PNW LNG signs property tax agreement with District of Port Edward
The District of Port Edward and Pacific NorthWest LNG said that a 25 year agreement-in-principle in support of infrastructure and services totaling approximately $150 million has been reached.
The agreement guarantees the District of Port Edward $3.25 million per year, escalating over the life of the agreement, paid in the form of property taxes complemented by front-end contributions by Pacific NorthWest LNG for district infrastructure improvements.
“Pacific NorthWest LNG intends on being a long-term positive contributor to the District of Port Edward and this agreement-in-principle serves as the blueprint for a multi-decade co-operative relationship that will benefit all residents of Port Edward,” said Pacific NorthWest LNG President Michael Culbert.
The Minister of Community Sport and Cultural Development, Coralee Oakes, was in attendance to celebrate the signing of the agreement-in-principle between Pacific NorthWest LNG and the District of Port Edward. The Province has committed to introduce legislation at the earliest opportunity in 2015 to enable this agreement under the Community Charter.
Mayor Dave MacDonald, said, “The bold agreement with Pacific NorthWest LNG was reached on our terms and will ensure that Port Edward residents benefit from the LNG opportunity in the form of increased services, as well as infrastructure upgrades and ultimately, improved quality of life.”
The agreement between Pacific NorthWest LNG and the District of Port Edward is subject to the project proceeding to construction and will be effective upon the execution of a long-term lease with the Prince Rupert Port Authority.
Press Release; Image: Pacific NorthWest LNG