'Old GM' to reportedly set aside $773M for environmental cleanup plan
With GM agreeing to pay for any environmental cleanup that may arise in the future, the company's former properties will be all the more enticing to investors. Even with GM's substantial investment in the project, The Detroit News says that the bulk of environmental cleanup will likely remain a government-funded operation with Michigan alone receiving $159 million from the feds to help clean up 50 sites.
Of the $773 million GM is setting aside for the project, $431 million will head straight to states to be used for immediate clean up. Another $68 million gets set aside for any future cleanup that may arise while $12 million gets kicked back to old GM for current cleanup activities going on right now. Meanwhile, $262 million of the total fund goes straight to administrative costs, including property taxes and any demolition that may be required.
[Source: The Detroit News]
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