The Herald, Sharon, PA Published Thursday, May 15, 2003

Board
approves expanding KOEZ

Reynolds Area School Board formally approved a request by Greenville-Reynolds Industrial Development Corp. Tuesday to include nearly 40 acres in Pymatuning Township in a Keystone Opportunity Expansion Zone.

Thirty acres of the property lies near the West Salem Township line on state Route 18 and Grant Road, Pymatuning Township. The other 6.84-acre parcel lies near Mortensen Road.

The KOEZ status, which eliminates property taxes for a set period, is intended to create jobs and foster economic growth in the community.

The district approved the KOEZ because it recognizes the need to encourage investment in areas experiencing distress through high unemployment, low investment of new capital, blighted conditions, according to a resolution approved by school directors.

The board also voted to give up the property tax in the proposed KOEZ, in accordance with KOEZ provisions. Greenville-Reynolds Development Corp., however, agreed to make voluntary annual payments equivalent to property taxes, which are currently being paid on the vacant land. The development will adjust payments as needed over the next 10 years to reflect increased tax levies.

Greenville-Reynolds Development Corp. owns and manages about 1,200 acres of industrial land in various stages of development. Reynolds Industrial Park provides a base of operations for nearly 50 firms, which employ about 1,400 people, according to the corporation.



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