R 299.9712 Cost estimate for corrective action.

Rule 712. (1) The owner or operator of a facility that is required to perform corrective action pursuant to the provisions of part 111 or these rules shall have a detailed written estimate, in current dollars, of the cost of performing corrective action at the facility in accordance with the provisions of R 299.9629. (2) The cost estimate must be based on the cost of hiring a third-party to complete the corrective action measures required pursuant to the provisions of R 299.9629. (3) The cost estimate must not incorporate any salvage value for the sale of hazardous wastes, facility structures or equipment, land, or other facility assets. (4) When preparing the cost estimate, the owner or operator shall not incorporate a zero cost for hazardous waste that may have economic value. (5) The owner or operator shall adjust the cost estimate for inflation within the 60-day period before the anniversary date of the establishment of the financial mechanisms used to comply with the provisions of R 299.9713. For owners and operators that use the financial test or corporate guarantee, the cost estimate for corrective action must be updated within 30 days after the close of the firm's fiscal year and before the submission of updated information to the director. The adjustment for inflation may be made by recalculating the costs in current dollars or by using an inflation factor that is derived from the most recent annual implicit price deflator for gross national product published by the United States Department of Commerce in its survey of current business. (6) The owner or operator shall adjust the cost estimate for corrective action not later than 30 days after the director has approved a modification to the corrective action program if the modification increases the cost of corrective action.