Spectra Energy Announces Expansion
LIBERTY, March 25, 2008 - Spectra Energy announced today that it will add approximately 6.5 Billion Cubic Feet (BCF) of working capacity at its Moss Bluff natural gas storage facility by developing a fourth cavern in Liberty County, Texas.
“The demand for high deliverability natural gas storage services continues to expand…,” said Mark Fiedorek, group Vice President at Spectra Energy Transmission. “This expansion of the Moss Bluff facility will enhance our ability to accommodate our customers’ growing natural gas service needs…”
Construction which will include a new cavern as well as expanded surface facilites, is expected to commence this summer and parts of the facility could go into service as early as the first half of 2009. Cavern 4 is expectd to be in service in the summer of 2011, with a final working capacity of 6.5 BCF of natural gas storage.
Increasing our local tax base with industry expansion and new industry is the answer to improving our quality of lives and seeing reductions in the tax rate for homeowners. Liberty County is predominately rural with few local industries, unlike neighboring Chambers and Harris Counties. Industry also brings permanent jobs as well a construction jobs to the community. Sepctra’s announcement today is very good news for all of us who call Liberty County home.
Let’s take a look at what Spectra Energy and the numerous companies that they store gas for are currently contributing to our community.
The following table shows the estimated property tax payments to taxing entities in South Liberty County for 2008.
| Spectra Energy, Property, Facilities and Improvements | |||
| Tax Rate | Appraisal | Tax | |
| Liberty County | 0.56 | $37,059,410.00 | $207,532.70 |
| Hospital Distirct | 0.09 | $37,059,410.00 | $33,353.47 |
| Navigation-South | 0.0193 | $37,059,410.00 | $7,152.47 |
| Liberty ISD | 1.1953 | $37,059,410.00 | $442,971.13 |
| Total | $691,009.76 | ||
Additionally the companies that Spectra Energy stores gas for at the Moss Bluff Facility contribute significantly to our tax base for property taxes on the inventory of gas.
| Moss Bluff Gas Inventory | Tax Rate | Appraised Value | Estimated Tax |
| Liberty County | 0.56 | $101,733,040.00 | $569,705.02 |
| Hospital Distirct | 0.09 | $101,733,040.00 | $91,559.74 |
| Navigation-South | 0.0193 | $101,733,040.00 | $19,634.48 |
| Liberty ISD | 1.1953 | $101,733,040.00 | $1,216,015.03 |
| Totals | $1,896,914.26 |
An additional 6.5 BCF of natural gas inventory in the new Cavern 4 to be constructed would yield an additional $799,913.00 in tax dollars each year to the taxing entities based on 2008 appraised value. See table below.
| New Cavern 4 Gas Storage | |||
| Liberty County | 0.56 | $42,900,000.00 | $240,240.00 |
| Hospital Distirct | 0.09 | $42,900,000.00 | $38,610.00 |
| Navigation-South | 0.0193 | $42,900,000.00 | $8,279.70 |
| Liberty ISD | 1.1953 | $42,900,000.00 | $512,783.70 |
| Total | $799,913.40 | ||
With additional income to Liberty County, the Hospital District and Liberty ISD that will come through both higher appraisals from the CAD county wide as well as new facilities and inventory to tax in South Liberty County it will be interesting to see if the taxing entities will be able to live within their means and lower the tax rate, reducing the tax burden on home owners.
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