PORTLAND (AP) — Local officials are considering a unique plan to divide the property taxes that would come if a a $7.5 billion liquefied natural gas export terminal is built on the North Spit of Coos Bay.
The tax money would be funneled into private nonprofits whose unelected board members would direct how it is 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, redistributed by Oregon’s school funding equalization.
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 the Oregon International Port of Coos Bay.