The end of a dispute between the City of Prince Rupert and the Prince Rupert Port Authority has resulted in a windfall of sorts for the District of Port Edward.
As a result of the increased payment-in-lieu of tax (PILT) assessment, the district has received an additional $580,000 in unbudgeted revenue from the port authority that falls into two categories.
“The first part, $424,000, is our share of the tax revenue from Ridley Island. We get 17 per cent of the taxes, so when they paid the additional money to the city our portion was larger,” explained chief administrative officer Ron Bedard.
“The other $156,000 represents the additional PILT value of Lelu Island, which falls into Port Edward’s jurisdiction anyway.”
Prince Rupert Port Authority manager of corporate communications Michael Gurney noted there are six lots in Port Edward that the port pays PILT payments on, with Lelu Island being the largest. As with other undeveloped port properties, the valuation of the land changed when a review of the PILT values was undertaken.
“It appears to be a fair assessment and valuation and the PILT payments have been made to Port Edward,” he said.
Bedard said the additional money will be put into general revenue and has not been earmarked for any particular purpose.