Caddo Parish gets over $4M in taxes from Chesapeake | Business
Caddo Parish's bank account got a big boost this week after getting its property tax payment from Chesapeak Energy.
At Monday's meeting of the Caddo Parish Commissioner, Chesapeake representatives presented a check for $4.4M as a property tax payment for natural gas and oil production on land owned by the parish.
The money covers all property, real estate and personal property taxes for 2012. The parish will divide the money among its various taxing agencies.
"The Haynesville Shale has been a massive economic engine for investment, job creation and state and local tax payments over the last several years,” said Paul Pratt, Chesapeake's Director – Corporate Development. "Chesapeake is proud to contribute to Louisiana's economy through tax payments that provide funds for schools, hospitals and road and other government services that yield value for so many citizens in our state while also producing a carbon-light fuel that cleans our air and builds our nation's energy security.”
The economics of shale gas and oil development have not only created a stimulus for Northwest Louisiana, but also have led to greater statewide investment and growth.
With natural gas at decade-low prices, Louisiana is experiencing a renaissance in new commercial and industrial construction activity, particularly in the synthetic fuel and chemical industries where the Louisiana Department of Economic Development is forecasting the location of seven to 15 projects over the next few years. The projects are expected to attract investments of $500 million to $5 billion each and create thousands of construction and permanent jobs.