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Grove sale will add to tax till

March 15, 1998|By RICHARD F. BELISLE

Grove sale will add to tax till

GREENCASTLE, Pa. - Antrim Township and Greencastle/Antrim School District officials said Friday that while they expect some extra cash from transfer taxes from the expected sale of Grove Worldwide in Shady Grove, they are not planning any big purchases soon.

Grove, which has plants worldwide, announced that a Texas investment company signed an agreement to buy the cranemaker for $605 million. The deal is expected to close in about three months, officials said.

"I've been through corporate sales before. We're not even estimating how much it will be," said Schools Superintendent P. Duff Rearick.

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"Whatever we do get, we will put into capital improvements, not our operating fund. That could be a bad habit," he said.

According to Ben Thomas, an Antrim Township Administrator, the school district and the township could get as much as $70,000 to $80,000 each in transfer taxes, not only from the sale of Grove Worldwide, but also from the recent sales of Corning Glass, which has a plant in Antrim Township, and from the sale of the Greencastle Greens Golf Course.

The money, however much comes in, would go into an investment account until the Township Supervisors decide what to do with it, Thomas said.

He said it would most likely go to capital improvements like parks, roads or other long-range projects.

He said the supervisors are hoping to build a new park for the township and are now looking for a site.

They could also decide to lower the township's current tax rate of 5 mills, he said. In any case, they won't decide anything until the 1999 or 2000 budget, he said.

Even if income from all three sales reaches $80,000, it won't make much of a difference in the township's annual $1.7 million budget.

It would make less of a difference in the school district's $5 million annual budget.

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