RACER Trust Announces Sale of Vacant Land in Pontiac, Mich., to HB Dynamics

PONTIAC, Mich. — RACER Trust today announced the sale of just less than one acre of vacant land in Pontiac to HB Dynamics, Ltd., which plans to build a warehouse and office for its brokerage and distribution business.

The property is located on Centerpoint Parkway, just north of South Boulevard.

HB Dynamics is led by its President and Owner, Pete Harrop, who said his current plans include working with the professional staff at Michigan Works! to hire one or two warehouse workers upon completion of construction.

“We congratulate Mr. Harrop on the success of his business and wish him well as he captures and creates additional opportunities in Pontiac,” said Elliott P. Laws, of EPLET, LLC, Administrative Trustee of RACER Trust. “RACER has worked diligently to attract business investment in Pontiac, and I’m pleased to say our sales in Pontiac have resulted in a variety of new manufacturing and commercial projects that have contributed to the community’s revitalization.”

RACER’s purchasers in Pontiac have included Industrial Realty Group, which redeveloped the former GM Pontiac Centerpoint Central and West properties for multi-tenant use; M1 Concourse, which is building a commercial destination for car enthusiasts that will feature more than 250 private garages with loft space, a 1.5-mile performance track and auto-related retail on the former GM PCC Validation property; and Ultimate Soccer Arenas, which purchased vacant land to expand and create the world’s largest amateur indoor soccer arena. The sales have resulted in expected investments totaling $100 million and 950 jobs.

Mr. Harrop said, “As a small business, we are always looking to effectively grow. Phase I will be the construction of a small office and warehouse to consolidate current operations, with projections for additional warehousing and value-add manufacturing in Phase II. We appreciate the support of the City of Pontiac, and the efforts of RACER Trust in creating an environment that fosters solid business growth. It will be good to be a part of this dynamic community.”

“RACER Trust has been an excellent partner to Pontiac, and this redevelopment opportunity typifies the outcomes we have achieved for the community,” said Pontiac Mayor Dr. Deirdre Waterman. “Throughout the city, we’ve seen RACER Trust buyers work to maximize the redevelopment potential of properties, on small and large land parcels and in large former manufacturing buildings. I congratulate Mr. Harrop and welcome HB Dynamics to Pontiac.”

Mr. Harrop’s other business interests include Arbor Plastic Technologies, a manufacturer of plastic additives including a family of non-halogenated flame retardants for extrusion, molding and adhesive applications, and BTG Architectural Interiors, a specialty mill working company providing fabrication services and top-of-the-line interior solutions to architects nationally.

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 is 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 one of the properties in Upstate New York. For more information, please visit our website: www.racertrust.org.

About HB Dynamics: Founded in 1993, HB Dynamics specializes in the extrusion of plastic film and sheet materials, coating and laminating technologies for customers in the graphic arts, automotive, acoustics and packaging markets. For more information, please visit www.hbdynamics.com.