UD purchase agreement for Chrysler site approved by bankruptcy court

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11:30 a.m., Nov. 12, 2009----The University of Delaware's purchase agreement for the 272-acre site formerly occupied by the Chrysler Assembly Plant in Newark was approved by the U.S. Federal Bankruptcy Court in New York today.

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According to UD Executive Vice President Scott Douglass, who attended the bankruptcy court hearing, this was the next step toward eventual ownership of the site by the University.

"We expect closing on the property to occur later this month, and have already begun the process of evaluating the facilities on site for decommissioning, demolition, and winterizing purposes," Douglass said. "Our internal team is working with outside experts as well as colleagues at the Delaware Department of Natural Resources and Environmental Control (DNREC), the Delaware Department of Transportation (DelDOT) and the City of Newark to make this a smooth ownership transition."

Douglass reiterated that the goals for eventual use of this site support the University's teaching, research and service mission. Its proximity to UD's main campus will create tremendous economic development and community infrastructure enhancement initiatives that will support UD's role as a driver of economic growth for the state and region.

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