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HIGHLAND PARK, CHRYSLER REACH AGREEMENT

 HIGHLAND PARK, Mich., Nov. 30 /PRNewswire/ -- The City of Highland Park and Chrysler Corporation (NYSE: C) announced today that they had reached an agreement on financial assistance the company will provide to the City resulting from the planned relocation of Chrysler's headquarters from Highland Park to Auburn Hills.
 The agreement calls for an immediate payment of $6 million following approval by the Highland Park City Council and execution of the agreement by the Mayor and the Company.
 On Jan. 15, 1994, 1995 and 1996, the City will receive payments of $3 million and on Dec. 1, 1994, 1995 and 1996, an additional $5 million for a total of $30 million.
 Chrysler has agreed to market the land and buildings on the site. Over time, as the Company vacates portions of the property, it will demolish any unsold buildings. Land remediation, where necessary, will also be undertaken.
 "We are very pleased that we were able to reach this great agreement with Chrysler," said Highland Park Mayor Linsey Porter. "The monies that the City will be receiving over the next three years will assist us in creating more new possibilities for Highland Park."
 "This is a unique agreement," said Michael M. Glusac, Chrysler's Executive Director - Government Affairs. "We said from the beginning that we felt an obligation to work closely with the City during this transition. This agreement is proof that we do not intend to turn our back on Highland Park."
 Discussions between the City and Chrysler began shortly after the Company announced in September 1992 its intention to relocate its headquarters from Highland Park to a site adjacent to its Technical Center in Auburn Hills. In September 1993 ground was broken for the new facilities which are scheduled to be completed in late 1995.
 Chrysler will continue to use portions of the current Highland Park site until the late '90s.
 -0- 11/30/93 R
 /CONTACT: Steve Harris of Chrysler, 313-956-3164, or home, 313-645-2770; or Highland Park Mayor Linsey Porter, pager, 313-450-0939/
 (C)


CO: Chrysler Corporation; City of Highland Park ST: Michigan IN: AUT SU:

ML -- DE029 -- 9199 12/01/93 11:09 EST
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Publication:PR Newswire
Date:Dec 1, 1993
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