Tax reassessment costs Pennsylvania district

From The Philadelphia Inquirer: The Spring-Ford Area (Pa.) School District will have to pay pharmaceutical company GlaxoSmithKline $6.5 million in tax reimbursements over the next three years under an agreement that settles a reassessment case brought by Glaxo. Spring-Ford has to pay Glaxo $3 million within 30 days and make up the difference by granting $3.5 million more in tax credits over the next three years. Officials say the $3 million will come out of district capital reserves - money it had set aside in anticipation of school construction and repair projects.