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Verso gains tax incentive OK for $40M boiler project at Bucksport mill in Maine

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Verso gains tax incentive OK for $40M boiler project at Bucksport mill in Maine

October 18, 2010 - 10:08
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BUCKSPORT, ME, Oct. 18, 2010 (Bangor Daily News) -Town councilors have given initial approval to a tax incentive for the Verso Paper company's $40 million plan to upgrade a boiler and run a turbine off it at its Bucksport mill.

After several meetings between councilors and Verso officials, the Town Council approved an agreement subject to review by the town attorney and a public hearing.

The two-part agreement proposed by Verso involves tax increment financing, which invests tax revenues in new development. In the first part the councilors agreed to extend an existing TIF by 10 years to the 30-year limit allowed by law with the same split of the TIF revenues: 75 percent going back to the company and 25 percent to the town for economic development projects.

Bangor Daily News - Bucksport Town Council gives preliminary OK to tax incentive for Verso mill project

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