http://www.racertrust.org/About_RACER/About_Us
Who We Are
The RACER Trust was created in March 2011 by the U.S. Bankruptcy Court to clean up and
position for redevelopment properties and other facilities owned by the former General Motors
Corp. before its 2009 bankruptcy.
When the RACER Trust was formed, it owned more than 44 million square feet of industrial
space in 66 buildings across 7,000 acres in 14 states, principally in the Midwest and Northeast.
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.
What We Do
The RACER Trust's mission is to clean up and revitalize former GM locations. We are
responsible for conducting safe, effective environmental cleanups at approximately 60 locations.
The cleanups are conducted with the approval and oversight of state and federal regulatory
agencies and funded by nearly $500 million that RACER received at the time of the Trust's
establishment.
RACER will clean up the properties to ensure that environmental conditions are not an
impediment to sale or industrial re-use. In fact, in most cases, RACER properties can be sold for
new uses even before environmental cleanups are started or completed, assuming RACER is
guaranteed continuing access to the properties to conduct cleanup work.
Redeveloping the sites for new job-creating uses begins with meetings that RACER conducts
with local elected officials, community leaders and economic development organizations. Our
goal is to understand the local community's common vision for the optimal re-use of each
location. Based on this common vision, RACER will determine how best to market the property
for sale to prospective buyers. RACER then will publish a detailed marketing brochure and
a standard letter containing the terms for purchase and formally open the bidding process.
Offers for purchase or lease will be evaluated by RACER against six criteria set forth in the
Settlement Agreement that created the Trust. RACER also may consider additional factors, in its
sole discretion, when assessing whether or not these criteria have been best satisfied by a
particular offer. While purchase price will be evaluated, RACER also must consider each offer's
ability to create jobs and generate new economic opportunity in the communities hurt by the GM
bankruptcy.
The RACER Management Team
Elliott P. Laws, Trustee
Elliott P. Laws was appointed by the U.S. Bankruptcy Court as the Trustee
of the RACER Trust.
He also is a partner at Crowell & Moring LLP, where he provides strategic
counseling and legal, policy and crisis management advice on
environmental and energy policy issues, regulation and litigation,
addressing Superfund and hazardous wastes, brownfields redevelopment,
environmental remediation, chemical regulation, clean air and clean
water. Drawing upon his deep environmental experience, he is able to
help clients develop innovative resolutions to complex environmental
issues.
Elliott is a former official of the U.S. Environmental Protection Agency
where he served as assistant administrator for Solid Waste and Emergency
Response. In that role, he was responsible for regulatory and policy
development and implementation for solid and hazardous waste
management. This included the Superfund, RCRA, brownfields and
underground storage tanks programs. Prior to his role at EPA, Elliott was
an attorney at the U.S. Justice Department, president of safety, health
and environment for Texaco Inc., and a former Manhattan assistant
district attorney.
Bruce Rasher, Redevelopment Manager
Bruce Rasher is responsible for managing the redevelopment, sale and
lease of the Trust’s properties, in consultation with the Trustee and
federal, state and local officials. He previously served as Vice President of
CB Richard Ellis, Inc., the world’s largest real estate services firm, where
he was based in Detroit and managed CBRE’s North American
manufacturing and brownfields specialty practice groups. He is the former
mayor of Marshall, Mich.
Pamela Barnett, Cleanup Manager for the former GM properties in
Delaware, Louisiana, Massachusetts, Ohio, Pennsylvania and Virginia
Pamela L. Barnett manages all aspects of site investigations; design and
implementation of remedial project work; and integrating remedial
project work with redevelopment activities at Trust properties in six
states. Ms. Barnett is a professional geologist with extensive
environmental experience in consulting and manufacturing.
Robert Hare, Cleanup Manager for the former GM properties in Indiana,
Illinois, Kansas, Missouri, Wisconsin and New Jersey
Robert W. Hare manages all aspects of site investigations; design and
implementation of remedial project work; and integrating remedial
project work with redevelopment activities at Trust properties in six
states. Mr. Hare has more than 32 years of experience with environmental
compliance and remediation at auto facilities. Most recently, he served as
Director of Environmental for Motors Liquidation Company, overseeing
environmental operations of the estate and managing remediation projects
in Michigan and New Jersey. Mr. Hare has co-published various papers on
waste water treatment and remediation and is the recipient of the Ohio
Water Environment Association F.H. Waring award for outstanding
contributions to the industrial waste water field (1992). He is a registered
Professional Engineer in Ohio, Registered Environmental
Manager/Registered Environmental Property Assessor, and a Certified
Hazardous Material Manager.
M. Brendan Mullen, Cleanup Manager for the former GM properties in
New York
M. Brendan Mullen manages all aspects of site investigations; design and
implementation of remedial project work; and integrating remedial
project work — including demolition — with redevelopment activities at
Trust properties in New York. He is a board-certified environmental
engineer and holds an MBA in financial management.
Grant Trigger, Cleanup Manager for the former GM properties in
Michigan
Grant R. Trigger manages all aspects of site investigations; design and
implementation of remedial project work; and integrating remedial
project work with redevelopment activities at Trust properties in
Michigan. Mr. Trigger is a professional engineer, environmental attorney,
and adjunct professor of Law at the University of Detroit School of Law.
He also serves on the Executive Council of the Michigan Chapter of the
National Brownfield Association.
Dave Favero, Deputy Cleanup Manager for the former GM properties in
Michigan
Dave Favero helps coordinate and support remediation and redevelopment
of Trust properties in Michigan. Mr. Favero has extensive experience with
regulatory compliance and environmental cleanup, as well as working
cooperatively with site redevelopers. He was a Contract Project Manager
for GM, a Senior Project Manager for an environmental consulting firm in
Illinois, and a Superfund Remedial Project Manager for U.S. EPA Region 5
and the Illinois EPA.
Patricia A. Spitzley, Deputy Redevelopment Manager
Patricia A. Spitzley has worked in the environmental/regulatory arena for
more than 15 years. She has worked with Michigan’s last three governors
in various roles, including environmental policy, legal affairs,
communications and community outreach. She also was appointed to serve
as Communications Director for the Michigan Department of Environmental
Quality as well as the Chief of the Office of Legal Services for the Michigan
Department of Natural Resources.
SIX Criteria For Sales/Lease
Home > Economic Development > Sales/Lease Criteria
Sales-Lease Criteria
RELEVANT CRITERIA AND FACTORS TO BE
CONSIDERED
FOR THE SALE OR LEASE OF RACER PROPERTIES
All offers to purchase or lease any Property owned by the Trust (or its subsidiary, RACER
Properties LLC; and together, "RACER") will be considered by the Trust only when the
submitted offer is complete, whereupon it will be evaluated by the Trust based upon the
extent to which it independently and comparatively complies with the requisite Sales/Lease
Criteria, taking into account any or all of the Factors, as determined in each case, in the sole
judgment of the Trust.
A. SALES/LEASE CRITERIA: The 89 "Properties" owned by General Motors Corporation when it
filed for bankruptcy in 2009, have been transferred to RACER in accordance with the
bankruptcy court-approved Environmental Response Trust Consent Decree and Settlement
Agreement to which it is a party, notice of which was published in the 75 Fed. Reg. 66390
(Oct. 28, 2010), and a copy of which is available here (the "Settlement Agreement") *. RACER
is now required, among other things, to sell or lease these Properties with the objective that
they be put to productive or beneficial use. In making such determination, in accordance
with paragraph 65 of the Settlement Agreement, the Trust will consider all of the following
criteria (collectively, the "Sales/Lease Criteria") when evaluating an offer for the sale or
lease of Trust Properties:
i.
First, whether the monetary value of the purchase price is sufficient in light of the
projected budget for the sale of that Property, taking into account any surplus from past
Properties sold or projected shortfall on the sale of the remaining Properties;
ii.
Second, the potential for the proposed reuse to create jobs in the State and the affected
community;
iii.
Third, other benefits to the State, the Tribe, if applicable, and affected communities
(such as increasing tax revenue, reducing blight, and providing a sense of renewal);
iv.
Fourth, avoiding a material increase in the cost of or interference with the
Environmental Action;
v.
Fifth, the views of the State, the Tribe, if applicable, and affected communities; and
vi.
Sixth, the reputation and credibility of the prospective buyer/lessee.
B. FACTORS CONSIDERED WHEN PERFORMING THE SALES/LEASE CRITERIA TEST
ASSESSMENT: This guidance is to provide prospective buyers and lessees with some of the
quantitative and qualitative factors that may, at a minimum, be considered by the Trust
when evaluating offers for the redevelopment, purchase, or lease of a Trust Property (the
"Factors"), to assess whether and to what extent such offers meet the Sales/Lease Criteria.
These factors are not presented in any particular order of priority. Each transaction involving
Trust Property will have unique circumstances, which may require the Trust to consider other
Factors, and balance their relative merits and weight differently, after analyzing the
requisite due diligence, including a careful review of objective information, consultations
with community officials and local community investment in the subject project, with due
consideration given to any intangible benefits of the offer. The Trust will strive to balance all
of these Factors, with the ultimate goal of achieving the optimum outcome for stakeholders
in every case, but the Trust retains the ultimate discretion on how best to weigh these
Factors and which offer or project, if any, best satisfies the Sales/Lease Criteria and the
Trust's other requirements.
Before we consider your proposal further you will need to execute our standard confidentiality
agreement, a copy of which is available here. Of course, no agreement with the Trust will exist
until a definitive written agreement has been executed and all required approvals and conditions
have been satisfied**.
Some of the Factors to be considered by the Trust, in its sole discretion, are the following:
1. Monetary Value. Factors relevant to the first criterion include:
a. The monetary value to the Trust from the real and personal property assets associated
with the Property -- including: land, buildings, infrastructure, machinery & equipment,
and other real and personal property. Proposals in which the real and personal property
are bundled will not be accepted by the Trust, except that a proposal from a bona fide
turn-key operator, along with a binding commitment to operate the plant subsequent to
the sale, may be considered.
b. Fair market value of the real and personal property, which shall be based on current
appraisals, applicable market conditions, or other appropriate information, taking into
account whether, in the Trust's view, the real and personal property will ultimately be
reused or liquidated for investment recovery or its scrap value.
c. Impact on the Trust's holding costs for the Property.
d. The time to close or otherwise defray the Trust's holding costs for the Property. The
Trust may weigh more favorably proposals that are more certain of prompt closing in
light of their potential impact on holding costs.
e. Whether the Buyer or Lessee's plan avoids or otherwise favorably addresses utilities
separation issues and/or costs for the Trust.
2. Job Creation. Factors relevant to the second criterion include whether the Buyer or
Lessee's plan:
a. For the ultimate end use of the Property is expected to create and/or retain jobs for the
State and affected community early on (and, ideally, by a date certain). The Trust
requires that the following information shall be furnished for review by the Trust to
assist in its determination of whether the plan for job creation and/or job retention is
viable:
i.
A detailed estimate of the number of each type of job to be created or retained
ii.
A description of each type of job to be created or retained
iii.
An estimate of wages and benefits for each job to be created or retained
iv.
A detailed schedule estimate for when each job will be created
b. Leverages local, state, tribal, and Federal economic incentives for job creation and/or
retention. Please identify and describe specific incentives you anticipate utilizing and
discuss any efforts to date to qualify and/or apply for such incentives, including grants
and tax incentives. If you have prior experience with these benefits, please discuss that
experience.
3. Tax revenue, blight reduction, and other. Factors relevant to the third criterion include
whether the Buyer or Lessee's plan provides other benefits to the State, the Tribe, and
affected community such as:
a. Increasing tax revenue. If you have prepared proforma projections, please provide them.
b. Increasing economic activity.
c. Reducing blight. Please discuss, for example, your plans for demolishing (or preserving
and/or "beautifying") existing structures, and the inter-relationship between your
ultimate re-use plans and the surrounding community.
d. Providing a sense of renewal. For example, you may wish to discuss your local hiring and
any community relations or publicity efforts that will be a part of your plans.
4. Impact on Remediation. Factors relevant to the fourth criterion include whether the
Buyer or Lessee's plan:
a. Whether the buyer proposes to conduct any remedial activity itself (see paragraph 67 of
the Settlement Agreement *), and/or how any such remedial activity proposed to be
conducted by buyer will interact with that to be conducted by RACER.
b. Recognizes and otherwise includes appropriate use limitations (e.g., deed restrictions
and engineering controls) and access related to cleanup requirements.
c. May avoid or reduce cleanup costs (e.g., where redevelopment infrastructure may meet
or exceed a cleanup requirement and otherwise ensure protection of human health and
the environment).
d. The Trust will give weight to proposals and plans that show a detailed understanding of
RACER's likely cleanup plans for the site (as detailed in RACER's website).
e. In furtherance of point 3 immediately above, recognizes and allows for the nondisturbance and continuance in place of any structures contemplated in RACER's cleanup
plans, such as pre-existing slabs, remedial systems, and the like.
f. Please discuss how you would propose to coordinate redevelopment and remedial
activities, as suggested in paragraph 74 of the Settlement Agreement *.
5. Views of Communities, the Tribe, and the States. Factors relevant to the fifth criterion
include whether:
a. Views of affected communities, the St. Regis Mohawk Tribe (where applicable), and
State governments will be sought and considered.
b. The degree to which the local community is making an investment in partnership with
the Trust to attract economic development opportunities.
c. A binding development agreement, with specific milestone dates for investment
amounts, repositioning activities, zoning, construction completion, and job creation
commitments, will be executed at closing.
d. The community, the Tribe, and the state endorse the redevelopment plan and reuse of
the Property. The Trust shall seek an endorsement from the community, the Tribe, and
the state only after the Trust has solicited the views of the community, the Tribe and
the state, undertaken the marketing of the Property, called for and vetted the proposals
received, and made a tentative selection of the reuse or redevelopment plan which, in
the Trust's opinion, has the greatest potential to satisfy theSettlement
Agreement criteria.
6. Reputation of Proposed Buyer or Lessee. Factors relevant to the sixth criterion include
whether:
a. The buyer, lessee, and/or new end user have a proven record of property ownership,
management, operations, and/or redevelopment for comparable sites. The Trust
requires that a minimum of three recent and relevant case studies of similar projects,
including references, shall be furnished for review by the Trust to assist in its
determination of whether the buyer, lessee, and/or new end user has demonstrated the
capacity to carry out the redevelopment plan being proposed for the Property.
References must include at least one each from the following: government, lessee,
seller, and financial). In addition, the following must be provided:
i.
Resumes of principals/management
ii.
List of company affiliates and d/b/a's
iii.
List of directors, partners, shareholders, managers and members
iv.
Ownership structure (percent by name)
v.
List of other boards, partnerships and joint ventures
vi.
Number of years in business
vii.
Disclosure of any actual or potential conflicts of interest
b. The buyer, lessee, and/or new end user have adequately disclosed and explained their
project plans and financing to the Trust. The Trust requires that the following
information ** shall be furnished for review by the Trust to assist in its determination of
whether the project proposed for the Property is viable:
i.
The identity and a detailed description of the line of business of each of the entities
involved
ii.
A minimum of three-years' audited financial statements for each of the entities
involved
iii.
A detailed financial pro forma (3 years) for the project
iv.
A detailed schedule of the sources and uses of funds for the project. If any source of
capital is from a third party, a copy of the loan and/or commitment agreement
must be provided. If buyer is under any restrictions with respect to use of its own
capital, whether pursuant to a loan or other agreement, these must be provided.
v.
Business plan, including copies of all agreements or contracts for services/products
or partnerships relied on in any way to support the business plan and the
jobs/income/products or any other component of the proposed development plans
c. The buyer, lessee, and/or new end user have demonstrated to the Trust that they are
capitalized to implement planned redevelopment and related activities. The Trust
requires that the identity of the sources of capital and the capital structure shall be
furnished for review by the Trust to assist in its determination of whether the capital
sources and the capital structure are adequate to undertake the proposed investments at
the Property.
i.
Current, interim financial statement (last fiscal quarter)
ii.
Credit references
iii.
Audited financial statements of financial guarantors
iv.
List any bankruptcy, IRS liens, other liens
v.
List property ownership (including any interests in adjoining or nearby properties).
d. The new end user has a proven market for the products and/or services to be produced
at the site. The Trust may require that the agreements for the underlying process inputs
and/or output sales be furnished for review by the Trust to assist in its determination of
whether an end user's business plan is viable.
e. Whether the buyer, lessee, and/or new end user's reuse of the Property:
i.
Incorporates sustainability concepts in its design.
ii.
Supports renewable energy manufacturing or generation.
f. The extent to which the buyer, lessee, and/or new end user conducts its activities in a
professional and business-like manner and is respected within its peer community.
Reputation and credibility will also be evaluated in part on an assessment of the validity
and accuracy of any and all representations made by or on behalf of any
applicant/developer/buyer by any member/partner/agent of the developer in any public
or private forum/format. Misrepresentations found to be negligent or intentional, in the
sole discretion of the Trust, will be grounds for rejection of any and all proposals from
said buyer/lessee.
* The Settlement Agreement -- which was entered into by the United States, the fourteen states
where Trust Properties are located, and the Saint Regis Mohawk Tribe – and was filed approved in
March 2011, can also be found on the EPA's website
athttp://www.epa.gov/compliance/resources/cases/cleanup/cercla/mlc/overview.html.
** All information and documentation furnished to the Trust shall be kept confidential when the
information is subject to the terms of an executed confidentiality agreement between the parties.
Home > About RACER > Questions and Answers
Questions and Answers
What does RACER Trust stand for?
Revitalizing Auto Communities Environmental Response Trust
What is the mission of The RACER Trust?
The RACER Trust's mission is to remediate and position for redevelopment 89 former GM locations.
RACER is working with local and state agencies and private groups to attract prospective buyers to
create new jobs and new economic growth on these properties. RACER also is planning and
conducting environmental cleanups at about 60 properties with the approval and oversight of
federal and state regulatory agencies. RACER will conduct these cleanups even if properties are
sold to new owners.
Is RACER a federal agency?
No. RACER is not an arm of the federal government. It is an independent trust.
How was The RACER Trust established?
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.
Where are the RACER properties located?
The RACER properties are located in 14 states: Delaware, Illinois, Indiana, Kansas, Louisiana,
Massachusetts, Michigan, Missouri, New Jersey, New York, Ohio, Pennsylvania, Virginia and
Wisconsin.
Does RACER intend to sell the properties, or lease them?
RACER has the flexibility to explore a variety of approaches — as long as they are consistent with
RACER's fiduciary obligations and enable RACER's environmental cleanups to continue.
What factors will RACER consider when deciding what redevelopment opportunity to pursue?
RACER has a legal obligation to sell the former GM properties at prices that approximate fair
market value and that take into consideration the jobs and other economic benefits new projects
can bring to auto communities hurt by the GM bankruptcy.
The agreement establishing the Trust described the criteria that the Trust, at a minimum, must
consider when selling properties. These criteria include:
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Whether the purchase price is sufficient;
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The potential for job creation in the affected community and the state;
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Increases in tax revenue or other benefits, like the reduction of blight, to the community,
state or Tribe;
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Avoiding an unanticipated increase in costs for the environmental cleanup;
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The views of the local communities, the Tribe or the state; and,

The reputation and credibility of the prospective purchaser.
For those interested in viewing detailed criteria that RACER will consider when evaluating sales
and lease opportunities, click here.
How soon will these properties have new businesses and new jobs?
The RACER Trust and the local communities where these properties are located share a common
interest: We want safe and effective environmental cleanups conducted as quickly as possible,
and we want new jobs developed and economic activity restored as quickly as possible. RACER is
already working to identify qualified, responsible buyers for these properties. In addition, RACER
is planning and carefully conducting environmental cleanups, in conjunction with state and
federal regulatory agencies. Progress on these endeavors will likely vary by property.
Does a property have to be cleaned up before it can be sold?
No. The Trust can transfer title to a property prior to the completion of cleanup activities as long
as the Trust retains the right of access to complete the cleanup while the new owner redevelops
the property and invests in job-creating activities.
I live near a RACER property. Will I have any say in the future use of the property?
Yes. RACER representatives are meeting with elected officials and community leaders to discuss
the potential re-uses of the RACER properties. For more information, please contact us at
information@RACERTrust.org
I live near a RACER property and have questions. Whom should I contact?
We'd be happy to hear from you. Please email RACER at information@RACERTrust.org or call us at
1-855-RACER-411.
I am interested in purchasing a RACER property. Whom should I contact?
Inquiries about the properties should be directed to the RACER Trust
at propertyinfo@RACERTrust.org.
I am an environmental consultant and am interested in working on a RACER property. Whom
should I contact?
In order for RACER to fairly evaluate the capabilities of your business, we encourage you to submit
a statement of qualifications. Please send it to Envirocontractor@RACERTrust.org
http://www.racertrust.org/Properties/PropertyDetail/Muncie_1316
Home > Properties/Sales > Property Detail > Property Hub Muncie 1316
MUNCIE INDUSTRIAL LAND
1200 West Eighth Street, Muncie, IN
>> CONTACT OUR MANAGERS
Robert Hare
Environmental
Bruce Rasher
Redevelopment
Additional Property Details:
List
Zoning, Infrastructure, Tax ID
| Aerial View |
Full Property
This 66-acre industrially zoned site has high visibility and access to highway and
rail. The site was utilized by various divisions of General Motors for the
manufacture of batteries and vehicle transmissions. Portions of the site were
reused over the years, until manufacturing operations at the site ended in
March 2006. Demolition was completed in 2009. Concrete slabs and six paved
parking lots remain on the site.
>> Download Our Marketing Brochure for Site
ENVIRONMENTAL PROGRESS
Environmental investigation dates to the 1980s. Primary constituents of
concern for soil are lead and chlorinated volatile organic compounds (CVOCs),
polychlorinated biphenyls (PCBs), and metals. Groundwater is primarily
impacted with CVOCs. RACER will continue to work with Indiana Department of
Environmental Management (IDEM) to complete environmetental investigations
at the site and to develop a cleanup plan that is protective of human health
and the environment and consistent with IDEM cleanup standards.
>> Download Our Environmental Fact Sheet for Site
>> Download Environmental Reports
>> View Additional Photos of the Property
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Helpful Documents
State and Local
Federal Resources
Sales/Lease Criteria
Settlement Agreement
Sales Process
Confidentiality Agreement
Letter of Intent
Model Purchase and Sale
Agreement
Model Environmental Easement
and Use Restriction Agreement
Resources
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State of Indiana
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Indiana Economic Development 
Corp.
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Indiana Department of Education
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Environmental Protection Agency
Department of Labor
Economic Development Administration
Census Bureau
Department of Commerce
General Services Administration
Small Business Administration
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City of Muncie
Community Partners
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Muncie-Delware County
Economic Development Alliance
Click for
Enlarged Aerial View
PDF files on Environmental Studies
http://www.racertrust.org/Properties/Detail?Id=13160