ATHENS BOROUGH - Council members this week passed a resolution rescinding its financial support agreement with Rynone Manufacturing.

The Waverly-based company had planned to purchase the former Ingersoll-Rand building on North Main Street to consolidate and expand its operations. However, the company announced earlier this month that it no longer plans to purchase the facility, making the agreement unnecessary.

The payment in lieu of taxes, or PILOT, agreement would have allowed Rynone to make a financial support payment to the borough each year in exchange for tax exemptions. Council members had approved the 10-year agreement at the council's September meeting.

Rynone also sought to apply for a Keystone Opportunity Zone designation with assistance from the Central Bradford Progress Authority, which would have provided tax incentives for development of the former plant.

The council had passed an ordinance allowing the designation of the property as a KOZ and will need to advertise an ordinance to rescind it, said borough solicitor Jonathan Foster.

The council also passed an ordinance Monday extending a one-way street designation on River Street, effective immediately.

Under the ordinance, River Street is now one way headed north from Susquehanna Street to Satterlee Street. The one-way portion of the street had previously stopped at Ferry Street.

Amanda Renko can be reached at (570) 888-9652; or email: