PORTLAND, Ore. — Coos County officials have approved 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 reported that the tax money would be funneled into private non-profits whose nonelected 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 across Oregon 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.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.