Renovate Building with $6.5 Million MassDevelopment Bond
MassDevelopment has issued a $6.5 million tax-exempt industrial revenue bond on behalf of J.S.B. Industries, the parent company of Muffin Town, Aesop’s Bagels, and Madeline’s Cookies. The company plans to use bond proceeds to purchase and renovate an 86,000-square-foot building in Lawrence and will continue to operate at its existing plant in Chelsea. J.S.B. Industries will also buy new baking and packaging equipment for the facility. The project, supported by bond purchaser Danversbank, is expected to create 60 jobs immediately and lead to hundreds more in the future.
“Lawrence has a long history of manufacturing from paper to textiles, and Muffin Town’s homemade baked goods represent the latest chapter,” said MassDevelopment President and CEO Robert L. Culver. “Manufacturing is an integral part of the Massachusetts economy, and we’re pleased this financing can help Muffin Town expand and provide jobs in the Merrimack Valley.”
The company has outgrown its headquarters in Chelsea and needs a second facility in Lawrence to meet demand that can reach 10,000 cases of baked goods daily. J.S.B. bakes and freezes a variety of muffins, cornbreads, loaves, bagels, and muffin tops for retailers and food service providers nationally. Renovations on the Lawrence facility are scheduled to be complete by the end of 2010.
“With the long-term outlook of hiring upwards of 300 employees, we are very pleased with the help and support we have received from MassDevelopment and Danversbank to expand in Lawrence," said Jack Anderson, president and CEO of J.S.B. Industries. “The historical significance of the City, especially when it comes to manufacturing, and the professional style and positive attitude of those involved in this partnership strongly encouraged our company to expand in the Merrimack Valley.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy. These projects are supporting the creation of 1,488 new housing units and 8,232 jobs: 3,362 permanent and 4,870 construction-related.
