Mayor Don Darling says he’s confident the province will go through with repealing the Canaport LNG tax deal.
Darling says a letter from the province says the request is “feasible”, but there will have to be consultation with other communities.
He doubts other municipalities will take issue with the repeal considering the extra money wouldn’t just benefit Saint John, but the surrounding areas as well.
Darling says the complexity of how the repeal works will be figured out over the next 30 to 60 days.
The 25-year-long tax deal allows Irving Oil to pay $500,000 dollars in property taxes per year on a property that generates millions of dollars annually.
Councillor Gerry Lowe was a driving force behind having the deal looked at again.
He says it costs the city $8 million dollars a year in revenue from property taxes and it would wind up costing $200 million by the time the tax concession expires.
