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Michigan state lawmaker pitches GM-RenCen deal
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LANSING, Mich. - A state senator from Detroit says the Michigan state pension fund should consider buying the Renaissance Center from General Motors Corp. and then leasing it back to the automaker.
Sen. Hansen Clarke, a Democrat, says it would help GM raise money at a crucial time for the automaker. Clarke says in the long run the move could boost the fortunes of the state pension fund for retired state teachers and civil servants.
General Motors spokesman Dan Flores said Thursday the automaker would be willing to discuss potential financing options related to the RenCen with the state.
David Cole, chairman of the Center for Automotive Research in Ann Arbor, told a state Senate committee on Wednesday the deal may be worth exploring.
Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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