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April 11, 2014

Cate Street pitches payment plan to town officials

Cate Street Capital, the developers planning a $140 million pellet mill in Millinocket, told town officials Thursday that they plan to secure state funding next week and pay its overdue property taxes within three months.

The Bangor Daily News reported Cate Street project manager Dammon Frecker told Millinocket officials that its subsidiary Thermogen Industries could move ahead with construction of its planned steam-thermal pellet mill this summer if it secures approval for a $25 million loan from the Finance Authority of Maine next week. The finance authority said in late March that its approval of Thermogen’s modified wood pellet mill plan will depend on Cate Street first paying back around $2.3 million in overdue property taxes to Millinocket and around $670,000 to East Millinocket.

Cate Street is also trying to negotiate a revenue-sharing deal with Brookfield Asset Management, which supplies the company’s Great Northern Paper mill in East Millinocket with electricity. Harold Pachios, an attorney for Brookfield, said his client had responded to Cate Street’s latest proposal, but declined to comment on the state of those negotiations.

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