The federal tax settlement, which took 18 months to reach, frees up a $5.3 million grant to upgrade and install infrastructure at the site, as well as another $3 million in capital.
Our Katahdin, a nonprofit, has purchased the former Great Northern Paper assets in Millinocket, including a 1,400-acre former mill site, land adjacent to the Millinocket Municipal Airport, a 157-acre parcel of land at Ferguson Pond and a federal designation enabling foreign investment.
The Finance Authority of Maine voted Thursday to ban the use of “one-day loans” to qualify for economic development incentives under the state's New Markets Tax Credit program, two months after putting an emergency rule in place halting the practice.
Cate Street Capital, the Portsmouth-based private equity firm that purchased and scrapped Millinocket's shuttered former Great Northern paper mill, remains in discussion with the town officials about its unpaid property tax bill.
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.
Millinocket officials have granted a $356,541 tax abatement on this year's property taxes to Cate Street Capital Inc. 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.