NYCIDA Approves Financial Assistance Package For Food Manufacturer Pain D'Avignon to Expand in Long Island City
The New York City Industrial Development Agency (NYCIDA) today authorized a financial assistance package for small food manufacturer Pain D’Avignon III Ltd. to acquire and renovate an approximately 10,000-square-foot industrial facility in Long Island City, Queens. The approved real estate and sales tax benefits, totaling approximately $1.1 million, will leverage an approximately $3 million private investment which will allow Pain D’Avignon to increase its production of artisanal bread. New York City’s food manufacturing industry is integral to the City’s economy and a key growth sector for the future. Pain D’Avignon’s project is expected to create new jobs, in addition to the company’s existing 70 jobs.
“By assisting small food manufacturers like Pain D’Avignon, we will continue to bolster this growing industrial sub-sector,” said NYCIDA Chairman Seth W. Pinsky. “Today’s approval will create good new jobs and help ensure that Pain D’Avignon continues to expand its business right here in the City.”
"Supporting businesses in diverse economic centers is an instrumental part of our effort to create jobs,” said City Council Speaker Christine C. Quinn. “With this financial package, Pain D'Avignon can expand their operations and continue to provide local businesses with the exceptional services they've become known for."
“This IDA package has the smell of success,” said Queens Borough President Helen Marshall. “It will allow Pain D’Avignon to consolidate, expand, generate more jobs and increase production. In addition, approximately $1 million in benefits will generate $3 million in private investment.”
"I applaud the NYCIDA for providing this financial assistance to help our local, small businesses to get ahead. The growth of Pain D’Avignon will not only strengthen the industry in Long Island City, but will also create new jobs and keep businesses right here in Western Queens," said Council Member Jimmy Van Bramer.
"Thanks to the Agency's assistance, Pain D'Avignon will be able to stay and grow in NYC," said Jorge Ariza, General Manager of Pain D'Avignon. "The proposed investments that comprise this project emanate from an effort to control costs and secure a permanent home for our business, both of which are needed to grow our business. This could not have been accomplished without the Agency’s financial assistance."
Pain D’Avignon, founded in 2000 by three immigrants from Serbia and Bosnia, bakes fresh artisanal bread to sell to restaurants, hotels, clubs, food retailers, and caterers. The company currently leases a manufacturing facility, also in Long Island City, which it will close in order to consolidate and increase its production capacity at its new space, located at 35-20 9th Street in Long Island City. Pain D’avignon also opened its first retail store at the Essex Street Market in the Lower East Side in 2010. Pain D’Avignon is expected to create an additional 11 jobs as a result of this expansion, building upon the steady growth within the City’s food manufacturing sector.
New York City’s food manufacturing industry, which includes over 900 establishments employing approximately 19,200 City residents, is integral to the City’s economy. While the City’s manufacturing industry as a whole decreased from 1990 to 2010, the number of City food manufacturing establishments increased by 6.1% during the same period. From 2009 to 2010 alone, the number of food manufacturing businesses increased by 2.2%, while employment in the sector increased by 1.4%.
The authorization is part of the City’s recently announced 22 initiatives to strengthen the City’s industrial sector and help small industrial businesses stay and grow in New York City. One of the initiatives was designed for NYCIDA to increase its transactions over the next fiscal year, resulting in assistance to at least twenty new businesses.
In total, the 22 initiatives will revitalize, modernize, and preserve up to 9 million square feet of underutilized industrial space, and create and retain up to 30,000 direct and indirect industrial jobs, generate annual payroll earnings of more than $900 million and more than $150 million in City tax revenue. The industrial sector is an integral part of the City’s economy that has faced serious challenges in recent decades, but now offers real opportunities for growth and development. The initiatives resulted from an inter-agency review of the City’s industrial policies, led by Deputy Mayor for Economic Development Robert K. Steel, New York City Economic Development Corporation President Seth W. Pinsky, Department of Small Business Services Commissioner Robert W. Walsh and City Planning Commissioner Amanda M. Burden.
New York City Economic Development Corporation is the City's primary vehicle for promoting economic growth in each of the five boroughs. NYCEDC's mission is to stimulate growth through expansion and redevelopment programs that encourage investment, generate prosperity and strengthen the City's competitive position. NYCEDC serves as an advocate to the business community by building relationships with companies that allow them to take advantage of New York City's many opportunities. Find us on Facebook or follow us on Twitter, or visit our blog to learn more about NYCEDC projects and initiatives.
The New York City Industrial Development Agency (NYCIDA) is administered by the New York City Economic Development Corporation and provides financing assistance to businesses, including small industrial and manufacturing companies and not-for-profit organizations. NYCIDA is a conduit agency that issues tax-exempt industrial revenue bonds to assist eligible commercial, industrial, not-for-profit and other qualified entities to finance expansion opportunities. NYCIDA also offers qualified companies abatements on sales, real estate and mortgage taxes. To request information and details on NYCIDA programs, call (212) 312-3600 or e-mail email@example.com.