ACE purchase deal gets closer

LOVELAND – The formal transfer of land from the city of Loveland to Kentucky-based Cumberland and Western Resources is getting closer.

Loveland City Manager William Cahill said he expected to sign a plat map today that will detail the portion of the former Agilent campus to be retained by the city – which currently owns the property in south Loveland – and the portion that will be owned by Cumberland and Western Resources, based in Bowling Green, Ky.

The property is being purchased by Cumberland and Western for $5 million to become the new Aerospace and Clean Energy campus, where high-tech companies with proven track records will be able to link with NASA resources and technologies to create new products.

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The city has been working closely with the Colorado Association for Manufacturing and Technology to move the ACE project forward.

Cahill said the city will retain about 120 acres of the former Agilent site and Cumberland and Western will own the remaining 167 acres. Cahill said the city’s portion will be used for city open space.

Cahill said he expects the deal with Cumberland and Western to close Friday or Monday.

Cumberland and Western will market the 812,000-square-foot property to up to 100 mid-sized companies in aerospace and clean energy.

If all goes as hoped, companies locating on the ACE campus are projected to create up to 10,000 new jobs statewide over the next several years.