RACER Trust Pleased with Response to Call for Offers?to Purchase and Develop Buick City Property; Evaluation Ongoing
RACER Trust announced today that it is pleased with the response to its call for offers to purchase and develop RACER’s Buick City property in Flint, Mich., and is in the process of seeking additional information for its evaluation of the offers.
The process will continue until RACER selects a buyer who will maximize the property’s redevelopment potential as measured by investment, job creation, restoration of tax base and other factors, and taking into account amenities such as the property’s size, location and infrastructure, including available rail service and access to high-capacity utilities and interstate highways.
“We issued our call for offers for the Buick City property in response to strong, steadily increasing interest from multiple parties seeking to invest in the vibrant Flint and Genesee County market, and as a result have fielded offers and expressions of interest from additional prospective buyers and developers,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “We are reviewing offers and look forward to selecting a buyer or buyers who will maximize the property’s economic potential for the benefit of the community.”
RACER Trust’s mission is to help communities that were hurt by the GM bankruptcy and loss of manufacturing jobs by undertaking safe and protective environmental cleanups, where necessary, and by selecting a buyer or buyers with new uses that RACER Trust, in its sole discretion, determines will satisfy the requirements of the bankruptcy Settlement Agreement under which RACER Trust operates, particularly its sales criteria. Chief among the criteria in the Settlement Agreement for the sale of a RACER property is the degree to which the buyer’s capabilities, experience, access to financial capital, development plans and market conditions will result in maximizing the value of the property for the community as measured by private investment; new, net tax revenues to local taxing jurisdictions; and job creation.
“We are seeking highest and best use of the property,” Mr. Laws said. “Our assessment, based on site conditions, development constraints, market demand and other factors, is that the Buick City property has the potential for substantial new development, and the creation of new jobs and new, net tax revenues associated with high-intensity development. We are confident that, working with the private sector and our community partners, we will capture significant new investment, jobs and tax base for the benefit of Flint.”
Approximately 364 acres are available for purchase and development, either in total or in subdivided parcels. American Spiralweld Pipe Co. and Lear Corporation have purchased portions of the Buick City property for the establishment of manufacturing operations, creating hundreds of jobs and new tax base.
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 when it was formed 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 one of the properties in Upstate New York. For more information, please visit our website: www.racertrust.org.