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RACER Trust expects 'to get a deal' for ex-GM properties
LANSING - The status of four former GM plant sites changed to “not available” last April because the interest shown by a qualified buyer created a “very high probability of closing a deal,” according to RACER Trust’s redevelopment manager.
The fact that nine months have passed without reaching a purchase agreement is no cause for concern, Bruce Rasher, RACER’s chief properties negotiator, said Thursday.
“It is not unusual, and there’s nothing to be alarmed about,” said Rasher, who joined RACER in 2011 and who served two terms as mayor of Marshall, Michigan in the 1990s. “The underlying proposal from this prospect and the prospect itself are both sound.”
Rasher said a confidentiality agreement prevented him from identifying the would-be buyer unless and until a purchase contract was signed.
The Lansing Economic Area Partnership, which could play a role in negotiating tax incentives, “is engaged directly with a potential prominent developer for the sites,” Bob Trezise, LEAP’s president and CEO, said Thursday.
“It’s complicated,” Trezise said. “There’s a lot of ifs, but we’re very hopeful.”
Nevertheless, “There’s nothing imminent,” he said.