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GM Moraine plant worth millions less, liquidators argue

Weeds are beginning to grow from the cracks in the parking lot of the deserted General Motors Plant in Moraine Ohio. Jim Noelker/Dayton Daily News

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By Thomas Gnau, Staff Writer Updated 1:29 AM Thursday, October 15, 2009

DAYTON — The value of the former General Motors Corp. Moraine assembly plant has fallen some $600,000 since March, according to Motors Liquidation Co., the company responsible for assets GM discarded this summer through bankruptcy.

In March, GM appealed to Montgomery County to reduce the value of its closed mid-size SUV assembly plant from the county’s valuation of $69 million to $22 million.

On Wednesday, Oct. 14, an attorney and two consultants for Motors Liquidation put the plant’s current value at $21,413,101. The three appeared before the Montgomery County Board of Revision arguing for that property value.

In December 2008, GM closed the plant found on about 177 acres between Springboro Pike and Kettering Boulevard. The automaker cited high gas prices and disappointing sales for the vehicles made there, including the Chevrolet TrailBlazer and the GMC Envoy.

Consultants argued Wednesday that the plant offers little value in today’s market.

“I cannot conceive of a single manufacturer, looking at what their plans are, who would find it (the Moraine plant) interesting,” said Michael Tracy, president of engineering firm Agile Group.

“For several years, there has been an oversupply of manufacturing plants in this country,” said Bruce Pickering, president of Pickering Valuation Group.

Allison Crites, an attorney for a Dublin, Ohio, law firm representing Kettering City Schools, pressed Tracy on his written report, asking if he had explored other possible manufacturing uses or ownership configurations for the plant.

“You didn’t analyze it for a different kind of vehicle (assembly), maybe heavy or construction?” Crites asked Tracy in the quasi-judicial hearing.

Tracy responded that while he had knowledge of manufacturing beyond light vehicles, his written report focused on the likelihood of a single vehicle manufacturer using the facility.

The board will issue a decision within 90 days, member Tonya Oberer said.

In a 2008 appraisal as the plant was winding down, Montgomery County Auditor Karl Keith cut the plant property’s value from $91.3 million.

Contact this reporter at (937) 225-2390 or tgnau@DaytonDailyNews.com.

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If we aren't going to stick up for the Moraine plant and what it could be then who will. Let's stop selling ourselves short. It may take a while to re-establish it but keep pushing the issue.

LTM3
1:03 PM, 10/15/2009

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Made in USA. I find it crazy that we Americans are as spoiled as we are. Imagine the Civil War, it was about trade and slavery, most would say. Now I see the same thing, just this time we are to greedy. China produces very inexpensive cheaply made item using Slave Labor.
So next time you are at Wal-Mart shopping, if you can not have American pride, maybe, just maybe you can think about the Slave Labor issue.
P.S. Please no hating on America, our flag has already bleed for this issue once.

Toney
12:25 PM, 10/15/2009

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Trains??? Please explain something to me. I take a train to Cleveland from Dayton or to Dayton from Cleveland; when I get to either location, how do I get around? Hire an expensive taxi or ride around in dilapidated city buses or walk? This whole train stuff is a delusion. Now, New York and probably Chicago have a extensive infrastructure of subways or elevated trains. Ohio cities and "mass transit" is an oxymoron; kind of like the phrase: "honest politician." High speed trains, ha,ha.

ronda
11:41 AM, 10/15/2009

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GM will never come back to Dayton, none of the plants that left will come back. What actual value is the plant. Nothing if no one wants it.

Dayton is part of the "Rust belt" again. The down hill slide will continue.

Wall street swimming in the money again. Main Street
is drowning. The Middle Class who worked hard and supported the lazy and the rich are also drowning.

Sgt USMC Vietnam
11:28 AM, 10/15/2009

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Dale1,
I agree with you. Right now, GM has a huge stigma, that's going to take great leadership, innovation, and many years to overcome. I'm not sure it's ever going to happen, and certainly not in the near future.

Jim
10:38 AM, 10/15/2009

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