changing the landscape: new rules for redevelopment...changing the landscape: new rules for...
TRANSCRIPT
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Changing the Landscape: New Rules for Redevelopment
Bruce Rasher, Redevelopment Manager Pamela Barnett, Ohio Cleanup Manager
Ohio Brownfield Conference
May 24, 2012
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• GM bankruptcy (June 2009)
• Established by U.S. Bankruptcy Court, March 2011 — 89 former GM properties, 14 states — 44 million square feet of industrial space — 66 buildings — 7,000 acres — 8 sites in Ohio
• 1 under contract; 3 sold
• Largest environmental trust in U.S. history — ~$500 million for remediation — ~$273 million for holding costs
About RACER
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• Help communities affected by the closure of GM facilities
• Conduct safe, effective, efficient environmental cleanups
• Position properties for redevelopment and sale to qualified, responsible buyers
RACER Trust’s Mission
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• Monetary value
• Job creation
• Tax revenue and other potential community benefits
• Impact on site remediation
• Views of the community — Consultation to
determine desired reuse
• Reputation of the purchaser
Settlement Agreement Criteria
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• Ontario Stamping
• Shreveport Assembly
• Indianapolis Stamping
• Fredericksburg Powertrain
• Willow Run Powertrain (“Rosie the Riveter”)
• Buick City
Examples of Inventory
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Remediation • Cleanups required at 60 properties
• Liability for GM-related issues remains with RACER
• All work in compliance with state and federal regulations
• Expert environmental consultants selected to work at RACER properties
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Remediation • Regulators approve and supervise all RACER work
• Can sell/transfer property before remediation completed
• New use must not disrupt remediation
• Access agreements
• Restrictive convenants
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• Massena, NY — $120.8M
• Willow Run, MI — $35.8M
• Buick City, MI — $33M
• Syracuse, NY — $31.1M
• Moraine, OH — $25.8M
Largest Cleanups
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• Online
• Analysis and positioning
• International in scope
• Targeted buyers
• Green emphasis
Marketing
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• Transparent
• Strong working relationships
• Shared mission: Identification of community vision
• Political support for RACER goals/approach
Working with Communities
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• 14 properties sold in 6 states
• Additional sales in the pipeline
• Plans in place for new jobs
• Growth in tax base
• Innovation
• Broad cooperation
• Community buy-in
Outcomes
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• Safe, effective, efficient cleanups top priority
• Removes barriers to development — Costs — Political — Regulatory
• Rebuilds communities
A Template for the Future
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Questions