Subsidy Tracker Individual Entry
expansion of a facility for the liquefaction of natural gas
The value of the subsidy package was estimated in: Max Ehrenfreund, "The Stakes at Cove Point," The Washington Post, December 7, 2014; available online at: http://www.washingtonpost.com/business/community-divided-over-cove-point-natural-gas-terminal/2014/12/05/8f4e7300-7003-11e4-8808-afaa1e3a33ef_story.html. The details of the agreement were taken from documents presented at a November 5, 2013 Board of Calvert County Commissioners public hearing on Proposed Amendments to the Code of Public Local Laws of Calvert County and Consideration of an Agreement for a Payment in Lieu of Taxes (PILOT) and Tax Credit for Dominion Cove Point LNG, LP. The documents are posted on the Board of County Commissioners website at: http://md-calvertcounty.civicplus.com/DocumentCenter/View/4755
The value of the subsidy was estimated by The Washington Post. The first part of the package includes 5-year PILOT agreement, which locks the taxable value of the equipment at the facility at $15.1 million for the duration of the PILOT agreement. At the end of the 5-year agreement, the County will grant the company a 42 percent tax credit on new and repurposed equipment for nine years. In return, the company will make one-time, $25 million payment to the County at the beginning of the package agreement. The company is also obligated by the program rules to create 25 new jobs that pay above average county wage and to make a $2.5 million investment in the land or the equipment. Overlaps with main Subsidy Tracker data: none.