Contractor files $3.85M lien against Cate Street
A New Jersey contractor, claiming Cate Street Capital and two Millinocket-based firms owe it $3.85 million for site preparation work at a proposed wood pellet production plant in Millinocket, has filed a lien against property owned by the three companies.
The Bangor Daily News reported that a Penobscot County Superior Court judge approved contractor Conti Enterprises’ request to move ahead with attaching a $3.85 million lien to property owned by GNP West LLC, Thermogen I LLC and Cate Street Capital Inc. A New Jersey-based attorney for the company told the newspaper that Cate Street and the two other defendant companies had not yet responded to Conti’s lawsuit.
Earlier this year, Millinocket officials granted a $356,541 tax abatement on this year's property taxes to Cate Street Capital. and two subsidiaries in hopes it will help the Portsmouth-based investment firm proceed with its proposed $140 million Thermogen Industries pellet plant at the Katahdin Avenue industrial park. The town also released liens on 24 properties after granting the abatement and acknowledging that Cate Street and its subsidiaries had settled last year's taxes with a $120,000 payment.
A year ago, Cate Street announced it was scrapping plans to build a $70 million torrefied wood plant in Millinocket in favor of a $140 million steam-thermal plant using wood pellet technology similar to plants in Crockett, Texas, and Selma, Ala.
Cate Street still owes Millinocket $1 million in back property taxes, plus interest, the newspaper reported.
Source: Bangor Daily News
Read more
FAME bans 'one-day loans' for New Markets Tax Credit program
Most Recent
Most Recent
Comments