ATTLEBORO -- Shortly before fleet-footed runners crossed the finish line in Boston on Marathon Monday, city, state and federal officials gathered here to announce the completion of marathon talks and a deal touted as crucial for Attleboro's long-term economic future and downtown revitalization.

U.S. Sen. Edward Kennedy and U.S. Rep. James McGovern headed up a contingent of local state and federal officials along with corporate officers from Cookson Precious Metals and Swank Co. to celebrate the end of a three-year effort to create a pact allowing Cookson to acquire vacant Swank property next to its Pearl Street plant and expand operations without worry about acquiring expensive industrial contamination as well.

As a result, Cookson will remain in the heart of the city, boosting Attleboro's industrial base and enhancing a major effort to rebuild downtown.

More than 100 jobs have already been added to Cookson's payroll as a result of the effort and at least a 100 more will follow, officials said. Overall, the company will have 1,000 jobs on the combined sites.

Kennedy, who teamed up with McGovern to garner more than $5 million in federal environmental assessment and clean up money, praised the teamwork that it took to get all parties to sign on the dotted line. `` Once in a while, you'll find a community like this one that comes together -- but not very often,'' he said at Cookson-owned Stern-Leach Co. `` It was a very special effort that has resulted in an extraordinary moment.''

McGovern said the work will end the trend of industrial seepage from a city that was built on industry, especially the jewelry industry.

`` This signals the rebirth of Attleboro as the jewelry manufacturing center that it once was and will be again,'' McGovern said.

Cookson president and CEO Rich Powers said the effort bore the characteristics of a long, arduous race. Cooperation was the key to finishing, he said.

`` I think we ran a marathon together,'' he told the officials. `` It became clear to us that we alone couldn't complete this transaction and that it required a strong partnership with local, state and federal governments.''

As a result of the agreement, the Attleboro Redevelopment Authority, which helped broker the arrangement, will buy the sprawling and vacant Swank Co. property at the corner of Pearl Street and O'Neil Boulevard for $1 and take charge of cleaning up industrial contamination with the help of the federal and state money.

The ARA is expected to take ownership of the Swank property by the end of the month and begin environmental assessments next month, Executive Director Mike Milanoski said.

After the cleanup, it will be resold to Cookson, a world leader in the jewelry industry, for $1 million.

The sale to Cookson will be completed when the site is cleaned to a level sufficient for industrial use. The price is based on fair market value, Milanoski said.

A purchase and sale agreement is already in place for the eventual sale to Cookson. The $1 million to be paid by Cookson for the Swank property will become part of the pot of money that has been assembled by state and federal officials to assess and clean the 193,000-square-foot building and the six-acre parcel on which it sits.

The extent of the contamination is unknown.

Federal funds approved for the project through the Department of Housing and Urban Development include a $2.85 million loan that comes in conjunction with a $1.9 million grant for a total of $4.75 million.

HUD also chipped in $270,000 in economic development funds.

Meanwhile, the U.S. Environmental Protection Agency approved a $200,000 Brownfield Assessment Grant.

All told, the federal government has committed $5.22 million to the deal.

The state has committed $500,000 in brownfield cleanup money and another $350,000 which can be used to buy an environmental cleanup insurance policy, which would subsidize the effort in case cleanup costs unexpectedly skyrocket.

At some point, the city will be asked to share the financial burden by approving a tax break for Cookson, Milanoski said.

The amount won't be finalized until the environmental assessment is done and decisions have been made about whether Cookson will build a new building on the site or use the old one.

A preliminary request was for a $500,000 tax break over an unspecified number of years.

Once the cleanup has been done and Cookson takes control of the property, plans call for the development of a closed campus by eliminating a 300-foot section of Hazel Street that bisects the Swank and Cookson properties.

Kennedy and McGovern praised local leaders for their efforts, including Mayor Kevin Dumas and former Mayor Judy Robbins, under whose administration the deal got its start.

ARA board members Don Smyth, Max Volterra, Preston Stevenson and David Ramsay along with Milanoski came in for kudos, as did state Rep. John Lepper, who has been a key advocate at the state level, they said.

`` In a time of globalization and economic downturn, many communities have long faces and wonder how they can do it,'' Kennedy said. `` But now they can go to Attleboro and find out how to do it.''