ONTARIO, Ohio -- The economically hard hit area of Richland County is getting the promise of at least 1,100 new jobs within 5 years.

The former General Motors Stamping Plant in Ontario, closed more than two years ago, is being purchased by private investors.

Brownfield Communities Development Companyhas signed an agreement to buythe former GM stamping plant from the Revitalizing Auto CommunitiesEnvironmental Response Trust, which was tasked by the federal government with disposing of 89 recently closed GM plants.

BCDC is a joint venture of Adler Group Inc. and Hilco Real Estate. BCDC will redevelop the GM site into a corporate park with two tenants, bringing an expected 1,100 new jobs.

"Our goal is for you to see again this location be a thriving employment hub for your community," said Mike Adler, chairman and CEO of the Adler Group, Inc. "We take this repsonsibility very seriously and we are committed to making it happen."

Adler inked the pact in front of a large crowd in the now mostly vacant old factory. His partner in the investment, Jeff Hecktman of Hilco Trading, LLC, announced, "We are going to help you bring jobs. Mike and I are going to do the best we can to use these resources to bring jobs to your community."

Part of the agreement calls for the investors to pay the city of Ontario $1 million if the 1,100 jobs do not materialize within five years.

On Thursday,U.S. Sen. Sherrod Brown (D-OH) joined Mayor Larry Collins, RACER Trustee Elliott Laws, and business leaders to announce the anticipated agreement.

"The Ontario and Mansfield communities have waited for years for good news regarding the former GM site. Thanks to the hard work of both community and business leaders, more than 1,000 jobs will soon arrive in Richland County," Brown said.

"We offer a skilled and dedicated workforce that is ready to get back on the job. This is extremely welcome news for north-central Ohio, and I look forward to watching the former GM plant transform into a site of economic activity once again."