PORTLAND, Ore. (AP) — Local officials are considering a unique plan to divide the property taxes that would come with the proposed construction of a $7.5 billion liquefied natural gas export terminal on the North Spit of Coos Bay.
The Oregonian newspaper reports reports the tax money would be funneled into private non-profits whose non-elected board members would have final say over how the dollars are used.
Supporters say the maneuver will create a long-term funding stream for schools and economic development.
They also believe it will prevent the tax windfall from going to the state, and then and redistributed acrossOregon under its school funding equalization model.
The natural gas export terminal, power plant and pipeline are expected to add at least $4 billion to the local property tax base.
The plan must be approved by the North Bend and Coos Bay city councils, as well as Coos County and theOregon International Port of Coos Bay.
Information from: The Oregonian