Commercial, Retail Placemaking in PontiacLike many industrial cities, Pontiac, Mich., was hit hard by the Great Recession. Unemployment soared, population sagged and businesses busted. It was a city built around General Motors, which for a century provided solid wages for working people and essential tax revenue to fund local schools and government services. Storm clouds had been gathering for some time, but it nevertheless was a shock when General Motors filed for bankruptcy in 2009, abandoning millions of square feet of industrial space and hundreds of acres of land, much of it brownfields. These buildings and acreage were among the property conveyed to RACER Trust in 2011 as part of the settlement of the GM bankruptcy. RACER — for Revitalizing Auto Communities Environmental Response — was given title to properties at 89 locations in 14 states and tasked by the U.S. Bankruptcy Court with selling the properties for redevelopment and beneficial reuse, as well…Log In to Read Full Article
RACER Trust’s Proving Ground Stimulates Efficiency
Judge Robert Gerber, sitting in the U.S. Bankruptcy Court for the Southern District of New York, signed an order in effect creating RACER Trust in March 2011. RACER — for Revitalizing Auto Communities Environmental Response — was handed a portfolio of more than 300 properties scattered over 89 locations in… Read more
Water, Water Everywhere?
While in the following pages I will recount a number of serious localized water shortages, I can tell you at the outset, this will not be another gloom-and-doom scenario to which you are treated daily in your local and national news sources. Now, in my 54th year of professional effort… Read more