The ads say over twenty-five million dollars in taxes annually will go to Coos County from Jordan Coves's export LNG (liquified natural gas) project once built...? Really?
Let's talk about an urban renewal district overlaid by an enterprise zone. Should Jordan Cove get permits, they will have two construction years that are tax-free followed by three more years tax-free if they follow guidelines on hiring and payroll. Enterprise zone tax exemptions can, as I understand it, be extended out to twenty years, and possibly more.
But let's say at some vague point taxes kick in. Wow! NOW the county will be rich! --except for that pesky urban renewal district. The base line for the county's share of those taxes will be the unimproved land the facility sits on, aka "lot value". All the taxes assessed on the new improvements will go the urban renewal district. This district is the county's district but it is run by the Port of Coos Bay. So all that money goes to an unelected agency to spend, and not to schools, safety, seniors.
And what about those 720 permanent new jobs? FERC (Federal Energy Regulatory Commission) estimated the new jobs on the old LNG-and-co-generation-plant to be 36 to 39.... a mere factor of 20.
And the over 2000 construction jobs? I believe it was Jordan Cove that optimistically estimated that number to be 1,600 on the very similar old project.
But if you get in their face, the twenty-five million tax dollars suddenly become an annual contribution donated by Jordan Cove, from its profits, to a foundation headed by Who Knows and with What Intent. ("Schools" are noted prominently in the rant.) Did you read the word "PROFIT? What company with a development of this magnitude makes a "profit" on paper? Between building expenses, depreciation, payroll, ongoing business expenses, etc, it's questionable Jordan Cove will turn an annual profit of $25,000,000 anytime soon, let alone bequeath it to the benefit of southwestern Oregon.
And on top of that bucket of propaganda, I understand American Bridge in Reedsport is closing its doors in two months. Anyone for a chorus of "I've been working on the railroad....."?
62650 Fairview Road
Coquille, Oregon 97423
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