U. of Delaware mulls Chrysler plant

December 9, 2008 5:22:39 PM PST
The University of Delaware's Board of Trustees has authorized the school to begin talks with Chrysler to buy the site of the carmaker's Newark plant. The plant is scheduled to close at the end of this month.

In a unanimous vote, the board approved a resolution permitting the executive committee to OK a deal to buy the property. Board Chairman Howard Cosgrove says that pact must be agreeable to the school in "price, opportunity and risk."

Cosgrove says any purchase deal for the site would protect the University of Delaware in the event of future problems, including bankruptcy, for Chrysler.

Among the possible uses the university would have for the site are a technology park and additional or upgraded athletic facilities.

Information from: The (Wilmington, Del.) News Journal, http://www.delawareonline.com

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