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Resolute asks Thunder Bay for tax break
Resolute Forest Products is asking Thunder Bay for a 60% reduction in tax assessment for its local pulp and paper mill.
April 9, 2013 By CBC News
City administration has told Thunder Bay city council they could be on the hook for millions of dollars, if Resolute Forest Products gets its wish.
CBC News reports the company is asking the Assessment Review Board to lower the value of its pulp and paper mill to $29 million — retroactive to 2009.
The Thunder Bay mill was once worth more than $100 million — and now sits at $72 million in value.
The province’s Assessment Review Board has tentatively scheduled a hearing on the matter in June. Resolute could receive all that it is asking for, or part of it, retroactive to 2009.
The re-assessment is similar to what Domtar was issued, with respect to its Dryden and Espanola mills’ reduction in value of 60 per cent.
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