Common Councillor Gerry Lowe has taken the lead in trying to get the 25 year tax concession granted Irving Oil for the L-N-G terminal at Canaport overturned. Whether the rest of Common Council will go along or not remains to be seen.
Former Mayor Ivan Court, who spoke out against the deal that limits property tax to 500 thousand dollars a year over the 25 years, when he was a Common Councillor back in 2005, says it was a bad deal for city taxpayers who have to pick up the slack and one reason why our tax rate is so high.
The annual property tax on the L-N-G terminal would be about 8 million dollars.
Court estimates the company will make 300 million dollars over the 25 year life of the deal leasing the land while the city will get 12 and a half million in property tax over that same time period.
