Excerpt from the City of Beaumont Council Meeting:

The City was recently approached about entering into a 380 Economic Development Agreement as well as a lease agreement with CDP II CO2 Sequestration, LLC of Houston, Texas for economic development incentives during the development of a carbon sequestration facility within undeveloped City-owned property, south of the landfill.

The agreement includes a twenty- four( 24) month exclusivity/ feasibility period, along with an optional additional twenty- four- month exclusivity period in exchange for a payment of 100,000 to the City. During this exclusivity/feasibility period, the developer has the option to move forward with the project or not. This agreement would allow for the capture and storage of CO2 in exchange for a one- time payment of $ 100, 000 per injection well, a payment to the city of$ 1 per metric ton of CO2 captured, with a minimum of 250, 000 metric tons or $ 250, 000, plus a payment to the city of $ 50, 000 per year during the fifty-year monitoring period.