Work is underway to renew a unique financing agreement Penn State has with a number of Centre County municipalities and other entities.
More than twenty years ago, when Centre County government and other municipalities were in court with Penn State over the university’s tax status, the issue was resolved with the University agreeing to pay various county, and Centre Region entities, a total of well over a million dollars a year as an impact fee.
Work on a new agreement is now underway with the county hiring a financial firm to help compile the related information.
“It’s up at the end of this year. We have been working with the remaining municipalities in the Centre Region, that in some cases have very significant amounts of Penn State property and buildings, and impact in their area.”
Some of the entities involved are paid directly by Penn State, while others use the agreement as an in-lieu opportunity to obtain goods and services from the university
