Richmond City Council settles with Chevron, pulls tax measure off November ballot

Just hours before a deadline to pull measures off the November ballot, the Richmond City Council on Wednesday officially accepted a settlement with Chevron, bringing the city more than $500 million over 10 years.

Approved by the council on June 18, the ballot proposal would have asked voters to decide whether the city should impose a $1 per barrel tax on feedstock (oil or other raw material used in the industrial process) refined at Chevron's Richmond refinery for 50 years. A staff report for Wednesday's meeting said the city finance director estimated it would bring Richmond $60 to $90 million per year.

Chevron offered to pay $300 million over 10 years, which they increased to $550 million if the city dropped the ballot measure.

Just before the unanimous vote, Richmond Mayor Eduardo Martinez called it a historic moment and said the fight over Richmond's environment isn't over.




https://www.cbsnews.com/sanfrancisco/news/richmond-city-council-settles-with-chevron-pulls-tax-measure-off-november-ballot/