Pacific NorthWest LNG reaches property tax agreement

The District of Port Edward and Pacific NorthWest LNG have reached a 25-year agreement-in-principle in support of infrastructure and services totalling approximately CAN$150 million.

The agreement guarantees the District of Port Edward CAN$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. I would like to thank Mayor Dave MacDonald, Port Edward Council and district staff for their dedication and hard work to get to this day," commented Michael Culbert, Pacific NorthWest LNG President.

The Minister of Community Sport and Cultural Development, Hon. Coralee Oakes, celebrated the signing of the agreement-in-principle between Pacific NorthWest LNG and the District of Port Edward.

Mayor Dave MacDonald added: "Liquefied natural gas, and Pacific NorthWest LNG in particular, represents the chance to bring our children who have gone elsewhere in search of opportunity back home to Port Edward. 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."

Adapted from press release by Katie Woodward

Read the article online at: https://www.lngindustry.com/liquid-natural-gas/16122014/pacific-northwest-lng-reaches-agreement-with-port-edward-1962/