|
year. The assets in the Great Northern bankruptcy estate will not |
| be sufficient to cover those taxes. Brascan Corporation, which has |
| agreed to purchase the Millinocket and East Millinocket mills, has |
| agreed to pay the unpaid property taxes, in part through |
| application of business equipment tax reimbursement, or "BETR," |
| program reimbursements and tax increment financing payments. Under |
| current provisions, the BETR payments would not be received until |
| at least August 2004, which would delay payment of taxes until |
| then. This bill provides for a loan from the Finance Authority of |
| Maine that will be used to pay Millinocket and East Millinocket |
| property taxes, with repayment of the loan from BETR payments, and |
| ensures that Brascan will receive the BETR payments with respect to |
| property taxes it will pay. |
