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2014-01-31 at 14:49

Terrace Bay, AV Birla reach agreement on mill assessment

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By tbnewswatch.com

The town of Terrace Bay and AV Birla have reached an agreement on the assessed value of the local mill.

Terrace Bay council voted on a deal Friday that will result in hundreds of thousands of dollars in lost revenue.  But officials say it was the safest way to move forward and keep the town financially stable.

The mill's assessed value for 2013 was $23 million.  AV Birla filed an appeal with the assessment review board in an attempt to have the mill valued at just $2 million. 

But the two sides were willing to negotiate and have settled on a value of $15.4 million.  The deal will cost the town $530,000 in annual tax revenue. 

Terrace Bay will also have to repay AV Birla $600,000. 

Council will ask the province for financial assistance.  A draft plan on how to handle the lost revenue will be presented at an upcoming public meeting. 

Former Mayor Mike King stepped down late last year in opposition to the negotiations. 

He wanted to fight the reassessment.

(Thunder Bay Television)

Tbnewswatch.com(7)

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Comments

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drayton lad says:
Well, maybe there are too many town employees first off.At least 4 could go.Two from the offices and 2 from municipal works.Snow removal could be done on day shifts instead of overtime like always is now.Keep the Once a week used garbage truck we have now instead of spending like theres no tomorrow on a new one.Every employee has a vehicle to drive,double up in 1/2 of them.The list goes on to this spendthrift council.
1/31/2014 3:54:01 PM
moi says:
If it's true what you say Drayton...then yes,sounds like the town's got waay too many employees working at the town offices. Perhaps the town council could set a good example by trimming some of the fat (so to speak). LOL, every community has it's fair share of.."hey,what's that guy's job again?", or the employee who's held the same job for years,and folks still can't figure out what he/she does to earn a paycheck.Granted snow removal and garbage pick up are important, however...how many people does it take to run the rec department in a small town? Just a thought..
2/1/2014 10:25:34 AM
windigo says:
What would the assessment be if Buchanan had not of run the mill and kept it alive. If it had been sold for scrap probably a lot less. like 0.
All you Buchanan haters should think a little
1/31/2014 10:51:35 PM
brooky says:
We are so lucky tht he screwed the taxpayers out of 60 million dollars.
2/1/2014 12:25:53 AM
unionbay880 says:
We should all thank him? The deal will cost the town $530,000 in annual tax revenue.
Terrace Bay will also have to repay AV Birla $600,000. So that's costing $1.3 million? and Bucky took the province for $60 million. I fail to see why anyone should thank him.

That said I don't see how the mill is only worth 6 - 7 times the average home.
2/2/2014 1:41:52 PM
Greenstoner says:
Windigo, please tell me again how good Bucky was for all the employees and tax payers that he shafted. I must have missed his Order of Canada award ceremony.
2/2/2014 10:41:50 AM
tbayfinn says:
And don't forget all of his contractors that he shafted as well.....
2/2/2014 10:19:28 PM
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