RACER Trust, City of Muncie Agree to Terms on Purchase of Former GM Property
City Intends to Seek Utility-Scale Solar Development for 53-Acre Parcel
RACER Trust and the City of Muncie today announced they have reached an agreement for the city to purchase the 53-acre main parcel of RACER’s former General Motors property in the city.
The city intends to build a solar field on the property with up to 24.6 million kWh of generating capacity. Construction and engineering is expected to cost about $17 million.
The sale would be RACER’s fourth in Muncie. RACER previously sold property for construction of affordable, multi-family housing; for expansion of recreational fields at Ross Community Center; and a paved lot for bus parking.
“RACER has worked closely with leaders in the city of Muncie to position our property for sales and investments that are making a positive difference, especially in the city’s southside neighborhoods,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “Mayor Dan Ridenour has presented a bold vision for reuse of these 53 acres, an initiative that would make Muncie a regional leader in embracing renewable energy. RACER’s mission is to help communities that were hurt by the GM bankruptcy by carrying out safe and protective environmental cleanups, where necessary, and by selecting buyers who commit to investing in revitalization of these properties. We wish the city success as it pursues this transformative project.”
“This property’s unique combination of size and location make it ideally suited for a project that will make Muncie a regional leader in the generation of clean, renewable energy, and positions our community to attract additional investment from businesses that are focused on sustainability,” Mayor Ridenour said. “My administration has emphasized strong, healthy neighborhoods as a building block of citywide revitalization, and with this investment we are making clear that we are ready and willing to embrace initiatives that will benefit our residents and create a healthier environment.”
The property will remain under contract to the city as it works to identify and select a developer for the solar project. RACER will retain its environmental cleanup obligations for the property, working under the oversight of the Indiana Department of Environmental Management.
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. When it was formed in 2011, RACER was one of the largest holders of industrial property in the United States and was the largest environmental response and remediation trust in U.S. history. Its initial property holdings were at 80 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 Muncie, Indiana: Incorporated in 1865, the City of Muncie is a welcoming and ambitious community. The municipality has a population of approximately 70,085 residents, and is located in the heart of East-Central Indiana. Muncie prides itself as being a central hub for commerce, recreation, and development. Home to quality education, technology driven development, and a friendly populous. Muncie is proud to be “The Capital of East-Central Indiana”