Yes, you read the title correctly, that’s “ten dollars”, with one zero. MLive reports the former General Motors Saginaw, Michigan foundry has sold for pocket cash.
The $10 deal was reached with the RACER Trust, which manages the property for GM, and Michigan’s Department of Natural Resources. The state plans to turn the former industrial site into an urban park, complete with bike and hiking paths.
“RACER, acknowledging the public-private partnership, agreed to sell us the property for nominal $10,” Marc Miller, deputy director of regional initiatives for the DNR, said. “They recognize its importance to the community.”
The facility was once the General Motors Saginaw Malleable Metals foundry and operated on one-million square feet along the west bank of the Saginaw River. But, as nature has reclaimed it years later, “passive” recreation spaces are deemed worthy of the site.
“Communities increasingly are embracing the value of open space and passive recreation resources as a means of enhancing the quality of life and stimulating additional economic development activity nearby,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “We are pleased to know this property will be in good hands and a benefit to the community moving forward.”
GM and the RACER Trust have been busy finding new purposes for former sites. Just recently, the old Willow Run assembly plant was named the future home for the American Center for Mobility. It will become home to modern, cutting edge proving grounds for autonomous vehicles and other technology.