EAST MILLINOCKET — Selectmen in East Millinocket have voted on a New Hampshire company’s proposal to buy two shuttered paper mills in East Millinocket and Millinocket.
The board of selectmen today made some revisions to a proposal put forth by Cate Street Capital, of Portsmouth, N.H., to buy the two mills for an undisclosed price from the current owner, Brookfield Asset Management. Chairman Mark Scally says selectmen and the company have agreed to a tax assessment that would lower the East Millinocket mill’s property taxes.
The Millinocket Town Council was meeting this afternoon to discuss the proposal. Union members will meet Wednesday to discuss a labor agreement.
Cate Street officials want to complete the deal by Thursday.
The closures of the mills over the last three years have cost 600 jobs.
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