ONTARIO — Plans to close the sale on the former General Motors plant on West Fourth Street are right on track, according to the trust tasked with selling the plant.
Bruce Rasher, redevelopment manager of RACER Trust — Revitalizing Auto Communities Environmental Response — said the inspection period continues for the Brownfield Communities Development Company. No closing date has yet been set.
“We’re on track. We’re making progress. No issues identified,” he said. “We’re on a glide path to closing.”
Rasher said the buyer had not found any issues that would kill the sale within the 180 days they have for inspection since the agreement was signed in August.
“The buyer has indicated to us before they signed and after they signed that they do not expect to have to use the entire 180 days. Their goal is to close as soon as possible. Nothing has changed as far as the Trust goes about the buyer’s desire to accelerate the closing,” Rasher said.
Meanwhile, Brownfield Communities Development Company is moving forward with plans to demolish half of the former General Motors plant while the sale for the facility is still pending.
The demolition will make way for the development company, a joint venture of Adler Group Inc. and Hilco Real Estate, to bring 1,100 jobs to the community within the next five years.
For more on this story, see Thursday’s editions.