A new report is sounding the warning bell for Hamilton taxpayers if U.S. Steel pulls out of the city at the end of next year.
An analysis to be presented to the city’s Steel sub-committee on Friday says the city would take a 22 million dollar tax hit should the steelmaker pull up stakes.
That’s about 2.3 per cent of the city’s annual tax revenue and the report says losing the plant would leave taxpayers facing a range of new public heath and other costs with fewer resources.
The study was prepared by city staff in preparation for the end of 2015.
That is when the company’s special pension funding deal with the provincial government expires and sees the end of its commitments to the federal government to operate in Canada.