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Downingtown Area SD attorney outlines $64 million sale of former Siemens property to Rockwell
Summary
At a public meeting the district's attorney presented the terms of a $64 million agreement of sale with Rockwell Development Group, including a staged deposit schedule, a 60-day due diligence window, required court approval and two alternative development plans (commercial/industrial or age-restricted residential).
Mister Huggins, the district's attorney, laid out the key terms of an agreement of sale for the former Siemens property, saying Rockwell Development Group has offered $64,000,000 and will post more than $3,000,000 in deposits that become largely nonrefundable after a 60-day due diligence period.
The overview, delivered after the board moved the agreement into the public portion of the agenda, summarized the property's history and the district's selection process. Huggins said the district purchased the site in 2006 intending to build a school; subsequent development plans were blocked by the township or later terminated, including earlier agreements with the Hankin Group, Carvana and Audubon.
Why it matters: The sale would provide the district with multi-year, staged payments totaling $64 million while transferring responsibility for development and approvals to the buyer and township. The buyer's proposals include a…
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