Enhanced Community Development, a subsidiary of Enhanced
Capital Partners ("Enhanced Capital"), announced today it recently
participated in providing $50 million in New Market Tax Credit financing to the
Great Northern Paper Mill ("GNP") in East Millinocket, Maine, which
includes $40 million in Maine New Market Capital Investment tax credits and $10
million in Federal New Market Tax Credits.
This investment will be used for capital improvements at GNP
which will result in up to 50 new jobs at the mill by the end of the year, plus
more than 100 new indirect jobs in related industries including logging,
forestry, and trucking. The plant upgrades include a conversion from oil to
clean-burning natural gas, a 30% increase in annual production capacity, and a
complete overhaul of the grinder room.
