Kenneth Irving, Irving Oil Kenneth, Saint John discussed on Commons

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Automatic TRANSCRIPT

We're going to start with the story of how one man's lying is screwed a city out of tens of of millions of dollars. The year is two thousand and five in the city of Saint John New Brunswick is in trouble now Saint John is an industrial title town but one of its most important industries shipbuilding was pretty much dead. The population has been declining for years and the city's budget was teetering on the edge of collapse so an irving oil approach the mayor of Saint John with a proposal he was keen to listen irving oil owned the refinery and Saint John and was one of the city's most important employers and they'd come to a deal with a Spanish energy company to build a liquefied natural gas terminal on a big chunk of land land that Irving oil owned the project would have been a massive seven hundred fifty million dollar investment but irving oil told the mayor Saint John that the project couldn't happen unless the city gave them a massive break on their property taxes. The project just wouldn't be profitable otherwise and the Spanish energy company would be forced to walk away the mayor entered into secret negotiations with Kenneth Irving the CEO of Irving Oil Kenneth is a third generation irving. He's tall a little bit nerdy and had a reputation as a smart kind manager but the Irving's are tough negotiators and Kenneth was no exception exception. The secret talks were tents and they lasted months and then one day the mayor of Saint John Approach City counsel and told them the news he'd he'd offered the irving's a deal they would only have to pay five hundred thousand dollars a year on the most valuable piece of property in the city for twenty five years and here's the kicker if city council didn't take the deal by midnight that day the project was dead and that massive Ellen g terminal the city needed would never be built. The city was giving up over two hundred million dollars in tax revenue. You get this built but they were desperate for the Investment City Council approved the deal unfortunately for the residents of Saint John a few years later they discovered that they had been screwed.

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