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March 2, 2015

Cate Street, GNP owe taxes, seek tax break

New Hampshire investment firm Cate Street Capital and two of its corporate entities owe the town of Millinocket $1.49 million in late tax payments for its shuttered paper mill there.

The Bangor Daily News reported that Cate Street, along with GNP Holdings II and GNP West Inc., owe $1.38 million in real estate and personal property taxes for the 2014-15 fiscal year and $117,279 for the previous year. Cate Street formed the two corporate entities when it bought the paper mill in 2011. The mill's papermaking equipment was sold last year.

GNP West Inc. has filed a tax abatement for the 2014-15 fiscal year, seeking a reduction in its real estate and personal property taxes from $1.38 million to $1 million.

Source: Bangor Daily News

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