MILLINOCKET, Maine — A nonprofit dedicated to community and economic development in the Katahdin (kuh-TAH’-dihn) region has bought a paper mill site in Millinocket for $1.

Our Katahdin bought the former holdings of Great Northern Paper on Thursday, including the 1,400-acre mill site. The group wants to convert the site into a bio-industrial park.

The Portland Press Herald reports the town plans to waive at least some of the $164,000 in back taxes owed in exchange for some land.

Town officials voted to delay a foreclosure auction on the properties for six months to provide time to resolve remaining tax liabilities. The IRS has a $1.4 million tax lien on the mill property.

The mill was constructed in 1900. It ceased operations in 2008 and was later razed and sold for scrap.