After the completion of the GM Bankruptcy, the Obama administration set up $773 million dollar environmental trust fund to help the Motors Liquidation Company (MLC) clean up dozens of closed plants on Michigan, Ohio, Indiana and 11 other states. The Moraine Assembly Plant will be one beneficiary of these funds, which are expected to be approved in early 2011. What exactly does that mean for the Moraine Assembly Plant?
Before the closing of the plant in 2008, the value of the property owned by GM was listed at $91.3 million. That value dropped to $69 million at the end of 2008, when Montgomery County Auditor Karl Keith assessed the closing plant as production was winding down. In October of 2009, GM was pushing to have the value placed at $22 million based on the fact that there would be any manufacturers that would be interested in the plant in its current condition. The allowance of the environmental fund has changed that.
On November 11, 2010, the Dayton Daily News reported that GM had found a company to refurbish the plant. California-based Industrial Realty Group (IRG) invited representatives of Moraine and MLC to tour some of its current projects around Ohio. Moraine City Manager Dave Hicks seemed positive that a deal to clean up the plant is imminent and hope to have confirmation within a week or two. If the deal is settled and IRG takes the property it could be sold to one of the three companies who have confirmed an interest in buying the plant for use by mid-February.
The announcement of these plans seems to be a positive step for the City of Moraine and the Dayton area in general. It is the hope of all that this deal will come to fruition and this will be the beginning of a strong economic recovery for Daytonians. While this is great news for the City of Moraine, many of the displaced workers of the Moraine Plant have nothing to be pleased about. As 2010 is quickly coming to a close, many former workers of the plant have not found new employment and their benefits will end with the year. Hopefully there is hope for them as well.
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