WASHINGTON, DC -- Earlier today, International Paper announced that it has approved a $112 million capital investment project that will rebuild the Androscoggin mill's No. 3 paper machine. The investment was possible because of the tax increment financing (TIF) agreement that was approved by local voters last month. The agreement allows 60 percent of the tax revenues from the equipment to be used to help finance other investments over a 20-year period, while the remaining 40 percent will be added to the town's tax base.
Following today's announcement, Senator Collins made this statement:
"This is great news for International Paper workers and for the entire community. International Paper is a vital economic pillar of the community, providing both direct and indirect economic benefits.
"I believe this investment is indicative of the company's long- term commitment to this area. It will help secure existing jobs at the paper plant while providing much-needed dollars to the local government."