A relocation agreement between Penn National Gaming Inc. and the state requires Penn National to pay $75 million to relocate Beulah Park to Austintown in northeast Ohio.

A relocation agreement between Penn National Gaming Inc. and the state requires Penn National to pay $75 million to relocate Beulah Park to Austintown in northeast Ohio.

Beulah Park, 3811 Southwest Blvd., will remain open for the 2012-13 winter racing season, Penn National spokesperson Bob Tenenbaum said.

Penn National wants to work with Grove City regarding future use of the Beulah Park site, Tenenbaum said. Penn National wants to find a buyer that will work with the city to redevelop the site.

Not many communities have the opportunity to develop a sizeable piece of land so close to a downtown area, city administrator Chuck Boso said.

"I think it's a great opportunity for the city," he said.

The property is zoned recreational, Boso said, with approved uses such as golf courses, race tracks or go-cart tracks.

Boso said Penn National might seek a mixed use zoning before selling the site. City council would have to approve a rezoning.

Redeveloping Beulah Park will give the city a chance to connect neighborhoods west of Beulah Park with the town center, Boso said.

"It will make it a walkable, bicycle-friendly route," he said.

The city also would like to continue holding seasonal events, such as Blast at Beulah and Balloons and Tunes, at the Beulah Park site, Boso said.

Despite the job loss involved with Penn National's move, redevelopment will bring more economic opportunity, Boso said.

"It is a terribly underutilized piece of property," he said.

The city receives $30,000 in parimutuel betting taxes from Beulah Park annually, Boso said. The total combined property and parimutuel taxes collected annually from Beulah total less than 1 percent of the city's anticipated revenue for 2012.

The timing of Beulah Park's closure will depend on the completion of the Austintown facility, which will be built in about 18 month. A groundbreaking date is yet to be scheduled.

The agreement also gives priority to Beulah Park employees seeking employment at Columbus Hollywood Casino.

Beulah Park employs about 50 permanent full-time workers. During the racing season, it probably has more than 100 employees, Tenenbaum said.