The Jim Thorpe Area School Board approved a settlement with Vacation Charters Ltd., owners of the Split Rock Resort, Lake Harmony, concerning the owner's appeal of its tax assessment.

The settlement sets the assessment for Split Rock at $17-million for 2001 and 2002 and then $13.5-million for 2003 and future years.Based on the new assessment, the district will lose $190,520 in taxes each year at the current tax rate, according to Business Manager Bill McElmoyle.