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The village of Milesburg was founded in 1793. The town plan was surveyed by direction of Colonel Samuel Miles, a Revolutionary War officer, land speculator, early mayor of Philadelphia, and part owner of the Centre Furnace Iron Works. With Milesburg being situated at the junction of Spring and Bald Eagle Creeks, Colonel Miles began operation of the Milesburg Ironworks in 1795 which forged Centre Furnace pig iron into a marketable and transportable form. Milesburg was the site of “Bald Eagle’s Nest,” an Indian village known as the home of Indian Chief Bald Eagle. The first post-office in the territory of Centre County was established on March 13, 1797 at Milesburg with Joseph Green appointed postmaster. The Erie Turnpike was completed from Milesburg over the Allegheny Mountains in 1822. Milesburg was incorporated as a borough by the Act of March 3, 1843. The Bald Eagle canal was opened to Milesburg in 1847. In 1864, the Bald Eagle Valley railroad was completed. After the flood of 1865, the canal was abandoned.
Milesburg Borough with a total land area of 0.4 square miles is located at 40.942533°N 77.789207°W. The 2010 census reports population was 1,123. Milesburg Borough operates under the guidelines of “The Borough Code” Act of 1965, P.L. 1656, No. 581. The borough is governed by a mayor and a seven member council who are elected by the registered voters.