RACER Trust Seeking Proposals from Qualified Firms for Redevelopment of Indianapolis Stamping Plant Site

INDIANAPOLIS (08/08/2013)(readMedia)-- The RACER Trust announced today that it has issued requests for proposals to redevelop the former General Motors Indianapolis Stamping Plant property, a 102-acre parcel just across the White River from vibrant downtown Indianapolis.

The requests were issued to firms with proven expertise in the dynamic reuse of vacant commercial or industrial land.

RACER will begin evaluating proposals in late September and, in cooperation with the City of Indianapolis, seek to reach a deal to redevelop the property sometime before the end of 2013.

On June 7, 2013, RACER announced plans to dismantle and remove the obsolete industrial buildings on the property and to market it as vacant land, a strategic shift to capture the property's best potential for job-creating redevelopment. RACER is in the process of evaluating bids to clear the property and expects to select a contractor for that work before the end of September.

"We expect the market demand for this property to be substantial, and we look forward to moving toward the sale, beneficial redevelopment and new jobs creation that the reuse of this property will stimulate for Indianapolis and the surrounding area," said Elliott P. Laws, administrative trustee of the RACER Trust. "The potential for a property of this size, with its location and countless associated amenities, is limitless."

The property is directly across the White River from Lucas Oil Stadium, home of the NFL's Indianapolis Colts.

"As I said over two years ago, this marks one of the greatest redevelopment opportunities in the history of the City," said Indianapolis Mayor Greg Ballard. "The City is eager to continue working with the RACER Trust to find a great private-sector partner whose vision and investment will bring new activity and growth to downtown Indy."

The requests for redevelopment proposals were issued before the dismantling and removal process in order to compress as much as possible the gap between completion of dismantling and removal activities and the beginning of property redevelopment and job creation.

RACER took title to the former Indianapolis Stamping Plant in March 2011 as a result of a Bankruptcy Court settlement agreement involving the former General Motors Corp. RACER marketed the property for sale with the buildings intact for more than two years but was unable to secure a satisfactory offer, largely because of the prohibitive costs of renovating more than 2.1 million square feet of obsolete manufacturing space.

RACER consulted with local elected officials and local, regional and national economic development professionals and market experts, who advised RACER that the buildings as configured were an impediment to unlocking the property's significant economic redevelopment potential.

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.