Premier Brian Gallant will be in Saint John this morning for the long awaited announcement from the province on taxation of the Canaport LNG terminal.
The previous Common Council voted to repeal the 25 year tax concession, 14 years ahead of schedule, which limited property tax to half a million dollars a year. The controversial tax break was granted by Common Council back in 2005.
Deputy Mayor Shirley McAlary says the city can’t afford to give a tax break of that magnitude.
City Manager Jeff Trail has warned if the property is currently assessed at nearly $300-million then the tax levy will increase to nearly $8 million but the unconditional grant to the city from the province would be reduced by about half.
