Township of Terrace Bay Agrees to New Assessment on AV Terrace Bay Inc. Mill
TERRACE BAY, Ontario, January 31, 2014 – The Mayor and Council of the Township of Terrace Bay signed an agreement today with local pulp mill AV Terrace Bay Inc. (AVTB) that will set a new property assessment for the company for the next three years. AVTB had applied for a property reassessment, similar to other pulp and paper companies in the province, seeking a substantial reduction in their assessment for the 2013-2016 years. The new property assessment for the company will be set at $15.4 million, a decrease from the 2013 assessment of $23 million. This will result in a 2013 tax rebate owed to the mill of $600,000 and a loss of taxation income going forward of $530,000. The Township will be seeking assistance from the Province of Ontario similar to what was recently approved to other municipalities in a similar situation due to a massive loss of tax assessment.
Jody Davis, Mayor for the Township of Terrace Bay says “We have expected a reduction of some size for the past year due to the issues everyone is having with the MPAC system of assessment. We are appreciative of the efforts of AV Terrace Bay Inc. to work with our staff to consider all options and come up with a solution that all parties could live with. We have been planning for a loss of assessment for the past 3-4 months and will now set forth a schedule of events to bring forward our plan to our residents for their feedback. This is a setback for our Community, but one that through the support of our residents, businesses and government partners we can recover from and continue to make Terrace Bay a great place to live, work, and play.”
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For more information on this press release, please contact:
Dean Main, Acting Chief Administrative Officer
1 (807) 825-3315, x 230, cds@terracebay.ca
