Officials in Phillipsburg, New Jersey have completed a long-awaited land deal.

Phillipsburg Mayor Harry Wyant says the town has closed on its part of the former Ingersoll-Rand tract.

Lopatcong Township owns the other part.

The former owner, Preferred Unlimited, is surrendering the land for $1.

It has also capped and closed a landfill there.

In exchange, Phillipsburg is forgiving $267,000 in back taxes.

P-burg has been trying to develop the property for years.

Wyant says the town will likely look to an outside contractor for that.