Kodak Will Create A Trust To Oversee Environmental Work At Eastman Business Park

May 13, 2014

Credit Eastmanbusinesspark.com

 A federal bankruptcy judge on Tuesday gave final approval to a plan  that will see Kodak create an environmental trust to fund environmental work at Eastman Business Park.

The agreement also calls for an investigation to assess whether the Genesee River suffered damages associated with discharges from past Kodak operations.

Under the settlement approved by U.S. Bankruptcy Court, Kodak will establish a $49 million dollar environmental trust. If that fund is depleted, the state will cover costs up to $50 million for additional environmental work.  If total cleanup costs  exceed $99 million, Kodak and the DEC will each be responsible for 50 percent of the cleanup work.

The President of Empire State Development, Kenneth Adams, says the establishment of the environmental trust fund will encourage future business investment and job creation at Eastman Business Park.