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Revitalizing Auto Communities Environmental Response (“RACER”) Trust Properties as Brightfields

Revitalizing Auto Communities Environmental Response (“RACER”) Trust Properties as Brightfields. Michael O. Hill Chief Operating Officer & General Counsel RACER Trust (2011 Brownfields Conference) (April 4, 2011). Creation of the Trust. Key dates: June 2009 – GM bankruptcy.

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Revitalizing Auto Communities Environmental Response (“RACER”) Trust Properties as Brightfields

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  1. Revitalizing Auto Communities Environmental Response (“RACER”) TrustProperties as Brightfields Michael O. Hill Chief Operating Officer & General Counsel RACER Trust (2011 Brownfields Conference) (April 4, 2011)

  2. Creation of the Trust • Key dates: • June 2009 – GM bankruptcy. • October 2010 – Settlement Agreement between U.S. Government, 14 States, the St. Regis Mohawk Tribe, and “old GM.” • March 31, 2011 – Trust’s Effective Date March 31, 2011. • Specific cleanup funding “buckets” for all 60 sites with “knowns.” “Cushion” funding for the remaining 29 sites and for unexpected overruns. • Additional funds for Property “holding costs,” redevelopment, and administrative.

  3. Next Steps • Seeking bids/offers now (to buy or lease). • No federal or state procurement rules. • Will work with buyers to help leverage outside sources of development funds. • Remediation (by the Trust) can occur post-transfer. www.racertrust.org

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