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$10M in bonds authorized for garlic facility PDF Print E-mail
Written by Business Journal staff
Tuesday, 30 June 2009 15:14
http://www.thebusinessjournal.com/index.php?option=com_content&view=article&id=923:10m-in-bonds-authorized-for-garlic-facility&catid=70:manufacturing&Itemid=773
garlicThe California Infrastructure and Economic Development Bank has issued $10 million in tax-exempt industrial development bonds on behalf of Olam West Coast, Inc.'s Firebaugh facility.

 The bonds will help finance the acquisition and renovation of the former De Francesco & Sons processing plant, which has been shuttered for nearly three years.
The plant’s first processing run is expected to start this month and last through October, creating as many as 200 jobs with prospects of up to 400 jobs in future years.
Called the Key Foods Ingredients plant, the facility will supply companies such as spice maker McCormick and Co., Inc., Champagne Foods Limited and Campbell Soup Co. Parent company Olam International is based in Singapore.
The plant’s opening will help alleviate high unemployment on the west side of Fresno County, said Phil Larson, Fresno County supervisor, in a statement.
“Olam West’s decision to locate in Fresno County is important to our region and California. The current recession in the manufacturing sector and spiraling cost of doing business in California have caused many manufacturers to relocate their production operations to other states or even overseas. This project will directly result in many new jobs in this culturally rich, but economically diverse area.
The so-called I-Bank is California’s only general purpose financing authority with broad statutory power to issue revenue bonds, make loans and provide credit enhancements for a wide variety of public infrastructure and economic development projects in the state.
Last Updated on Wednesday, 01 July 2009 07:18



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