updated: 6/30/2011 7:59:13 AM
Today is the last day of operation for the General Motors Co. (NYSE: GM) Stamping Plant near downtown Indianapolis. The facility dates back to 1930 and one time employed as many as 5,000 workers. Former Mayor Bill Hudnut led a panel looking into new uses for the plant. In a recent Studio(i) interview with Gerry Dick, Hudnut said several things have to happen before redevelopment can take place.
The GM Stamping plant closes today after more than 80 years of operation. It includes more than two million square feet of factory space. The RACER Trust, which currently owns the site, has yet to put the property for sale.
The closure comes several months after members of UAW Local 23 rejected the sale of the plant to Illinois-based JD Norman Industries Inc.
The following are statements released after the recommendations last week.
Statement from Mayor Greg Ballard on Recommendations by GM Stamping Plant Reuse Commission:
“I want to thank the Urban Land Institute and all the members of the Reuse Commission for their thorough analysis and their engagement with the community. ULI’s recommendations are the result of a well-researched, well-thought-out assessment. The redevelopment of the 100-acre GM Stamping Plant site is a great opportunity for Indianapolis that only happens once in a generation and represents the kind of bold moves our city has a history of making for the betterment of our community.”
Source: Office of Mayor Greg Ballard
Statement by Bruce Rasher, Redevelopment Manager of The RACER Trust,
Regarding the GM Stamping Plant in Indianapolis
The RACER Trust applauds the leadership of Mayor Ballard and appreciates the hard work of the GM Stamping Plant Reuse Commission and the Urban Land Institute. The Commission has been instrumental in gathering input and communicating a vision for the property.
RACER, which owns the GM Stamping Plant, was created by U.S. Bankruptcy Court to clean up, and position for redevelopment, the 89 industrial plants and other properties owned by the former General Motors before its 2009 bankruptcy. RACER’s mission is to support local communities in revitalizing these properties by attracting owners that can create jobs and economic opportunities to help the communities hurt by the GM bankruptcy.
To accomplish this mission, the Trust has, in accordance with the provisions of the Settlement Agreement that established the Trust, established a process for determining how best to market these properties for sale. Our first step is to consult with community leaders -- elected officials and economic development groups -- to better understand the unique assets of each community and the community’s vision for growth. Mayor Ballard and the Commission have assisted us greatly with this critical first step. As consensus emerges for the Stamping site, which will require some additional communication with Mayor Ballard and other community leaders as appropriate, RACER will prepare a property-specific strategy to position the Stamping site for sale. As soon as is possible, RACER will formally announce that the Stamping property is for sale and will issue a call for offers for the property.
The RACER Trust shares the Indianapolis community’s urgent interest in job creation and economic revitalization. We are committed to working with deliberate speed to understand the community’s vision for this property so a detailed property-specific marketing plan may be developed. RACER has not yet developed the marketing plan, announced the availability of the property for sale, or issued a call for offers. However, RACER will move expeditiously to begin marketing the property, and we expect to accomplish these goals in the coming months.
The Trust is committed to working with the Indianapolis community to enhance the region’s economic prosperity and its attractiveness as a place to live, work and play.
About the RACER Trust
The Revitalizing Auto Communities Environmental Response Trust (RACER Trust) was created to address remediation needs, and position for redevelopment, 89 industrial plants and other properties used by the former General Motors but left behind in its 2009 bankruptcy. This includes the former GM Stamping Plant in Indianapolis.
The Trust was created through a settlement agreement between Motors Liquidation Company (“Old GM”), the federal government, the 14 states that are home to the 89 properties, and the St. Regis Mohawk Tribe. The U.S. Bankruptcy Court approved the agreement on March 3, 2011 and the Trust was effective on March 31, 2011. On the effective date, the Trust received all of the properties and approximately $600 million in funding, and began the process of remediating, restoring and marketing the properties.
About Bruce Rasher
Bruce Rasher serves as Redevelopment Manager of the RACER Trust. In this role, he will assist the Administrative Trustee with managing the sale, lease, and other redevelopment of the Trust’s 89 properties in consultation with federal and state officials for the affected communities.
Rasher previously served as Vice President of CB Richard Ellis, Inc., the world’s largest real estate services firm, where he managed CBRE’s North American manufacturing and brownfields specialty practice groups within industrial brokerage, based in Detroit. Prior to joining CBRE, he held a variety of management positions involving real estate, remediation, brownfield redevelopment, economic development, and renewable energy, with Consumers Energy, a subsidiary of CMS Energy and one of the nation’s largest combination electric and natural gas utilities.
Rasher oversaw the construction of CMS Energy’s corporate headquarters on a brownfield site, the recipient of a 2003 Phoenix Award for Excellence in Brownfield Redevelopment. He also served as President of Consumers Renaissance Development Corporation, a non-profit public-private partnership engaged in providing technical assistance and transaction facilitation for brownfield redevelopment projects to businesses and communities. CRDC helped bring to fruition 111 redevelopment projects involving $3.5 billion in investment. He serves on the Board of Directors of the National Brownfields Association, is a Commissioner on the Great Lakes Commission, and has served as an elected mayor in his community.
Source: RACER Trust