RACER Trust Completes Sale of Former GM CVO Facility to International Turbine Industries
Move Expected to Result in 25 New Jobs for Aircraft Maintenance Company
DETROIT — RACER Trust has announced completion of the sale of its Company Vehicle Operations (CVO) property in Ypsilanti Township, MI, to International Turbine Industries (ITI).
ITI, an aircraft maintenance company, has an existing facility across Tyler Road from the former CVO property. The company said it plans to create 25 jobs over the next five years, more than tripling its current workforce, and invest approximately $50,000 in repairs and improvements to the 23,000-square-foot building.
“We are pleased with the sale of this property to ITI and excited about the new jobs this company will bring to the community,” said Elliott P. Laws, Administrative Trustee of RACER Trust. “We congratulate ITI and wish the company continued success. This is great news for the community, and represents an ongoing fulfillment of RACER’s mission to bring new investment and jobs to the former GM properties in our portfolio.”
RACER announced a sale agreement with ITI in 2013.
Remediation of the property was ongoing throughout the marketing and sales process and continues after the sale, highlighting the unique nature of RACER Trust, whose mission is both to remediate and seek redevelopment and beneficial reuse of properties. A team of professionals from the Michigan Department of Environmental Quality and the U.S. Environmental Protection Agency, who recently received an award from the EPA Office of Solid Waste and Emergency Response for their innovative and effective work related to the property, oversee its remediation.
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, which is independent, 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.