Port Edward Mayor Dave MacDonald signs the $150 million agreement-in-principle while Port Ed CAO Ron Bedard

Port Edward to receive $150 million from agreement

Pacific NorthWest LNG announced Monday a 25-year agreement-in-principle to support Port Edward infrastructure and services.

Twelve days after announcing it has delayed its final investment decision, Pacific NorthWest LNG announced Monday a 25-year agreement-in-principle to support Port Edward infrastructure and services to the tune of $150 million.

The landmark agreement guarantees the District of Port Edward $3.25 million each year and escalates over the life of the agreement.

The $150 million will be paid out in the form of property taxes and front-end contributions by Pacific NorthWest LNG for district infrastructure improvements.

“Pacific NorthWest LNG intends on being a long-term positive contributor to the District of Port Edward and this agreement-in-principle serves as the blueprint for a multi-decade co-operative relationship that will benefit all residents of Port Edward,” said Pacific NorthWest LNG President Michael Culbert.

“I would like to thank Mayor Dave MacDonald, Port Edward Council and district staff for their dedication and hard work to get to this day.”

The Minister of Community, Sport and Cultural Development, Hon. Coralee Oakes, was in attendance to celebrate the signing of the agreement-in-principle. The Province has committed to introducing legislation at the earliest opportunity in 2015 to enable this agreement under the Community Charter.

“I can think of no other community in British Columbia that has the ability to deliver on a project to ensure that the results will be successful for decades and decades to come,” said Minister Oakes at the signing ceremony.

“Liquefied natural gas, and Pacific NorthWest LNG in particular, represents the chance to bring our children who have gone elsewhere in search of opportunity back home to Port Edward,” said Mayor MacDonald.

“The bold agreement with Pacific NorthWest LNG was reached on our terms and will ensure that Port Edward residents benefit from the LNG opportunity in the form of increased services, as well as infrastructure upgrades and ultimately, improved quality of life.”

The agreement is subject to the project proceeding to construction and will be effective upon the execution of a long-term lease with the Prince Rupert Port Authority.

~With files from Martina Perry

Just Posted

Metlakatla “breaking the glass ceiling” with seniors’ housing

Grand opening for Cedar Village Seniors’ Housing in Prince Rupert

Remembering Rupert: A historical report on Prince Rupert during the Second World War

UPDATED: Only solider to die in Prince Rupert during WWII gets permanent memorial

Heart of Our City | The humble automotive mechanic next door

Frank Repole has been sponsoring Prince Rupert his whole career

Rainmakers rugby makes the trip to Kamloops for Sevens tournament

Competition is the largest of its kind in the country

Old Timers Tournament begins its third decade of action in Prince Rupert

Rupert teams take on visitors from Haida Gwaii, Kitimat, Terrace, Hazelton and Smithers

VIDEO: Don Cherry says he was fired, not sorry for ‘Coach’s Corner’ poppy rant

Cherry denies he was singling out visible minorities with his comments

Rona’s ‘truly Canadian’ ads are inaccurate, watchdog says

Ads Standards points out U.S.-based Lowe’s acquired Rona in 2016

Brian Burke considered favourite to replace Don Cherry

Brian Burke is the 5-4 pick to be the full-time replacement next season

Major donor Peter Allard takes UBC to court to get his name on all law degrees

Philanthropist claims school not adhering to 2014 agreement for his $30-million donation

Report predicts drug resistance likely to kill 400,000 Canadians by 2050

This increase is expected to cost Canada 396,000 lives, $120 billion in hospital expenses

Terrace RCMP investigating suspicious death of a man in Thornhill

Kamloops resident was found unresponsive early Sunday morning, died hours later

Sportsnet fires Don Cherry after negative comments about immigrants

Don Cherry had said immigrants don’t wear poppies like other Canadians do

Most Read