A presentation was made last night by Redding First Selectman Julia Pemberton about options to resolve financial problems with the former Gilbert and Bennett wire mill site. The property is owned by Georgetown Land Development Company.
Redding is owed $3.5 million in back taxes and $2.2 million sewer costs, with the fire district being owed $180,000.
The Newstimes reports that two options start with having the town and fire district assume control of the 55-acres through foreclosure and then either sell it to a private developer or maintain the land for public use. The last option discussed is reportedly to have the town assume ownership and all of the junior holders could write off their debts in exchange for part of the sale and future tax revenues.