"The fact that the governor of Pennsylvania took the lead todaywith what will probably be the most sizable portion of publicfunding really catapults the project into reality," John Westrum,CEO of Westrum Development Co., tells GlobeSt.com. "This providesthe first step of funding for a long overdue redevelopment of acontaminated site in an up-and-coming suburban Philadelphiatown."

The site now holds a manufacturing facility and power stationpreviously owned by Keasbey and Mattison Co., which producedasbestos insulation and building products until the early 1970s.The endowment, which was secured from Pennsylvania's RedevelopmentAssistance Capital Program, will be used for cleanup, demolitionand infrastructure installation needed for the adaptive re-use ofthe property. The program may allot further funding for the projectin the future.

The first phase of the cleanup is set to commence either in thefourth quarter or the beginning of 2009. In total, the remediation,Westrum says, will cost approximately $17 million. The CEO placesthe overall construction costs at around $125 million to $150million. He notes that the Democratic Legislative Caucus has alsocontributed $1 million towards the project. And he expects toreceive additional legislative and senatorial commitments in thenear future. The JV will also be working with the country and theborough to acquire additional tax incremental financing.