With Interest Increasing, RACER Trust Issues Call for Offers to Sell Its Buick City Property in Flint, Mich.
In response to the strong, steadily increasing interest from multiple parties seeking to invest in the vibrant Flint and Genesee County market, RACER Trust today issued a call for offers to sell its 364-acre Buick City property in Flint, Mich.
The invitation was delivered to the firms with which RACER is discussing the purchase and development of the property, as well as to other firms that also are capable of investing in job creation and restoring tax base at Buick City. The invitation directs recipients to a website, www.racer-buickcity.com, with detailed information about the property, the market, and how to make an offer. RACER may either sell the entire property, or sell parcel-by-parcel to multiple buyers, whichever achieves the greatest economic benefits for the community.
“We are very pleased with the level of interest in Buick City. By calling for these offers and at the same time exposing this tremendous investment opportunity to an even broader market, we expect to generate a host of exciting plans for the intensive development of our Buick City property,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “RACER’s goal, as with all of its properties, is to make sales that will result in economic activity for our communities. We are pleased that previous RACER sales at Buick City — to American Spiralweld Pipe and Lear Corporation — will result in hundreds of new manufacturing jobs for Flint. We will continue to focus on attracting new investment and jobs to our Buick City property until the job is done.”
A call for offers reflects both the interest in the property and the urgency of RACER’s redevelopment mission. RACER has successfully used calls for offers at several of its larger properties with multi-party interest, including most recently in Indianapolis, where a local firm is planning a $500 million mixed-use development.
RACER Trust has discussed the sale and development of all or portions of its Buick City property with several prospective buyers, but no portion of the remaining property is under contract. All of it is available for purchase, and RACER is willing to subdivide the property as needed to facilitate a sale and maximize its development potential.
“We look forward to seeing what else the broader market envisions for this property,” Mr. Laws said. “Our goal is to identify the best possible redevelopment option for Buick City and Flint that is consistent with the Trust’s mission. We believe this call for offers will help us accomplish that.”
About RACER Trust: RACER (Revitalizing Auto Communities Environmental Response) Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. RACER is one of the largest holders of industrial property in the United States and, at the time of its establishment, was the largest environmental response and remediation trust in U.S. history. When the Trust was formed, it owned properties at 89 locations in 14 states, principally in the Midwest and Northeast. The Trust was created by a settlement agreement in the U.S. Bankruptcy Court between the U.S. Government, the 14 states where the former GM properties are located, and the St. Regis Mohawk Tribe, which owns land adjoining the Massena property in Upstate New York. For more information, please visit our website: www.racertrust.org.