Joseph P. Smith reports for The Daily Journal:
MILLVILLE - A long vacant and vandalized factory that was the centerpiece of a glass industry that provided jobs for generations soon may be back in use in a new manufacturing venture employing several hundred workers.
Mayor Michael Santiago on Wednesday night signed a conditional agreement with investors who hope to rebuild the former Wheaton Glass Co. property at 200 G Street into a plastics re-manufacturing facility. New construction and renovation is expected to combine to create almost 1 million square feet of building space.
The four-member investors group, operating as Millville Plastics, hosted a dinner before a signing ceremony for a five-page memorandum of understanding with the city. The Daily Journal obtained the agreement on Thursday from the city.
- The agreement authorizes the sale of the property for $50,000 pending further negotiations over the next 120 days.
- The agreement also allows for "remediation, rehabilitation and/or demolition of existing improvements and construction of new improvements." Drawings of the proposed facility were released.
- The agreement also states that both sides are to settle on a long-term payment in lieu of taxes agreement, or "PILOT" agreement.
- The city and Millville Plastics, specifically partner Anthony DeSantis, also agree to end litigation in federal bankruptcy court involving the city and the property's last owner, GGI Properties LLC. GGI lost the property to the city in a foreclosure action for unpaid taxes.
The agreement also calls on the developer to create about 300 jobs.
Read the full story
Like this? Use form in upper right to receive free updates
See popular posts from the last 30 days in right column --- >>
See popular posts from the last 30 days in right column --- >>
