Phillipsburg set to finalize Ingersoll Rand purchase

Author: , (follow: @69news), news@wfmz.com
Published: Dec 13 2012 07:00:00 PM EST   Updated On: Dec 14 2012 09:38:37 AM EST
PHILLIPSBURG, N.J. -

Phillipsburg, New Jersey's deal to buy back a large piece of land is nearly complete.

According to Attorney Richard Wenner the deal for the town to buy back the Ingersoll Rand property will be complete by Friday.

Phillipsburg will be buying the property back from investment company, Preferred Unlimited, for the price of $1.

As part of the deal, Phillipsburg will forgive the almost $267,000 the company owes on the 135-acre property.

As a condition of the sale, Preferred Unlimited agreed to cap and close the landfill.

The New Jersey DEP approved the landfill's cap and closure plan last week.