Olson Hydraulics expects to have a payroll of about 60 workers in the next three years, Snell said.
The Olson and Olson plant at 1101 Sheffler Drive, a 33,000-square-foot building, employs 60 workers, Snell said.
The economic development community received two blows last year with the exodus of Greencastle Metal Works and Flextronics.
On a positive note, the development corporation has taken options on two large tracts for future industrial development at Exit 24, formerly Exit 9, off Interstate 81, Snell said. One tract covers 450 acres and the other about 250 acres.
The agency is offering a $250,000 challenge grant for the Capitol Theatre Center Foundation Endowment by matching $1 for every $2 raised by the business community.
CADC Treasurer John McNew said the corporation ended the year with a net income of $355,000. Its net assets, including lots in the several industrial parks that it sells or leases, hit $8.7 million last year, McNew said.
David Sciamanna, executive director of the CDAC and the Greater Chambersburg Area Chamber of Commerce, said economic development in the Chambersburg area would not be moving ahead, that there would be fewer jobs and a lower tax base without the vision and hard work of the CDAC.
"The community would fade away without it," he said.
The CDAC is a private, nonprofit agency started in 1960. It is affiliated with the Chamber of Commerce.
The assessed value of all of CDAC's holdings, including its properties in downtown Chambersburg, is nearly $22 million. The agency has brought nearly 2,300 jobs to the community, according to a report handed out Friday.