Spring-Ford Area School District administrators met with SEI officials on Tuesday to discuss a property assessment.
Spring-Ford Area School District Solicitor Marc Davis opened with some disheartening news at Tuesday night's school board meeting. Davis reported that after an afternoon meeting between district officials and SEI Investments Company (Oaks), it was determined the two entities are "very very far apart" in negotiations for the pending property assessment. Davis said there is a major assessment appeal on the table - the largest outstanding appeal of significance. Spring-Ford recently settled with GlaxoSmithKline after years of negotiations - sometimes harsh, sometimes cordial. Further, Davis explained Spring-Ford could owe $2.2 million to the government and the loss to the district would be $300 - $400 thousand in tax reductions going forward…
The vote came at Monday night's board of education meeting.
The Spring-Ford Area School District voted unanimously on a settlement with GlaxoSmithKline at Monday night's board of education meeting. The settlement includes a $47,500,000 assessment, a repayment of outstanding taxes of $6.5 million with no interest, the repayment ot be made in an initial installment of $3 million and then credits until repaid in the amount of $3.5 million over three years. The assessment will remain the same for a period of five years, according to the settlement. Business manager Tim Anspach informed the board that it would take a $1,612,000 loss each year. "That’s $1,612,000 that’s no longer to the benefit of our students and will also be on the backs of our community," said board member David Shafer. "It’s been a …
Local Yocal
6:43 am on Monday, October 31, 2011
It has probably been tied up in litigation since 2008. Again...lots of time for SF to plan and escrow the oney. more ›