Towns OK tax deals with Katahdin mill buyer
Officials in East Millinocket and Millinocket have tentatively approved tax deals with the potential buyer of the Katahdin Paper Co. mills.
Millinocket officials yesterday approved a $900,000 annual property tax bill for New Hampshire-based Cate Street Capital should the firm buy the two mills, according to the Bangor Daily News. The mill's property taxes for the 2010-2011 fiscal year were $2 million, according to information from town officials. East Millinocket officials have also given initial approval to a tax deal, the details of which were not released. An existing tax increment financing arrangement with the mills' current owner, Brookfield Asset Management, would be improved and transferred to Cate Street Capital, though details of the changes were not made public.
Cate Street, which specializes in energy projects, on Aug. 30 signed an agreement to buy the mills for an undisclosed price, and must finalize the deal with Brookfield by Thursday. The mills' unions are meeting tonight to vote on a possible contract. Both mills are currently idle.
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