RACER Trust and UEP Detroit Team Up to Provide Opportunities for Minority Entrepreneurs
YPSILANTI, Mich. — The RACER Trust and the Urban Entrepreneur Partnership, Inc. (UEP) of Detroit, have initiated a Memorandum of Understanding aimed at increasing opportunities for qualified minority suppliers to participate in redeveloping properties sold by RACER.
The memorandum calls for RACER to seek minority-sourcing commitments where feasible from buyers with contingency pricing or other financial incentives.
The UEP, known locally as UEP Detroit, is based in Detroit but has members in a seven-county area of Southeast Michigan.
“Working to create job opportunities in hard-hit communities is central to the Trust’s mission,” RACER Trustee Elliott P. Laws said. “These efforts come in many forms, and we’re pleased to join forces with such a respected organization as UEP Detroit to support economic activity for highly capable minority enterprises.”
The RACER (Revitalizing Auto Communities Environmental Response) Trust was created last year by the U.S. Bankruptcy Court to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. When the RACER Trust was formed, it owned more than 44 million square feet of industrial space in 14 states, principally in the Midwest and Northeast.
UEP Detroit is a unique entrepreneurial education program that provides one-to-one business coaching to minority-owned automotive suppliers in Southeastern Michigan. These firms were adversely impacted by the retrenchment in the auto industry caused by the severe economic downturn.
UEP Detroit is a program of the Ewing Marion Kauffman Foundation of Kansas City, Mo., the world’s largest foundation dedicated to entrepreneurship. The UEP seeks to encourage, accelerate and grow minority entrepreneurship in America. All costs associated with the services of UEP Detroit are covered by a grant from the New Economy Initiative for Southeastern Michigan.
“Our mission is to work with, develop and seek opportunities for minority entrepreneurs to grow their businesses in a sustainable way,” said Greg Farmer, Senior Business Coach for UEP Detroit. “Our goal is to help build excellent organizations that provide ongoing opportunities for communities and people to thrive.”
UEP Detroit helps businesses diversify into non-automotive industries with a comprehensive program that includes assessments of operations, finances and management. Once a business in the UEP Detroit Program successfully completes the assessment phase, it becomes a UEP Recommended Supplier.
Firms that provide property and facilities management, construction management, environmental services and program management services are among those likely to compete for work under the RACER-Detroit UEP agreement.
“Greg and his team have done an outstanding job helping their member companies strengthen and affirm cultures of excellence, and I am confident that buyers who contract with UEP Detroit affiliates will benefit and, in many cases, end up building working relationships that endure,” Mr. Laws said.
Among the incentives RACER may offer buyers are contingency pricing, in which a property’s purchase price is lowered in exchange for proof that the buyer has met contractual obligations with a contractor or contractors referred by UEP Detroit.
Once UEP Detroit makes a referral, contract terms are between the buyer and the contractor. UEP Detroit is not paid for its services by RACER, a buyer or any of UEP Detroit’s member firms.
RACER is one of the largest holders of industrial property in the United States and is the largest environmental response and remediation trust in U.S. history.
Distinguished by a unique and innovative one-to-one coaching model, the UEP offers a suite of business solutions that help entrepreneurs grow their businesses, create new jobs and help to revitalize the economy. Operating as a 501(c)(3) nonprofit organization, the UEP is a program of the Kauffman Foundation and is supported by public, private and nonprofit-sector resources.
For additional information on the Urban Entrepreneur Partnership Detroit 150 and other UEP programs, contact Jaime L. Simmons at (816) 581-2900 or JSimmons@uepkauffman.org or visit www.uepkauffman.org.
For more information about UEP Detroit, please visit www.uepdetroit.org.
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11/17/2015 - RACER Trust, Ross Community Center, Inc., Reach Agreement for Sale of Land in Muncie, IN
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3/20/2015 - U.S. Commercial Service, AmCham Canada, RACER Trust Welcome Canadian Business Leaders for Reception
3/19/2015 - RACER Trust Hires Terradex to Provide Environmental Monitoring Services
2/24/2015 - RACER-Sponsored Student Design Team Wins International Recognition for Research on Sustainable Remediation
2/6/2015 - Resources from SelectUSA
01/15/2015 - Sharing in Good News for Anderson, IN
1/13/2015 - RACER Trust Sells Vacant Land for Redevelopment in Detroit
12/17/2014 - RACER Trust Reaches Agreement with IRG for Sale of Buildings and Land in Pontiac, MI
12/10/2014 - RACER Trust Reaches Agreement with Ashley Capital for Sale of Industrial Land in Livonia, MI
12/02/2014 - RACER Trust Announces Sale to Wayne State University
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11/10/2014 - RACER Trust, NorthPoint Development Agree to Terms for Sale of Industrial Land in Lordstown, OH
10/30/2014 - RACER Trust Announces 10-Year Lease Extension with Roth Global in Salina Industrial Powerpark
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09/18/2014 - RACER Trust Honors Perras Environmental Control for Safe, Successful Remediation Work in Massena
9/11/2014 - Lennar Breaks Ground in Ewing
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8/7/2014 - M1 Concourse Completes Purchase in Pontiac
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4/21/2014 - Rebirth of America's Dead Factories
4/1/2014 - Carl Garvey Named General Counsel of RACER Trust
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2/4/2014 - Mayor Bert Steinmann and the Ewing Township Redevelopment Agency Announce Designation of Lennar Ewing, LLC as Redeveloper for Portion of Parkway Avenue Redevelopment Area
1/15/2014 - Statement from RACER Trust Regarding Donation of Land to City of Anderson, IN
12/09/2013 - RACER Trust Honors D.A. Collins Environmental Services for Successful Completion and 58,000 Safe Work Hours on Massena, N.Y., Project
11/13/2013 - AMERICAN Brings New Investment, Jobs to Flint, MI
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08/08/2013 - RACER Trust Seeking Proposals from Qualified Firms for Redevelopment of Indianapolis Stamping Plant Site
08/01/2013 - Rosie the Riveter's factory gets 2-month reprieve
08/01/2013 - 'Rosie the Riveter' World War Two Bomber Plant Needs $8 Million to Live on as Museum
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6/7/2013 - Former Indianapolis Stamping Plant to be Marketed as Vacant Land
6/6/2013 - Fox-47 Coverage of RACER Community Meeting in Lansing, MI
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5/16/2013 - RACER Trustee Elliott Laws Receives National Brownfield Leadership Award
4/24/2013 - RACER Trust Working with Yankee Air Museum On Deal for Portion of Willow Run Powertrain Property
04/17/2013 - RACER Trust, Ultimate Soccer Arenas Reach Agreement on Deal for Land in Pontiac, MI
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3/22/2013 - Sale and Redevelopment of RACER Trust Site in Kansas City, KS, Means 2,000 New Local Jobs
2/7/2013 - RACER Trust Awards Major Cleanup Contract for Former GM Site in Massena, NY, to Local Firm
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12/28/2012 - RACER Trust Completes Sale of Former GM Facility in Ohio to Major Development Company
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10/19/2012 - Event showcases Massena to Canadian companies
9/28/2012 - Marketplace Highlights RACER Mission
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8/17/2012 - New Plans For Previous GM Plant
8/17/2012 - Ohio Company To Buy Former GM Plant, Bring 1,100 Jobs to Area
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8/16/2012 - Developer Has Big Plans for GM Site in Ontario
8/16/2012 - Filling Building Will Generate Tax Revenues
8/16/2012 - Purchase Agreement Signed for Ex-GM Plant
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8/16/2012 - Firm Heading Former GM Site Redevelopment to Sell Ohio Stamping Plant
8/16/2012 - Sale Of Former Ontario General Motors Plant Announced
8/16/2012 - Brownfield Communities Development Buys Ex-GM Facility in Ohio
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12/8/2011 - NY Times Story: Developers Revive Closed Auto Plants
12/8/2011 - Spotlight: Syracuse Industrial PowerPark - From Parts To Multi-Manufacturing
12/5/2011 - RACER Trust Engages Tetra Tech to Continue Ontario Property Cleanup
11/3/2011 - Former White House Aide Joins RACER Trust Team
11/1/2011 - Industrial Contractor Buys Former
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10/24/2011 - RACER Official to Lead National Conference Panel on Investment Opportunities
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8/12/2011 - Massena Incident Won't Slow RACER Progress
8/9/2011 - Crain's Detroit Business Profile of RACER Trust
7/25/2011 - Former GM Property in Pontiac to be Redeveloped
7/8/2011 - MEDA Annual Meeting
7/6/2011 - RACER Sells Facilities in Ohio, Michigan
6/28/2011 - Former MI Official Selected for Key Role at RACER
6/20/2011 - Veteran Economic Development Leader Directing RACER Redevelopment Initiative
6/20/2011 - Rasher to address Michigan Economic Developers Association Conference
6/13/2011 - RACER Participates In Mayor's Automotive Coalition Webinar
5/10/2011 - Bruce Rasher Provides Expert Analysis
4/29/2011 - Important Announcement Concerning Environmental Contractors
4/5/2011 - Laws Presents at Brownfields
3/31/2011 - RACER Trust Formation Announced
10/20/2010 - US: Settlement with GM on Environmental Liabilities
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10/20/2010 - White House Announces Trust to Cleanup and Repurpose 89 Former GM Properties