The City of Amos has reached a tax agreement with Minéraux stratégiques Abitibi, the new owners of the former paper mill in the city. The agreement ensures that the company will pay the same municipal taxes as Produits forestiers Résolu for the next three years. This agreement is a significant development for Amos, as it ensures a stable source of revenue for the municipality.

Tax Agreement Details

The agreement between the City of Amos and Minéraux stratégiques Abitibi stipulates that the company will pay $350,000 in taxes in 2025, 2026, and 2027. This amount is the same as the tax payment made by Produits forestiers Résolu from 2022 to 2024. The agreement was reached following the closure of the paper mill in April 2020.

Securing Revenue

The City of Amos is determined to secure a stable source of taxation revenue for the next three years. The agreement with Minéraux stratégiques Abitibi will help the city avoid any potential disputes that could arise due to a decrease in the property’s assessed value. The city is also preparing to submit a new three-year property assessment roll for 2025, making this agreement even more crucial.

The agreement also ensures a minimum revenue for the city, regardless of any potential re-evaluation of the property’s value. "The selling price of Résolu was quite low, the price of the building was not that high. We know that there will be a re-evaluation. We wanted to make sure we crystallized a ceiling amount for Minéraux stratégiques Abitibi, but also a minimum amount for the City of Amos. The goal is for the City to have an income, so that’s beneficial for the next three years,” explained Sébastien D’Astous, Mayor of Amos.

Supporting Development

Mayor D’Astous also expressed hope that this collaboration will facilitate Minéraux stratégiques Abitibi's plan to transform the former paper mill into a regional mining hub. "We will work with the new company to try to facilitate the development of related services in order to make this mining hub a central point in Amos. We absolutely want to penetrate the strategic and critical minerals sector in Quebec. What we ultimately want is for the building to have the highest possible value for the following three-year roll,” said Mayor D’Astous.

Minéraux Stratégiques Abitibi

Minéraux stratégiques Abitibi, a subsidiary of Kinterra Capital, was launched in Amos on July 16, 2023. The company aims to support the development of projects within the supply chain of the Quebec battery sector. The tax agreement with the City of Amos represents a significant step forward for Minéraux stratégiques Abitibi’s commitment to the region. This agreement showcases the city’s commitment to economic development and its willingness to work with businesses to create a thriving and sustainable future.

A Promising Future

The agreement with Minéraux stratégiques Abitibi provides a stable financial outlook for the City of Amos and is a testament to its proactive approach to economic development. The city is committed to supporting the growth of the mining industry in the region and to leveraging the potential of the former paper mill. The city's proactive approach to securing revenue and facilitating economic development sets a positive precedent for other municipalities facing similar challenges.

This agreement ensures a stable financial future for Amos and reflects the city’s dedication to fostering a vibrant and diverse economy. The collaboration between the city and Minéraux stratégiques Abitibi is a promising sign for the future of the region, highlighting the power of public-private partnerships in driving economic growth and development.