Veteran Community and Economic Development Leader Directing RACER Initiative to Renew Auto Communities

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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