In
a down economy, manufacturers have been closing buildings and opening up the
potential from theft and vandalism. But, in an agreement that could pump new
economic life into depressed communities from the Midwest to the East Coast,
General Motors Co. will create a $773-million trust fund to clean up pollution
at old factory sites and prepare them for new uses and investment. The money,
put up under a deal negotiated with state and federal officials as part of GM’s
plan to emerge from bankruptcy, is earmarked for 89 projects in 14 states.
While the ultimate goal of the cleanup is to rehabilitate the abandoned sites
and turn them over to new businesses, the most immediate benefit may be the
jobs created in areas that have been especially hard hit by the decline of the
U.S. auto industry and the recession. GM agreed to establish the fund as part
of its bankruptcy reorganization, for which it expects final approval early next
year. More than $300 million of the $773 million would be split almost evenly
between Michigan and New York. Michigan’s share would go to cleaning up 56
properties across the state, with most of the money going to remediation work
in Flint.
Comments?
Email zaludreport@bnpmedia.com
