Penn State Intercom......October 25, 2001

Gift/purchase will
expand Penn College

Pennsylvania College of Technology and HON Industries Inc. have announced their intent to complete a gift/purchase arrangement by which the college will acquire HON's vacant Williamsport manufacturing facility adjacent to the main campus and convert it for use by academic and work-force training programs.

Under the proposed arrangement, the college will pay a portion of the approximately $3.6 million transaction, and HON Industries Inc. will provide the remainder of the appraised value of the land, property and equipment as a gift to Penn College.

"We expect the vast majority of the amount to be gifted to the college," explained Penn College President Davie Jane Gilmour. Funding for the purchase would come from the college's unrestricted fund balance. Cost estimates for the conversion work are not yet available.

The college plans to begin renovations immediately to prepare the facility for occupancy by several academic and training programs.

The 1201 W. Third St. property, which is situated on 6.56 acres, totals 102,690 square feet and includes a one-story manufacturing plant with an attached, one-story warehouse. The site has 12 loading docks and 160 parking spaces available, and there is an unpaved area that could accommodate an additional 30 vehicles. There is a total of 1,784 square feet of office space in two different locations within the facility.