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GENERAL MOTORS, HUGHES UNVEIL $18 MILLION REBUILD L.A. EFFORT

 GENERAL MOTORS, HUGHES UNVEIL $18 MILLION REBUILD L.A. EFFORT
 LOS ANGELES, July 27 /PRNewswire/ -- A seven-point program that will provide more than $18 million for economic development, community support and educational aid designed to assist in the rebuilding of Los Angeles was announced today at Rebuild L.A. (RLA) headquarters by General Motors (NYSE: GM) and Hughes Aircraft Co.
 Elements of the GM/Hughes five-year commitment are:
 -- A $15 million increase in Hughes contract awards to minority- owned suppliers in and around the impacted area;
 -- 100 GM vehicles to be made available to RLA to assist education and community organizations;
 -- An increase of $1.2 million for Hughes-sponsored educational programs at elementary, intermediate and high schools serving inner city youth;
 -- A $1 million equity commitment by General Motors, which in concert with major banks, could provide up to $4 million to rebuild existing businesses and start new ones;
 -- Up to a $1 million increase in the amount of funds deposited in minority-owned banks with community loan programs;
 -- A $250,000 cash contribution to RLA to help serve community organizations; and
 -- Move a Hughes business function into the impacted area.
 "The task of reinvigorating our community is challenging, yet it can and must be accomplished. There simply is no quick fix. This is a long-term investment and we want to contribute in a sustained and creative way to this endeavor," said C. Michael Armstrong, Hughes chairman and chief executive officer, in making the pledge to RLA.
 "We are committed to working in partnership with Rebuild L.A. and Peter Ueberroth on these programs," he said.
 The equity commitment offered by General Motors will be through Motor Enterprises Inc. (MEI), a wholly owned subsidiary that broadens business opportunities for minority individuals. Licensed under the Small Business Act of 1958, MEI provides part of the start-up capital for establishing new minority businesses and leverages capital from other lending sources.
 For the education part of the program, Hughes will expand its K-12 Collaborative Educational Partnerships to include five inner city schools, to be named later; fund a K-12 Education Resource Center for three years to assist area schools in the development of curriculum and programs; and sponsor the California Academy of Mathematics and Science high school on the campus of California State University, Dominguez Hills, for an additional two years.
 "These commitments are aimed at helping solve some of the root causes of Los Angeles' problems -- the need for investments in jobs, business opportunities and education -- while also addressing the more immediate needs of Rebuild L.A. and community organizations," said Armstrong.
 -0- 7/27/92
 /CONTACT: Richard Dore of Hughes Aircraft, 310-568-6324/
 (GM) CO: General Motors; Hughes Aircraft Co.; Rebuild L.A. ST: California IN: ARO AUT SU:


KJ -- LA018 -- 3580 07/27/92 14:02 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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