March 9, 2009 | last updated November 30, 2011 5:18 pm

Point East owes Wiscasset $708K

Point East, the developer of an ambitious housing and industrial park complex in Wiscasset, owes the town nearly $708,000 in unpaid property taxes and loan payments.

A subsidiary of Connecticut-based Natural RE/sources, the firm owes $457,524.81 in property taxes and missed an October payment of $250,000 on a loan taken out by an arm of the town for infrastructure improvements, the Times Record reported. According to municipal records, liens have been placed on 89 parcels owned by Point East, doing business as Mason Station LLC or Ferry Road Development Co., due to unpaid taxes dating back to fiscal year 2007-08, the paper reported. Town Manager Arthur Faucher said the company has contacted him about an alternative payment plan, but any changes would have to be reviewed by the Board of Selectmen.

A project manager for Point East did not return phone calls from the paper seeking comment. The development company has proposed a 200-slip marina, retail space, up to 170 homes and possibly a hotel for its Mason Station property in Wiscasset, the former site of an oil-fired electric generating plant.

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