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“While there is still a lot of work to be done to conclude this transaction, we are pleased that we are making significant progress,” said Wick Moorman, Norfolk Southern’s chief executive officer. “The staffs of the Altoona-Blair County Development Corporation and the DeGol Organization should be commended for their efforts. Congressman Bill Shuster and Pennsylvania Senator Pro Tem Bob Jubelirer also deserve recognition for their guidance and support.”"By working together, Norfolk Southern and Blair County have come up with an agreement that should benefit both sides," said Congressman Bill Shuster, chairman of the Economic Development Subcommittee in the U.S. Congress.  "In order for our economy to continue making progress there needs to be cooperation like this, and now Blair County Development Corporation has added a tremendous asset, which is likely to create jobs and build upon an important and unique landmark in Hollidaysburg."“There has been a tremendous, concentrated effort poured into finding the right prospect to transform the car shops property. The sales agreement is a huge step forward. A property that has for several years stood vacant as a relic of our industrial past can again become an economic engine for jobs and opportunity in the future,” Senator Robert C. Jubelirer said. “Both the relentless nature of the search by local economic development leaders and the cooperation of Norfolk Southern were needed to make this magical moment possible.”“Altoona-Blair County Development Corporation, in cooperation with its affiliated organizations, Blair County Development Corporation III and the Blair County Industrial Development Authority, is pleased to serve as both a facilitator and coordinator in the initiation and advancement of this major Blair County project,” said Martin J. Marasco, president and chief executive officer of ABCD Corp. “The transition of the Hollidaysburg Car Shop property from a major manufacturing facility of the past century into a breeding ground of new knowledge-based, high value assembly and advanced manufacturing for the 21st Century will be both a challenging and exciting opportunity. ABCD Corp. commends the DeGol family on their vision and willingness to work shoulder-to-shoulder with other community partners to turn their vision into reality and transform an underutilized dormant property into a vibrant regional asset.”The execution of the agreement of sale marks the initial stage of a multi-phased strategy that will result in the redevelopment of the Hollidaysburg Car Shop property into a mixed use/commercial/industrial/open space complex that will foster investment, reinvestment and the creation of expanded job opportunities. The transaction includes the main car shop building, the reclamation plant, as well as approximately 330 acres of land in Frankstown Township and the Borough of Hollidaysburg. Financial terms of the transaction were not disclosed.Named in honor of former Pennsylvania Railroad president and Hollidaysburg native Samuel Rea, the shop was opened by the PRR in 1955 to build and maintain the railroad’s car fleet. The shop was renamed the Hollidaysburg Car Shop by Conrail, and operations ceased in July, 2002.Norfolk Southern Corporation is one of the nation’s premier transportation companies. Its Norfolk Southern Railway subsidiary operates approximately 21,200 route miles in 22 states, the District of Columbia and Ontario, Canada, serving every major container port in the eastern United States and providing superior connections to western rail carriers. NS operates the most extensive intermodal network in the East and is North America’s largest rail carrier of automotive parts and finished vehicles.The Blair County Development Corporation III (BCDC III) is a subsidiary organization of the Altoona-Blair County Development Corporation, and is incorporated and organized as a special purpose entity with specific emphasis on the acquisition and redevelopment of the Hollidaysburg Car Shop property. BCDC III, in conjunction with the Altoona-Blair County Development Corporation and the Blair County Industrial Development Authority, will serve as the catalyst for securing and utilizing grant and loan funds that may be available through the Commonwealth of Pennsylvania.Source: Press Release