Status of Boomerang Tubular
LIBERTY, February 20, 2015 - In an attempt to put a rosy outlook on a very bad situation, City Manager Gary Broz issued the following statement concerning the property tax status of Boomerang Tube in Liberty.
According to Broz, The City Council of Liberty, Texas will meet in a posted meeting to consider a plan for benefiting both the City of Liberty and Boomerang Tubular in regard to ad valorem taxes due the City of Liberty.
The Council will review and evaluate the position of seeking to be paid current the ad valorem taxes due the City of Liberty while forgiving the penalty due for late payment which appears to be available as an alternative due to a need for a clarification in asset valuation for Boomerang Tubular during the current ad valorem tax rebate period of boomerang Tubular.
Any such forgivance, if approved by the Liberty City Council, would be a one-time event to contribute hopefully to a more positive cash flow for Boomerang Tubular to assist the continued production and sale of pipe from the facility now employing in excess of 400 area workers and major contributor to the economic well-being of Liberty and the surrounding area.
Pipe producers throughout the nation have been severely impacted on production orders and cash flow by the reduction in crude oil prices in recent months which have delayed or cancelled many drilling pipe orders industry wide in the petroleum exploration business.