Great Northern Sold to Non-Profit
A non-profit organization has purchased the former Great Northern Paper assets and property in Millinocket for one dollar.
The purchase, however, comes with about $1.4 million dollars in tax liability to the IRS and $160,000 in back taxes, and other outstanding debt. The non-profit “Our Katahdin” and the Town of Millinocket hope to engage the community as they work towards redeveloping the site of the former paper mill.
The group wants to convert the 1,400-acre site into a bio-industrial park. In the past two years, "Our Katahdin" has partnered with local community leaders to crowd fund and implement 21 projects in the Katahdin region.
“This is outstanding news for Millinocket and for the entire Katahdin region,” Senators Susan Collins and Angus King and Congressman Bruce Poliquin said in a joint statement. “The purchase of the former mill will help relieve the town of a burden that it has had to bear for far too long, and it will finally allow innovators and entrepreneurs to come together, collaborate, and build a better, brighter future for the region. We commend Our Katahdin on this announcement and pledge to work with them in any way we can to support continued economic growth throughout the region.”