National Resources, the development firm behind the proposed Maritime Village waterfront community in Wiscasset, avoided an auction of three parcels of land with a last minute loan payment to the town on Dec. 2.
The Greenwich, Conn., firm paid nearly $350,000 to satisfy an outstanding loan from Wiscasset that was lent for infrastructure improvements required to build the “iPark.”
“The loan is completely paid off. The loan was structured with a specific recourse for nonpayment that would ultimately result in an auction,” said Wiscasset Town Treasurer Jim George.
The company however still owes approximately $647,000 in back taxes. According to George, the outstanding taxes are from the last three years with a payment due on Jan. 17, 2011 to satisfy the 2008 taxes.
The sprawling development was once promoted as a multi-use community with retail stores, a marina, and luxury condominiums to be built at the former Mason Station property. The development currently consists of a few unoccupied model homes, a victim, George said, of the overall decline in the real estate market. He said the town is simply conducting business and is not singling out the developer.
“We don’t have a vendetta against the developer. In fact we’re trying to work with them to keep it on the tax rolls. Ultimately it’s in everybody’s best interest to have this work in some capacity,” he said.
Numerous phone calls to National Resources had not been returned at press time Dec. 15.