NYCIDA Approves Assistance for Importer and Distributor of Quality Organic and Natural Foods
New York City Industrial Development Agency (NYCIDA) today approved financing assistance to a Bronx company, Gourmet Guru Inc. The financing assistance will help the company acquire and equip a new facility to expand its operations. The company will invest $4.9 million and will create and retain 65 jobs.
“Supporting local businesses by helping them to expand is crucial to maintaining New York City’s role as a small business center,” said Seth W. Pinsky, Chairman of the NYCIDA. “With this assistance, this company will continue to bring value and diversity to New York City’s economy.”
Gourmet Guru received approval for City and State mortgage recording tax benefits of approximately $123,481 and City and State sales tax exemptions totaling about $54,438 for the acquisition, renovation and equipping of the site in the Bronx. Also approved were a City Land Tax Abatement of about $144,505 and a City Building Tax Stabilization of about $1,761,854. Gourmet Guru will purchase and renovate an approximately 27,000-square-foot facility in the Hunts Point section of the Bronx. Currently employing 39 workers, the company will expand its services and create 26 additional jobs.
Gourmet Guru has been operating in the Bronx for the last ten years and has been steadily growing. The company began with a 1,000-square-foot facility in Hunts Point and with IDA assistance will be able to expand its operations to a total of 27,000 square feet in the same neighborhood. The company initially investigated other sites in New Jersey and found that while the costs were considerably lower, the ties to the Hunts Point community and other advantages of remaining in New York City far outweighed the potential savings. Gourmet Guru operates three distinct food-related businesses: wholesale distribution of organic and specialty foods, development and manufacturing of their own branded products, and food-related marketing and brokerage services.
New York City Industrial Development Agency (NYCIDA) provides financing assistance to businesses, including small industrial and manufacturing companies and not-for-profit organizations. IDA 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. IDA 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 protected].