Millinocket in talks with Cate Street to collect $1M in overdue taxes
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.
The Bangor Daily News reported that Millinocket Assessor Michael Noble had reduced Cate Street’s tax bill by $356,541 from the approximately $1.37 million levied on its equipment and real estate for the 2014-15 fiscal year, which ended June 30, but quoted the town’s attorney as saying Cate Street “has not found the assessor’s action acceptable.”
The newspaper reported that the town has filed liens against Cate Street and its subsidiaries GNP West Inc. and GNP Holding and is charging interest on the overdue taxes.
The newspaper reported that town officials remain hopeful that another Cate Street company, Thermogen Industries LLC, would eventually build a $140 million pellet plant on the Katahdin Avenue property of the shuttered mill, which Cate Street purchased along with the also-closed Great Northern paper mill in East Millinocket in 2011.
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