Tax abatement plan is in the works
Sharpsville council Wednesday approved advertising an ordinance for a 10-year tax abatement on improvements to commercial and industrial properties.
Council members have been discussing a tax abatement since last year, when they met with state Rep. Michael C. Gruitza of Hermitage, D-7th District.
The ordinance covers improvements made to properties zoned commercial, light commercial or heavy industrial.
Taxes would be 100 percent exempt on an eligible property for the first five years, 90 percent the sixth year, 70 percent the seventh year, 50 percent the eighth year, 30 percent the ninth year and 10 percent the tenth year.
Council Vice President Gary "Gus" Grandy, a major supporter of the tax abatement, said in the past that such a program may encourage businesses thinking of expanding to go ahead or may attract new businesses to the community.
"Thank you for supporting the tax abatement," Grandy told colleagues. "I think it's something that's going to help in the community."
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