Lawrence Food Manufacturer Expands with MassDevelopment Tax-Exempt Bond
Project will result in creation of 35 new jobs
MassDevelopment has announced the closing of a $4,388,800 tax-exempt industrial development bond for Bagel Boy, Inc. of Lawrence, Massachusetts. The food manufacturer will use bond proceeds to expand its recently opened manufacturing facility located at 485 South Union Street, to accommodate increased demand for its products. The project will result in the creation of more than 35 new jobs.
"MassDevelopment is pleased to partner with Bagel Boy, Inc. in support of its continued growth," said Robert L. Culver, MassDevelopment President/CEO. "Bagel Boy’s expansion is proof that manufacturers can succeed and add jobs in the Commonwealth with the help of dynamic financing solutions like our tax-exempt bond program."
Since its incorporation in 1992, Bagel Boy has grown from a niche provider to one of New England’s largest suppliers of pre-packaged bagels. The company produces more than 1,000,000 bagels each day for its retail clients like Trader Joes, Market Basket, Shaw’s, Stop & Shop, Hannaford’s, and other major retailers in the region. In 2006, MassDevelopment provided a $3,880,000 tax-exempt bond to support the company’s initial purchase and renovation of its current Lawrence facility.
"MassDevelopment’s bond allowed us to cut production costs so we could expand our workspace and hire new employees in response to rising consumer demand for our products," said Bagel Boy, Inc. President Chuck Bouchrouche.
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and local officials to stimulate economic growth across the Commonwealth. Between FY2004 and FY2006, MassDevelopment financed or managed 589 projects statewide, representing an investment of more than $4 billion in the Massachusetts economy. These projects are supporting the creation of 5,505 housing units and more than 23,000 jobs: 12,381 permanent and 10,679 construction-related.
