Officials announced Wednesday that College Station Science Park, LLC has completed the purchase of the former Westinghouse Property.
The acquisition will be a catalyst for substantial economic development in the region. Lynntech, Inc., a leading science and technology company, will consolidate its operations under one roof at the former Westinghouse facility and serve as the anchor tenant in the project’s master plan to redevelop the surrounding 53 acres as a science park supporting scientific innovation and technology transfer.
"Lynntech has had a long history of success in this community, and we look forward to expanding our capabilities and creating even more professional positions as a result of this project,” Oliver Murphy, Founder and Chief Technology Officer, said.
As outlined in the Memorandum of Agreement between Lynntech, The Research Valley Partnership, and the City of College Station, the technology company will occupy the former Westinghouse facility located at 2501 Earl Rudder South in College Station and be in operation by September 1, 2009; add $3 million in facility improvements; and will add more than $2 million of new annual payroll. The Research Valley Partnership provided a $500,000 three-year term loan to Lynntech from its economic development fund for property improvements associated with its occupancy and operations at the facility.
"This is a huge win for The Research Valley. The reuse of the former Westinghouse property was a strategic priority for the Partnership. Having Lynntech, a poster child for the type of companies we want to grow in The Research Valley through our “gardening” economic development programs, serve as the anchor is icing on the cake.” Todd E. McDaniel, President and CEO of The Research Valley Partnership, said.
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