Councillors Gerry Lowe and Shirley McAlary have put their names on a submission to Common Council, if approved, would initiate a review of the 25 year tax concession granted Irving Oil for the L-N-G terminal in Canaport.
The company gets to pay 500 thousand dollars a year while the property tax bill, without the deal, would be in the neighbourhood of 8 million annually.
McAlary sees the tax concession as being a negative for the city and would like to see it overturned but isn’t sure whether, legally, that can be done.
Court documents have revealed Irving Oil is making 22.5 million dollars a year in guaranteed revenue from Canaport LNG with over 12 million just from leasing the land.
McAlary and Lowe want to know if Common Council and the Legislature were aware of that before giving the go ahead to the tax concession.
