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.