WASHINGTON (NNS) -- The Department of Navy announced Aug. 31 that it signed an agreement with the South Shore Tri-Town Development Corporation (SSTTDC) in connection with an economic development conveyance at the former Naval Air Station South Weymouth, Mass.
This agreement is the next step to enable the Navy to convey approximately 681 acres of land and improvements to SSTTDC in exchange for expected consideration of 25 million dollars.
The parties will now begin finalizing a purchase agreement that should be completed by Nov. 15. Closing and transfer of property are expected to occur later this year. The parties anticipate that this EDC transfer will bring jobs and economic support to the region.
Naval Air Station South Weymouth was closed under the 1993 round of Base Realignment and Closure. The Local Redevelopment Authority and the Department of the Navy have worked cooperatively over the years to support redevelopment of the installation.
For more information, visit www.navy.mil.