[CPEO-BIF] RACER Trust "must create jobs" at former GM plants

[Lenny Siegel <LSiegel@cpeo.org>]

Ex-GM plants for sale; must create jobs

By Ben Klayman
Reuters
June 20 2012

YPSILANTI, Michigan (Reuters) - Bruce Rasher runs the third-largest  
portfolio of industrial property in the United States, but with  
holdings made up of unwanted plants that General Motors Co (GM.N:  
Quote, Profile, Research, Stock Buzz) got rid of during its 2009  
bankruptcy, he will need a great deal of patience to sell them all.

The redevelopment director of the Racer Trust and his team were  
charged with selling 89 former GM buildings in 14 states, using $770  
million in federal funding for environmental cleanup and upkeep.  
However, getting top dollar is not the only requirement: the former  
real estate executive and small-town Michigan mayor is also charged  
with creating jobs.

"Our scorecard is the number of new jobs created, the amount of new  
investment, the amount of new economic revitalization," Rasher said  
in an interview. "It can't happen overnight, but we're starting to  
see results."

...

For the entire article, see
http://www.reuters.com/article/2012/06/20/us-gm-racer- 
idUSBRE85J1GU20120620

--

Lenny Siegel
Executive Director, Center for Public Environmental Oversight
a project of the Pacific Studies Center
278-A Hope St., Mountain View, CA 94041
Voice: 650/961-8918 or 650/969-1545
Fax: 650/961-8918
<lsiegel@cpeo.org>
http://www.cpeo.org

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