A major announcement Thursday morning in Vermillion County; 500 jobs will be created by early next year.

The Newport Chemical Depot will be used as the new site of a military development company.

"I think the sky is the limit for Newport," said Indiana Governor Mitch Daniels.

During a press conference Governor Daniels presented an optimistic outlook for Vermillion County.

The Governor joined county officials to announce more than 500 jobs coming to the Newport Chemical Depot.

Just one year ago the future of Newport was in question.

For many years the VX Nerve Agent was stored at the base.

It was destroyed in 2008.

"There has been a lot of apprehension for a long time knowing that Newport couldn't continue as it was," he said. "I am just so happy for the folks that have worked hard for years knowing that was still potential here and never gave up."

By 2010 the Telic Corporation will be located at Newport.

The military development and manufacturing company will create 500 jobs.

The average pay is 37 dollars; twice the state average wage.

"This many jobs paying this well would be big news," Daniels said. "And a huge thrill for us no matter where in Indiana it happened."

Current employees at Newport will have priority when applying for the new positions.

After that Vermillion County residents will be interviewed to fill jobs within two Telic contracts.

"It's a win-win for us," said Telic President Frank Minton. "In Vermillion county there are scientists and there are technicians and they are here and in this area there are not really any companies that draw from them so we are very fortunate that they are here and they are waiting for us."

Telic's announcement is the second in two days in Vermillion County.

White Construction announced it will invest more than 10 million dollars to expand it's Clinton headquarters.

Telic's two contracts will continue through the next ten years.

The company is looking to hire permanent positions.

For more information on Telic or to apply for one of the 500 positions visit Telic's web site .