Elliott P. Laws of EPLET, LLC, Reappointed Administrative Trustee of RACER Trust
RACER Trust announced that Elliott P. Laws, of EPLET, LLC, was reappointed to a third five-year term as Administrative Trustee by the U.S. Bankruptcy Court for the Southern District of New York, which oversaw the formation of the Trust.
Mr. Laws has led RACER since its effective date of March 31, 2011. In his first 10 years as Trustee, investments in environmental cleanup and the holding and repositioning of properties by RACER, combined with $1.1 billion invested in construction and capital equipment by RACER’s property buyers and end users, resulted in one-time contributions of nearly 21,000 FTEs, $1.45 billion in labor income and $3.2 billion in economic impact. Ongoing operations of RACER’s buyers and end users are generating annual contributions of nearly 26,500 FTEs, $1.9 billion in labor income and $7.3 billion in total economic output.
A number of RACER properties are located in areas of communities that have historically been underserved or are poor and with historic contamination, blight, and a lack of employment opportunities. RACER’s cleanup activities are removing contaminants from the environment and mitigating public health risks. These activities, combined with attracting buyers and end users who are creating jobs and restoring tax revenues, are contributing to fixing the root causes of these injustices in RACER communities.
“Serving as RACER Trustee is an honor and a privilege because of the positive impacts we are making in so many communities that bear such heavy burdens from the loss of manufacturing jobs and, in many cases, legacy environmental concerns,” Mr. Laws said. “I am grateful for the confidence and support of the Court and the many stakeholders who advised the Court before the decision. We have a great team of dedicated professionals at RACER whose whole focus is to help communities by conducting safe and effective cleanups, where necessary, and selling properties to buyers who invest in new jobs and tax base. I look forward to continuing our service to these communities.”