Parker
Property was for heavy industrial usage.
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