Proposed CERCLA Administrative Cost Recovery Settlement for the Buckbee-Mears Co. Superfund Site in Cortland, NY, Cortland County

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In accordance with Section 122 (h) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended ("CERCLA"), notice is hereby given of a proposed administrative settlement for recovery of past response costs concerning the Buckbee-Mears Co. Superfund Site located in Cortland, Cortland County, New York, (the "Site") with the State Bank of India, New York Branch (the "Bank"). Pursuant to the settlement EPA will receive: (1) All funds in an escrow account with accrued interest (approximately $116,500); (2) Twenty-five percent of any funds the Bank collects from the principals of International Electron Devices (USA), LLC, the current owner and past operator of the Site at the time of disposal; and (3) A share of the proceeds from the sale of two parcels of land within the Site ("Properties") following the Bank's foreclosure sale and distribution of certain amounts to the City of Cortland ("City") and Cortland County ("County") in settlement of their respective tax liens. The sales proceeds shall be distributed as follows: (a) The Bank will pay to the City the greater of $302,881 or 15% after the Bank is paid $150,000 attributable to the costs of marke