The CDEs use that vow of taxation credits to entice investors to place cash within their funds. The CDEs then look for businesses in low-income areas to buy.
They found one in Great Northern Paper.
$16 MILLION FOR A DAYвЂ™S WORK
Cate Street Capital bought the difficult paper mill in East Millinocket for $1 from Brookfield resource Management and two months later came back 200 workers for their jobs making paper. As a title because of its brand new papermaking subsidiary, Cate Street resurrected the fantastic Northern Paper moniker, made famous by the initial business bearing that name that built the East Millinocket mill in 1906 and operated it for pretty much a hundred years before filing for bankruptcy.
The mill had been a major manager in the Katahdin area of this state, a place beset with a high poverty and few occupations. Cate Street reported it had spent significantly more than $30 million from the mill since its purchase, such as the purchase of the high-interest $10 million loan, however it required additional money for improvements making it more competitive within an market that is increasingly international.