JAY — Residents voted Monday to transfer $125,000 from the undesignated fund to the industrial valuation account. It will be used to determine the valuation of Verso Paper Corp.’s paper mill and property, and for legal fees that will be incurred, Town Manager Ruth Cushman said.

Ten voters, including five selectpersons, attended the special town meeting.

Money has already been spent out of the legal account that should come out of the industrial valuation account, Cushman said.

The town values Verso Paper’s Androscoggin Mill and associated properties at about $800 million, not counting the more than $100 million in tax-exempt equipment, Jay assessing agent Paul Binette said last week. He works for John E. O’Donnell & Associates, Inc. of New Gloucester.

The town had a full valuation done on the mill in 1997, Cushman told voters. Every year since then, Verso Paper sends in data on any new items or equipment and other associated information, she said.

The town has an industrial valuation firm that will analyze the town’s figures and the mill’s figures to determine whether the town or Verso is right, she said.

Mill representatives are using one approach to valuation and the town is using the traditional cost valuation, she said.

Cushman said she believes the mill’s and the town’s figures are not that far apart.

Verso and town representatives met in August 2013 after Verso officials said they believed the town’s valuation was too high, Cushman said then.

Verso has until late February to request a tax abatement.

dperry@sunjournal.com

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