June 20, 2011 01:39 PM Eastern Daylight Time
BIRMINGHAM, Mich.–(BUSINESS WIRE)–Bruce Rasher, a former mayor, community leader and senior official of
the world’s largest real estate firm, has been named Redevelopment
Manager of The RACER Trust.
“Our urgent priority is to create good, stable jobs as soon as
possible”
Mr. Rasher previously managed CB Richard Ellis’ North American
manufacturing and brownfields specialty practice groups, based in
Detroit. He also served two terms as mayor of Marshall, Mich., from
1995-98.
The RACER Trust, a not-for-profit organization, was created by a U.S.
Bankruptcy Court to clean up and help create new jobs at 89 industrial
plants and other properties left behind in General Motors’ 2009
bankruptcy. The properties are located in 14 states, mainly in the
Midwest and Northeast. The Trust was established through a settlement
agreement among the federal government, the 14 states and the St. Regis
Mohawk Tribe, which owns land adjoining one of the sites in Upstate New
York.
Mr. Rasher is responsible for managing the sale, lease, and other
redevelopment of the properties, in conjunction with community, state,
federal and Tribal officials in each location. The RACER Trust is the
third-largest owner of industrial property in the United States, and the
largest environmental trust in U.S. history.
“Our urgent priority is to create good, stable jobs as soon as
possible,” Mr. Rasher said. “We will consult with local leaders in each
community and state to learn about their vision for future economic
development and conduct a national marketing campaign to identify
qualified, experienced firms to bring jobs and economic opportunity to
these communities.”
“Sixty of the properties also require environmental remediation. Even
though the RACER Trust did not create the environmental problem, we have
accepted responsibility for cleaning them up,” he said. “We will hire
qualified environmental remediation firms to develop and implement
cleanup plans that are safe, effective and practical. The cleanups will
be conducted under the supervision of federal and state officials.”
Prior to joining CB Richard Ellis, Mr. Rasher held management positions
involving real estate, remediation, brownfield redevelopment, economic
development and renewable energy with Consumers Energy, a subsidiary of
CMS Energy and one of the nation’s largest combination electric and
natural gas utilities. He oversaw the construction of CMS Energy’s
corporate headquarters on a brownfield site in Jackson, Mich., the
recipient of a 2003 Phoenix Award for Excellence in Brownfield
Redevelopment.
Mr. Rasher is a former President of Consumers Renaissance Development
Corporation, a non-profit public-private partnership engaged in
providing technical assistance and transaction services to businesses
and communities for brownfield redevelopment projects. Consumers
Renaissance Development Corporation helped bring to fruition 111
redevelopment projects involving $ 3.5 billion in investment.
He serves as Treasurer of the National Brownfield Association, the
leading non-profit, member-based organization dedicated to promoting the
sustainable development of brownfields; is a Commissioner on the Great
Lakes Commission; and is Chairman of the Board of Oaklawn Hospital in
Marshall, Mich.
“Bruce has distinguished himself as a leader in environmental solutions,
economic development and community service. We’re fortunate to have
someone of his experience guiding our redevelopment efforts,” said
Elliott P. Laws, Trustee of the RACER Trust. “I have tremendous
confidence in Bruce’s ability as a catalyst, bringing community and
business leaders together to create new jobs and economic opportunities
in places that were hurt by GM’s bankruptcy.”
“I’m very excited about this mission to bring jobs and opportunities to
communities that really need them,” Mr. Rasher said. “We will establish
an open, fair, competitive process to market these properties and
identify qualified, experienced buyers. Our goal is to achieve the best
possible outcome for each community.”
“It is essential that the environmental remediation work be carried out
safely, effectively and practically and with the full approval and
oversight of the appropriate environmental regulatory agencies,” said
Michael O. Hill, Chief Operating Officer and general counsel of the
RACER Trust. “Bruce’s experience with management of industrial sites and
creative solutions to environmental challenges will be invaluable in
carrying out this mandate.”
Mr. Rasher will lead the RACER Trust’s work with local and state
agencies and private groups to attract prospective buyers, with a goal
of creating and retaining local jobs, restoring the tax base, reducing
blight, responding to the needs of the community and protecting human
health and the environment. The RACER Trust will evaluate proposals for
the properties based on six criteria established in the settlement
agreement: whether the purchase price is sufficient; the potential for
job creation; increases in tax revenue or other benefits; avoiding an
unanticipated increase in costs for the environmental cleanup; the views
of the local communities, the Tribe or the state; and the reputation and
credibility of the prospective purchaser.
The RACER Trust owns more than 44 million square feet of industrial
space in 66 buildings on 7,000 acres located in 14 states. Under the
settlement agreement that created it, the Trust received the 89 former
GM properties, nearly $ 500 million for environmental remediation costs,
and additional funds to pay taxes, maintenance, security and utilities
costs and other necessary expenses. Proceeds from the sales will cover
ongoing expenses related to owning, maintaining, securing and marketing
each of the properties.
Mr. Rasher, a native of Mt. Vernon, N.Y., earned his bachelor’s degree
in biology from Michigan State University in 1976. He also earned a
master’s degree in business administration with an emphasis on finance
from Western Michigan University’s Haworth College of Business in 2002.
He was a 1999 Fellow in the Michigan Political Leadership Program at
Michigan State’s Institute for Public Policy and Social Research.
Mr. Rasher lives in Ann Arbor, Mich., with his wife, Linda. They have
two adult sons.
For more information, please visit www.racertrust.org.
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