Published Thursday, February 20, 2003
approval for new KOZ
By Felicia A. Petro
Allied News Staff Writer
Grove City council has given tentative approval to designating Cooper Industrial Commons -- formerly the Cooper Bessemer -- a Keystone Opportunity Zone.
Since Cooper operations ceased, the large plant is still nearly empty, although it's drawn $45,780 in taxes. Only Wendell August Forge uses space for production. Cooper Industrial Commons owner Tom Noone keeps an office at the site.
Becoming a KOZ could attract new business because those approved for the state program can get up to 100 percent tax relief for seven or 10 years.
In 2001, council voted down the zone. Cooper was new on the market, and council wasn't sure it could accept the proposed 10-year plan. The state said the opportunity may not come again. However, that changed.
Monday, Noone came to council about preliminary approval of the KOZ. Noone is working with Penn-Northwest Development Corp. to bring prospective businesses into the plant.
A KOZ site must be approved by the host municipality, school district and county commissioners, all of which would lose tax money from such a site. However, the benefits could be drawing in new industry, which would create local jobs. Low-interest loans and abatement on state corporate taxes would be other benefits.
Council will schedule more workshops with Noone and Penn-Northwest. Final approval is due by June 1.