The sweet property tax deal Common Council gave Canaport L-N-G back in 2005 which caused an uproar could be in jeopardy because of a change in the usage of that facility from receiving liquified natural gas to exporting or handling oil.
Mayor Mel Norton says the City Manager is investigating whether the tax deal would still be valid under the changed circumstances and we could know as early as Monday. Norton says the city would be seeking taxes that are lawfully owed.
The deal approved by Council, at the time, froze the property tax at half a million dollars a year for 25 years. Without the tax deal, the property tax bill would be in the neighbourhood of 5.3 million dollars.
