Important Article from Mary Geddry:
Braddock: JC has made commitment to pay $30M annual taxes despite EZ
Since this January when the architects of the CEP (community enhancement plan) finally made public their intention to privatize taxpayer dollars we have been told the plan it is necessary because of the Bay Area Enterprise Zone exemption. Jordan Cove will take advantage of a two year CIP (construction in progress) and a three year EZ exemption so the taxing districts will not see any revenue from the $7 billion project for at least five years we are told. The CEP, by giving Jordan Cove an additional fifteen year conditional abatement, would amortize the taxes normally paid during the fifteen years over twenty years in order to start payments when the project breaks ground. We are told Jordan Cove will pay the same amount in taxes but with smaller annual payments spread over a longer period of time. We are also told that instead of paying taxes, Jordan Cove will pay service fees into two private non-profit organizations.
John Sweet during a radio interview with Mark McKelvey yesterday indicated much the same. The CEP will bring more immediate cash whereas we would otherwise have to wait. Sweet also indicated that it wouldn’t be proper to just terminate the EZ because Jordan Cove was too far along in its development so the public should honor its commitment to extend the tax incentive. David Koch, CEO of the Int’l Port of Coos Bay told the port commission just last month that Jordan Cove has been applying for the standard EZ exemption from the inception and the CEP will bring cash sooner.
June 26, 2012 Bob Braddock of Jordan Cove told the audience at a Pacific Connector Open House filmed by Ricky Maranon of KCBY that the company would pay taxes during construction despite the EZ.
The terminal is actually built in an area that is part of an enterprise zone…in the hope of the scale of the project that amounts to an interim $30 million dollars a year, ah, but under state law we are exempt from it for a number of years and during the years that we’re exempt, we will be paying those taxes…How that money will be spent we don’t know but we have made that commitment to do that…
Jody McCaffree documented the meeting a few days later on the Citizens Against LNG website and noted “Braddock said they would be paying the money to the tax assessor and had no control with what actually happened to funds after that.”
Just recently Michael Hinrichs, also of Jordan Cove, told The World Newspaper the EZ tax incentive was insignificant in a project of this size. Multiple resolutions in support of the project can be found at the BS Oregon website attesting to the company’s willingness to make payments-in-lieu-of-taxes upon final approval from FERC and breaking ground.
WHEREAS, the Jordan Cove terminal and the Pacific Connector Gas Pipeline will generate much needed tax revenue to Coos, Douglas, Jackson and Klamath counties – $32 million a year in ad valorem taxes or payments in lieu of taxes for the first three years, and $42 million to $52 million a year thereafter;
So in 2012 Braddock publicly claims Jordan Cove has made a “commitment”, (to whom is unknown), to make payments equivalent to what the taxes would be as if the EZ didn’t exist direct to the county tax collector. Yet today John Sweet and David Koch are saying Jordan Cove wants the early exemption and during his interview Sweet implied the company may even expect interest on the money it advances in the form of payment reductions.
Certainly, if the company is sincere about making payments during the construction phase the opportunities for a substantive countywide enhancement plan are no longer hampered by the constraints claimed by Sweet, et al as the justification for the CEP. Assuming Braddock is honest there is clearly no rush to ratify this plan. So who is telling the truth? Was Braddock just blowing hot air in 2012, (actually long before then), or have some local leaders discouraged the company from making payments to the people’s tax collector in order to privatize the money? Or are Sweet and Koch, et al, just confused? If they’re confused how is the public supposed to absorb this scheme?
Whatever the truth is, the public needs to know before any major decisions are made regarding this ill thought CEP.
Be Sociable, Share!
http://mgx.com/blogs/2014/04/09/braddock-jc-made-commitment-pay-30m-annual-taxes-despite-ez/
Since this January when the architects of the CEP (community enhancement plan) finally made public their intention to privatize taxpayer dollars we have been told the plan it is necessary because of the Bay Area Enterprise Zone exemption. Jordan Cove will take advantage of a two year CIP (construction in progress) and a three year EZ exemption so the taxing districts will not see any revenue from the $7 billion project for at least five years we are told. The CEP, by giving Jordan Cove an additional fifteen year conditional abatement, would amortize the taxes normally paid during the fifteen years over twenty years in order to start payments when the project breaks ground. We are told Jordan Cove will pay the same amount in taxes but with smaller annual payments spread over a longer period of time. We are also told that instead of paying taxes, Jordan Cove will pay service fees into two private non-profit organizations.
John Sweet during a radio interview with Mark McKelvey yesterday indicated much the same. The CEP will bring more immediate cash whereas we would otherwise have to wait. Sweet also indicated that it wouldn’t be proper to just terminate the EZ because Jordan Cove was too far along in its development so the public should honor its commitment to extend the tax incentive. David Koch, CEO of the Int’l Port of Coos Bay told the port commission just last month that Jordan Cove has been applying for the standard EZ exemption from the inception and the CEP will bring cash sooner.
June 26, 2012 Bob Braddock of Jordan Cove told the audience at a Pacific Connector Open House filmed by Ricky Maranon of KCBY that the company would pay taxes during construction despite the EZ.
The terminal is actually built in an area that is part of an enterprise zone…in the hope of the scale of the project that amounts to an interim $30 million dollars a year, ah, but under state law we are exempt from it for a number of years and during the years that we’re exempt, we will be paying those taxes…How that money will be spent we don’t know but we have made that commitment to do that…
Jody McCaffree documented the meeting a few days later on the Citizens Against LNG website and noted “Braddock said they would be paying the money to the tax assessor and had no control with what actually happened to funds after that.”
Just recently Michael Hinrichs, also of Jordan Cove, told The World Newspaper the EZ tax incentive was insignificant in a project of this size. Multiple resolutions in support of the project can be found at the BS Oregon website attesting to the company’s willingness to make payments-in-lieu-of-taxes upon final approval from FERC and breaking ground.
WHEREAS, the Jordan Cove terminal and the Pacific Connector Gas Pipeline will generate much needed tax revenue to Coos, Douglas, Jackson and Klamath counties – $32 million a year in ad valorem taxes or payments in lieu of taxes for the first three years, and $42 million to $52 million a year thereafter;
So in 2012 Braddock publicly claims Jordan Cove has made a “commitment”, (to whom is unknown), to make payments equivalent to what the taxes would be as if the EZ didn’t exist direct to the county tax collector. Yet today John Sweet and David Koch are saying Jordan Cove wants the early exemption and during his interview Sweet implied the company may even expect interest on the money it advances in the form of payment reductions.
Certainly, if the company is sincere about making payments during the construction phase the opportunities for a substantive countywide enhancement plan are no longer hampered by the constraints claimed by Sweet, et al as the justification for the CEP. Assuming Braddock is honest there is clearly no rush to ratify this plan. So who is telling the truth? Was Braddock just blowing hot air in 2012, (actually long before then), or have some local leaders discouraged the company from making payments to the people’s tax collector in order to privatize the money? Or are Sweet and Koch, et al, just confused? If they’re confused how is the public supposed to absorb this scheme?
Whatever the truth is, the public needs to know before any major decisions are made regarding this ill thought CEP.
Be Sociable, Share!
http://mgx.com/blogs/2014/04/09/braddock-jc-made-commitment-pay-30m-annual-taxes-despite-ez/
Mary Geddry Articles:
MGX---Geddry Slams Koch over Forced Cooperation & Jordon Cove Funding
MGX---Fighting over the Jordan Cove Spoils
MGX---Tioga gun club not priority say commissioners
Tioga Sports Park Gun Range Public Meeting January 30, 2014
MGX---The Jordon Cove Plan using County Tax Dollars
MGX---Mary still tackling taxes and government development
MGX---Citizens may have to solve this problem without elected leaders
MGX---Rebuttal to Wayne Krieger
MGX---Mary slams The World, Jon Barton, Messerle, The ORRCA Board and LNG
MGX---Economic development spin cycle begins again
MGX----Some Damn good Stories from Mary Geddry
MGX---Older Posts, but still relative....
MGX---Geddry Slams Koch over Forced Cooperation & Jordon Cove Funding
MGX---Fighting over the Jordan Cove Spoils
MGX---Tioga gun club not priority say commissioners
Tioga Sports Park Gun Range Public Meeting January 30, 2014
MGX---The Jordon Cove Plan using County Tax Dollars
MGX---Mary still tackling taxes and government development
MGX---Citizens may have to solve this problem without elected leaders
MGX---Rebuttal to Wayne Krieger
MGX---Mary slams The World, Jon Barton, Messerle, The ORRCA Board and LNG
MGX---Economic development spin cycle begins again
MGX----Some Damn good Stories from Mary Geddry
MGX---Older Posts, but still relative....
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Preserving the American Dream: Lessons in Beating Boondoggles
Agenda 21---Sustainable Development & Regionalism
City of Bandon---Votes on the renewal of City Manager's Contract
What is Craft3 & how does it relate to Agenda 21
INTERNATIONAL CODE COUNCIL
Community Vs. Collectivism
Regionalism - The Blueprint for Your Serfdom
Success against Agenda 21
The Smoking Gun The direct link between Agenda 21 and local planners!
The International Code Council and You...
Port of Bandon in North Bend, Why?
Urban Renewal---Tualatin council to consider plan for Cabela's
Urban Renewal---A tale of bad planning in two Cities
Urban Renewal---Oregon schools could recoup money
Bandon---Combine Private Public Partnership w/ Urban Renewal and you get cheese...
Urban Renewal---Tax fight aims at PSU renewal district
Urban Renewal Money in the hands of the Politicians
B-Corporations: The Redefining of what it means to be a Corporation
Support SB478
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