The White House Council on Auto Communities and Workers announced this week the largest remediation trust agreement in U.S. history will be invested as part of the federal framework to create momentum to put 90 facilities back into productive use, thus creating jobs and economic growth in communities in 14 states. In total, $836M will be invested to speed the environmental cleanup and redevelopment of these former GM auto facilities shuttered as part of the General Motors Corporation bankruptcy. The plan remains subject to the approval of the U.S. Bankruptcy Court for the Southern District of New York.
The framework would place more than $800M in federal funding, which had been provided for the wind-down of the Old GM, in an Environmental Response Trust. The proposed allocation would provide $536M for the cleanup of these former sites and approximately $300M will be used to assist the states and communities in dealing with the challenges these properties present, including property taxes, demolition costs, plant security costs and others expenses.
More information is available at http://www.whitehouse.gov/the-press-office/council-auto-communities-and-workers-announces-landmark-framework-speed-redevelopme