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March 9, 2015

Millinocket reduces tax debt to help Cate Street’s pellet plant project

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.

The Bangor Daily News reported that the town released liens on 24 properties after granting the abatement and acknowledging that Cate Street and its subsidiaries, GNP Holdings II and GNP West Inc., had settled last year’s taxes with a $120,000 payment.

Cate Street had been seeking a $1.23 million abatement on this year’s property taxes, the newspaper reported.

A year ago, Cate Street announced it was scrapping plans to build a $70 million torrefied wood plant in Millinocket in favor of a $140 million steam-thermal plant using wood pellet technology similar to plants in Crockett, Texas, and Selma, Ala.

At that time, the company said the more traditional technology could more than triple its production of wood pellets in Millinocket.

Source:Bangor Daily News

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