Indy Finance Fail

The former site of a General Motors plant is slated to house a 10,000-seat amphitheatre, but after two years the property remains unsold and the funding from the perpetual buyer is still not there. 

Once GM went bankrupt, it created Revitalizing Auto Communities Environmental Response (RACER Trust) to handle redevelopment of the property.

The plan was to sell 50 of the 102 acres on the property to REI Real Estate Services, which would put $30 million into a . REI’s original deadline to have the funds was May, but that date was extended at the parties’ last meeting.

A rep for RACER Trust told the Indianapolis Business Journal that time was running out for the proposed deal. Even if REI does come up with the funds, the agreement stipulates that the city must approve the agreement, essentially giving the mayor power of veto over any potential deal.