Catalyst Paper Corporation has received at least 3 more years of tax certainty from Powell River Council.
Council passed its new tax-revitalization bylaw for major industry at their last meeting.
The program brings Catalyst’s taxes up by $300,000 per year for the tax years of 2018 through to 2020.
Since 2011, a city tax-revitalization bylaw for major industry has been in place.
It was set at $2,250,000 per year. In 2015, the maximum taxation payable by Catalyst was bumped up to $2,750,000 for three years. The new rate has been set at $3,050,000.
Powell River Mayor Dave Formosa says the three year bylaw is not a guarantee that the company’s owners will not shut the mill down.
However, Councillor and Chair of the Finance Committee Russell Brewer says he’s comfortable raising Catalyst’s taxes.
He says this will help bring the city’s major industry rate close to the provincial average.