Millinocket faces financial duress from mill closure
The town of Millinocket is facing a major loss of tax revenue after it was announced that the shuttered Great Northern Paper Co. will sell much of its papermaking equipment next month.
The Bangor Daily News reported that Millinocket stands to lose $2.3 million in annual tax revenue as a result, prompting town officials to seek $3 million in cuts from its $6.5 million in local tax revenue by fiscal year 2016 in order to offset the loss.
Last week, the town filed a lien seeking $2.24 million in delinquent taxes from the mill, and it plans to file another to seek the remaining approximately $2.3 million. Cate Street Capital, the New Hampshire-based investment firm that acquired the East Millinocket and Millinocket mills in 2011, has not said when it will pay the overdue taxes.
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