Former Indianapolis Stamping Plant to be Marketed as Vacant Land

INDIANAPOLIS (06/07/2013)(readMedia)-- The RACER Trust will market the former GM Indianapolis Stamping Plant property to prospective buyers exclusively as vacant land for development, a strategic shift to capture the property's best potential for job-creating redevelopment, the RACER Trust announced today.

RACER had previously included the 2.1-million-square-foot manufacturing building and other on-site buildings in its marketing of the 102-acre property to potential new users, but made the decision to dismantle and remove the buildings after consultation with local elected officials; regional and national experts in economic development and commercial real estate; and an internal analysis of market interest in redeveloping the property with the buildings intact. The buildings are obsolete and are an impediment to capturing new investment in Indianapolis.

"This is an extremely valuable and attractive piece of property, and presents a tremendous opportunity to revitalize a highly visible section of Indianapolis," said Elliott P. Laws, administrative trustee of the RACER Trust. "Its size and location just across the White River from Lucas Oil Stadium and downtown Indianapolis are ideal for a wide variety of development purposes. Our primary mission and urgent goal is to do what the community has asked us to do - to attract a buyer who will invest in revitalization, jobs and other economic benefits for the community. We look forward to attracting a buyer who will invest in job creation and other lasting benefits for the community as quickly as possible."

Bruce Rasher, redevelopment manager of the RACER Trust, said: "We have actively marketed the former GM property for sale and redevelopment since taking title to it in March 2011. Thus far, market demand for the property with the existing buildings intact has been unsatisfactory. The commercial real estate experts we have consulted agree that the buildings are a barrier to achieving the property's substantial redevelopment potential. By dismantling and removing the buildings, we will make the property as attractive as possible for investors and future employers."

The RACER Trust is seeking competitive proposals to dismantle the buildings. The work is expected to begin sometime in late summer or early fall and take about six months to complete.

"We appreciate the RACER Trust's aggressiveness and urgency in marketing this property, and we're working shoulder to shoulder with the RACER staff to attract a buyer who will bring jobs and dynamic redevelopment to this prime location," Indianapolis Mayor Greg Ballard said. "Indianapolis is full of outstanding assets and amenities, and we are confident that the ultimate re-use of this property will further enhance our well-deserved reputation as an excellent place to live, work and do business."

"The RACER Trust recognizes the redevelopment potential of the former Indianapolis Stamping Plant, and has been working cooperatively with both the state and city to effectively market the property," said Eric Doden, president of the Indiana Economic Development Corporation. "Successful redevelopment of this property will mean new jobs and robust economic activity for the Central Indiana community. The IEDC looks forward to supporting and complementing RACER's efforts to spur revitalization."

RACER routinely consults with local officials, economic development specialists and market experts in seeking new users for the former GM properties in its portfolio, though RACER owns the properties, and decisions with respect to marketing strategies and selection of buyers are RACER's exclusively.

"The former Indianapolis Stamping Plant has a proud history as a hub of economic activity for the city and the region, and an extraordinarily bright future for the right redevelopment," Mr. Laws said. "We will continue to work closely with the community and other stakeholders as we seek to maximize the property's long-term potential for the benefit of Indianapolis and the surrounding region."

About the RACER Trust: The RACER (Revitalizing Auto Communities Environmental Response) Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. 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. When the Trust was formed, it owned properties at 89 locations in 14 states, principally in the Midwest and Northeast. The Trust, which is independent, 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 Trust property in Massena, NY. For more information, please visit www.racertrust.org.